The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-06-13
YER|NGTON MINES
ARE CONSOLIDATED
Nevada Bonanza and Revenue
Groups Are Brought Under
One Company.
PROMINENT TALENT
GETS RICH GROUND
SpIendidly Located Ground,
With Very Fine ShOwings,
in the Deal.

For some time past those familiar
with the trend Of events in the great
| copper camp OF Yerington, New, have
been cognizant Of big move coward
an important consolidation. The move
was kept very well guarded, however,
and nothing was allowed to pcrcollte
through the inner circles, although it
was known that John Dcrn, president of
| the Consolidated Mercur Gold Mines
company, and manager Of several Tin
| tic companies, had been to Ncrington
with his experts on an interesting mis-
sion. During his presence in fering-
ton, Mr.. Dern made thorough exam
ination of the Nevada Bonanza s pos
sessions, and a group lying between the
| Nevada Douglas and the B!ue Stone,
comprising thirty-one claims in The
heart of the producing zone of the
| camp.
Yesterday the annual meeting Of the
| Nevada Bonanza stockholders was he)d,
! and the important news was Tc!CaseG
! by the management that II consoiida-
! tion had been perfected between the
| Nevada Bonanza and Revenue proper
ties. The name of the Nevada Bonan-
2a Copper company ls fetaIncJ, and
practically the same board was re-
turned for the ensuing year, with the
addition of John Dern and Richard y.
| Millet. John Dcrn was elected presi-
dent; Serene b. Tuttle, eprrsdent;
Freeman Morningstar, general manager;
Fred c. Dern, secretary and treasurer.
These gentlemen, with j. William
Young Farley l.. Williams, W. d.
Mathis, II. p. Clark and Richard ID.
,,y,n hn cF /
rectors.
Mr.. James G.. Dick becomes the com
pany's consulting engineer, and Mr..
Kent Smith, formerly connected with
prominent properties of Butte and
Bingham, has been engaged as general
superintendent, and has already taken
up his work at the properties.
The retiring president, Freeman Nor
ningstar, presented an exhaustive re-
port OF the company affairs and prog
ress during the year, and after taking
up the history Of the acquisition of the
splendid acreage comprising the original
Bonanza copper group, the matter of
the consolidation of the original hold
ings with the mining territory compris.
ing the Revenue group of mining claims
was presented for ratification of the
stockholders. The board of directors
had previously arranged the deal where
by these two fine properties could he
consolidated and handled to mutual ad
vantage under one management, To
meet tho greater needs of the cOnsoli-
dated properties the capital 1stock was
increased TO, $2.1OO,00O, and 100000
shares thereof was authorized TO be sold
10 subscribers to accomplish the consol-
idation.
Among those to take up the extra
issue Of 100000 shares to enable the
company to affect the consolidation,
which brought to the company the rich
territory aggregating 325 acres adjoin-
ing the famous Nevada Douglas Copper
company domain for distance of
nearly half mile and known as the
Revenue group, comprising seventeen
claims, was James c. Dick, formerly of
the Utah Copper company; John Dern,
j. William Young of London, the we'll
known local railroad men of the Harri
man lines, Messrs. Farley L.. Williams
and James +. Dunn; Richard D. MiIlet,
the well-6nown mining expert and cap
italist; James p. Freeze, n, p, Clark,
cashier of the Commercial National
bank; Elias A. Smith, cashier Deseret
Savings bank; Walter Fitch Of the Cal
umet Hecla Copper company. and II.
N, I.azellc of Michigan; Bishop Abram
Hatch, j, +. Langford, manager Salt
Lake & Los Angeles railway; Jacob
Moritz, Seth PiXtop. banker of River
ton, Utah; James Il. Paine, Tuttle
brothers, William H.. Turner, capitalist
of Chicago; Thomas NJ. Osman of Mer-
cur; l.. f. Morningstar, Pttsburg, Pa;
II. NJ. Iazelle of Michigan, and Free
man Mornipgstar.
The corporation is also owner of the
townsite of Morningstar City, ''the
town at the mines located near all
the great mines of the camp, and where
the men at the mines arc expected to
build their homes. Several stores are
already built and under course of con-
struction, numerous lot pure hasers have
erected temporary tents, and a postof-
fee is now being located there. The
Truckee River General Electric com
pany already has its poles on the
ground, and another new ard thriving
desert metropolis is developing among
the sagebrush. Real estate Spectators
are picking up the most likely business
lots and boom is on. When once the
prices should soar skyward, 1t is
known that a number of Salt Lake
business men and merchants have al
ready purchased lots for speculation
and Improvement The Southern Pa
cifc IS Goldfeld and Tonopah branch has !
just finished survey of their railroad !
TO this thriving camp, and the future of +,
this center of the great copper camp OF |
Serngton appears as rosy as Ely, where |
lots have already sold up to $4,000.
The trcasurer's report shows the fol- |!
lowing condition: Cost Of properties, !
including development and general |
mine expenses, Sl,l97 1928. 10; mine |
buildings and equipment, s3,2S693; |
general expenses, $3, ,766.S6 funds, cash, |
bills receivable and good accounts, $l2,- |
513,ll; treasury stock $S83,05 Against !
which is the capitalization of $2,l00, |
900.
All Of the issued stock OF the Con- !
solidatcd company IS pooled with the |
Commercial National bank for a short |
time. in which time it is planned to |
place the 100000 shares of treasury /
stock voted to be sold OF this it is
arranged to place 100000 shares in the |
East, and 10000 shares have been al
loted TO be sold to Salt Lake investors. /
Owing to the difference in value of the /
properties. the shareholders of the old /
Nevada Bonanza company, on the con-
ditions voted, arc TO receive one and n !
quarter shares in the new company for |