The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-31
SHAREHOLDERS
ENLIGHTENED
Silver King Con. Management
Tells of Reorganization and
Suits Against Neighbor.


~t
King Consolidated Mining company is
sues letter to its shareholders explain
ing matters concerning the reorgan-
ization Of the company and what has
been doing since. including the suits
brought against the Silver King Coali-
ton company, as follows:
The management of this company,
anticipating that since the successful
reorganization of this corporation,
which YOU so Loyalty assisted in accom-
plishing, you would be interested to
know something of the progress that is
being made in the affairs of the COM
pany, and sthe present status of them,
respectfully submits to you the follow
ing brief outline of what has been done
and is being done
With the consent OF all the creditors
of the Wyoming corporation, and upon
the petition Of the writer, the court of
the Third judicial district of the state
of Utah, on the 18th day of the pres
ent month, dismissed the receivership
suit and discharged the receiver, thus
vesting all assets with this company.
Practically the only thing lacking to
perfect condition for the resumption of
work at the mine was new cable with
which our hosting equipment had TO
be refitted. This has been purchased
and installed, and the entire plant is
now in first-Class condition. We were
enabled to resume work in the mine on
the 20th inst. This work is being car
ried on under the able supervision of
Hugh r. Mcdonald, than whom we
know of no one better fitted for such an
undertaking. and a sufficient force of
men is now at work and putting in
three shifts a day.
Why Suits Were Brought.
Our company has been indeed for
tunate In the fact that the extensive
workings of the neghboring property
that OF the Silver King Coalition Mines
company-have drained the water from
our own workings. Thus unhampered
by what has in the past been perhaps
our greatest obstacle and largest item
of expense, we are enabled to push the
work more rapidly, and with vast re-
| duction in the cost of same.
Investigations recently Instituted by
the management of this COMPANY and
pursued diligently since. have brought
| TO light the fact that our property has
without doubt in the minds of the man
aSement of your company been mined
under by the Coalition Mines company,
which company has appropriated to its
own output all ores so extracted with
Tout the consent of, or accounting 10,
| this company: wherefore. our manage
ment made a formal request on that
company for the privilege of making
/ such examination and survey of their
workings as would correctly acquainI
wit ~ Of
ore extraction. and our rights therein.
'As we anticipated, their reply did
| not grant us the privileges necessary
! for us to have in order TO thoroughly
/ determine our rights in the premises
| hence il became necessary 10 enter a
suit in equity against that company in
| the United States court to obtain an
accounting for ores alleged TO have
been mined from several claims in
which our company is Jointly interested
with them, the net value thereof to be
| determined thereby. Such suit has this
| day been filed, in which the ores al
legged to have been mined are valued at
81 900 900 The result of the investiga-
/ tions made by the management of our
| company leaves little room for doubt
that the property involved in this ac-
| ton has been very productive, but the
extent of the production will have 10 be
| determined upon the trial of the cause.
LAS a second action, this company
| has filed complaint against the same
| company, alleging that workings in the
claims mentioned have also been ex-
tended into other claims in which our
company Is solely interested, and in this
action we aIlege and claim damages to
the amount of $4,000
Efforts to Discredlt Company.
THE attitude Of thu Silver King Coal
itiOn Mines company toward our own
company has never been friendly one.
and to their influence may be traced
many things that have been detri-
mental to US. Many facts recently
| brought TO our attention point to the
conclusion that some ex-employes of
our company whose services were dis
pensed with on account of incompetent
cy, or other reasons equally sufficient,
have since transferred their allegiance
to the Coalition company, and their
| services now seem TO consist of circu-
| lating such statements as they are
capable of derogatory to our property
and its management. These efforts have
evidently not brought about the desired
result, and so the opposition has taken
up the work of attempting to accom-
plish its object through certain daily
papers of this city that are owned and
managed by the chief interests of the
Coalition company.
Our local stockholders understand
the situation thoroughly, and TO those
of remOter residence we should like 10
explain that the location of our own
holdings relative to those of the COM
pany mentioned presents the strongest
kind of evidence that our cause is a
just one. Therefore, the battle just