Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-06-17
INRING|NG METAL FROM
SACRAMENTO DUMPS.
Utah Mining and Milling
Company ofill ut Old Camp OF
alercur Starts to Work.
(speejaf ID Inc. News. "a,

Mercur. June 1.-THE mill of the
Ttall-Neyada Mining 4; Milling conn
pafS started on the treating OF ore.
from the dumps of the old Sacrament
TO i,inn Yesterday and today the ma y
#chinery is limberiny up ina manner
4 that promises some good results. The
mill has been fried out several times
= to Timber up but 1T was not until
yesterday that the treatment of ore
started. Within the next week some
thing over 80 men viii be employed slt
4 the plant which is designed to treat
I'll tlin4nciIlb0ri1cod OF 900 tons n das n
"a. 1T Is estimated that the amount OF
statlings In the dumps is in the neigh
5horhood Of 100000 tons and from this
II. Is believed a large amount of metal
can be extracted. THE Min is work.
Ing out smoothlTS#but enough work
has not been done to decide tlle FEAST
( billy of the operation and the degree
{ of success Il will attain
L:,-A Hunt is the president aid gem
z eral manager The mill was designed
by him for the special treatment Of
the sAtercuJ ores, To q great extent it
As copied after&the{ old Mercuitinill. He
has secured sufficient capital from
eastern friends to8insiie tho success
OF the mill. He is n graduate of the
~ Missouri School OF Mines and during
The time that the old Sacramento was
shipping out ore, Mr.. Hunt was the I
ASA yer.
& 1t is the Intention Of the con,pany
nor a q treat the product Spf the dunn
as closely as that treated at the Bos-
Z ton Sunshine ard Consolidated iMer-
cur properties. ID y
REoRGANIzISG NEyIioUsE NINE
Plan to Care for the Mortgage. Float
Ing Indebtedness and Stock.
va dispatch from Charles A. Morse
Of Boston. chairman of the reorganiza-
lion COMMITTEES OF the Newhouse Mines
I e Shelters, declares that the plan
adopted is now certain of being car
ricd out. He asserts that 81 900, 600
NyGfth ~ the outstanding Si,3000C0 in
bonds have already been sent into the Il
company to be reissued under the
plan he necessttyfor reorganization
Is announced to- the stockholders as
follows: 35
B owing to the recent depression in
Z business generally, and in the copper
industries especially. and also owing8to
numerous unfortunate caves and mis-
haps at the mines OF your company
located at Newhouse, in the state OF
{tjtah.yonl' company5fin itself with an
Indebtedness of nearly $50, goo partly
past due on which suit Is threatened,
and with no funds with which to meet
the semirannual interest that Will fall
due on July /, 1909, on its 81 800, 900 par
value OF outstanding first mortgage
bonds, and the 500, 900 required also
on July 4, 1909. for sinking fund pur-
poses.
The company Is unable to meet OBJ
ligat ionsSand requires substantial fur
sther sW orking capital for the develop
nent of Its mines. the alteration of Its
mill, and to pay its creditors. To that
end a prompt reoiga nization is impera-
tive
The reorganization committee, COM
posed Of Charles A. Morse. chairman.
Frank a. Schirmel' and Louis n. IRA
1ler, plan The formation o a new com
spany to acquire the property under
foreclosure.
q The cw.eoinpany will have s1,30O,o0O
6 per cent 20 year income bonds CONVEX
,tible into stock at par, S. per share, and
600, 900 shares of common stock.
is The holders of the present $1,2oO,O00
first mortgage bonds will exchange
same par for par, for the new income
bonds, and the present holder of the
100000 shares ofsconrnon stock, of par
value of s1O will recrive a share OF
stock of the new company, par value
IS, for each share of the old, upon
subscribing and paying 81 per share
There will remain In the treasury 260 900 4
shares of stock to be held for the con-
version of the bonds.
The cash requirements Of this plan
have been fully underwrittens and Sc
,curity holders who desire to participate
are required to deposit their securities
with the Hungarian American bank, 81
Broadway, New York. not later than