The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-13
TERMS Of DEAL
r MADE PUBLIC
Favorable Conditions Under
Which Bingham Central and
Standard Will Join Hands.
BREAK IS EVEN, ALL RIGHT
MINES ARE READY TO BEGIN
PRODUCTION.
BREAK is EVEN, ALL RIGHT

The terms under which the Bingham
Central and Bingham Standard Cop
Ter properties win eventually pass into
control OF a holding company now be-
ing organized for the purpose were re-
leased yesterday. The new company
will be known as the Bingham Central
STANDARD COPPER company. II is to be
capitalized at s., 000. 00e. shares g. par.
with 200.000 shares in the treasury. OF
the remaining 500, COO shares one-half
will go to the Bingham Central COM
pany, which is an exchange basis of
share for share. As the Standard com
pany has issued and outstanding 500. 900
shares. the exchange basis for its stock
VIII. Re one share for two.
As is generally known the Bingham
Central company has a bonded indebt-
cdness of $3.50 006. secured by converti-
bic stock. and this deal viii he closed
by the Central company on its own ac-
count. While nothing official has been
given out On the subject. il is under
stood that a portion of this indebted
ness has already been cancelled by the
issue Of stock set aside for the Dur-
pose. and there is no doubt but what
The bondhOlders viii all want TO take
advantage of their prerogatiVes before
the season has far advanced, as. a big
mine is rapidly being made i'm the con-
sOlidated territory.
The Standard company, it is learned.
owes in the neighborhOod of S125.000 on
property purchase account. and this is
TO be met by the sale of 250 bonds of
$500 each, the issuance of which has
been authorized by the Standard COM
pany and which are 10 be taken care
Of by the new holding company. that
also undertakes the proper financing of
the entire proposition. This is the whole
business in a nutshell.
Samuel Newhouse who is president
of both the old companies will be pres
ident of the holding company, while
the remaining six directors viii be
named, three by each of the old COM
panies. The development and manage
ment of the combined properties will
be placed in the hands of the new COM
pany. which falls heir to the present
treasury assets of the old corporations
According TO the estimates of Man
ageF ID. G. Jackling. there is exposed
in the workings Of the combined prop
erty at the present time no less than
10000 tons of ore that can be market ed
at substantial profit the moment the
Copper Belt line is extended from the
Boston Consolidated dumps, matter
Of only a short distance.
No proposition was ever launched in
Bingham under such favorable auspices
as is the new holding company for
these properties. Admitting. for argu-
ment's sake, that the 10000 tons of
Sulphlce ore already blocked out will
not net tiG company for than S. ton
IL n seen that $7500O0 in available as
sets is already on hand But Manager
lacking. and every other competent
and posted engineer who knows the
properties and understands conditions
admits that this showing is nothing
compared with what the work of the
next ninety days TO six months will
reveal. Mr.. Jaekling stated the other
day that stock i'm the new holding COM
pany. under normal conditions, would
be worth more than par the minute it
was issued. He claims that it viii be
worth double that within a short time