The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-09

planniory. bas been received by the To-
cal stockholders OF tho Tintic Mining
company, popularity called the Iampa,
which is signed by Secretary Michael
Gavin. Ii is seldom that anything IN
the way of news is released relative to
the Tiutic Mining company, and the
communication, which here follows, will
prove of interests
HThc hoard of directors of your
company has decided 10 recommend 10
the stock hholders the issuance OF mort
aauc bonds and thc sale thereof III order
10 provide. SO far rs may be practicable,
for the present outstanding lndeptea"
ness of the company. inns indebtcd
mess amounts to about $422 600, and
was contracted under the following cir-
cumstanccs and for the following pur'
poses: ,, ,
sSIu the month of January. 1905, the
smcltcrs ia the Salt Lake valley. Utah,
To which this company had shipped IT'S
matte. were forced 10 shut down be
causc OF decision OF tho courts de-
clsriug them TO be nuisance on at-
count Of the damage done 10 neiGn-
boring farms by the fuwcs. The only
Tnronrsc left vas for tbc company 10
prov idc mcaus for treating its Own
matte. which uecessitatcd the erection
OF y converting plant, which was be
Gun immediately aud finished about me
month Of September, l9us, AT Il cost OF
about $l2j,OoO. in the meantime, from
Jauuary to September upon expert ad'
vice. operations at The company mines
and smolter were continued IN au en-
ileavor 70 produce bigh- grade market
able matte, and these operations re
suited in large losses. owing to tho dit-
6cu)ty Of raising the grade, aud the
low price Of copper. The company Wa
aiso obliged, because Of tine high tfcight
rates and unsatisfactory service OF tue
railroad COMPANY 30 build its own tram
way from the mine TO the smelter, Il
distance OF two and one hall m,Ies, ac
y cost Of about $4,000. During the
two wears, 1907 and zoos, there was "a
total of S361 ,l15.Jl spent on consl rue,
lion work and q total OF Sl21.o3o 81
spput ON minc Development, etc, INC
company is now prepared, after these
additions and this development Workg
70 handle large output. aud 1t Is pc
loved that tho operations can bo cArrird
on at a profit even at tllc present low
price Of copper. \ new, manager naa
recently taken charge ~ tne proPer,J
and the largest stockholders are conf
dent that he will make good showing
in the very uear future.
.iAftcr due consideration. therefore,
tbe board Of directors have concluded
10 recommend TO ihc stockholders that
the company authorize and lssoe Dot
more than $5O0.000 6.per.crnt twelve
wear mortgage bonds. the mortgage 10
provide for n sinking fund OF S'o'ooo
a ycar 10 commence AT The end ol tne
second wear, and the bonds 10 bc made
redccnablc at any time alter ono year,
at Jos and interest. Under the plan
proposcd the two subsidiary compa-
nicS (the Tiplic Mining and Develop
ncnf company and the Gampa SmcItlnS
company) would issue their bonds
secured by first mortgages on their re
sncctiyc propertics-lo the 1lntic COM
panv. 10 provide for their indebtedness,
10 IL. aud the Tinuc company Woul9
deposit these bonds and the stock oil
the two subsidiary companies, WIN tne
trustee of its own mortgage, iuf'her 10
secure tbe paymcnt Of IFS bonds.
'.It is believed that the proposed
bonds might he more attractive If they
should he made convertible into stock OF
tbo company and the board has con
Guided 10 recommend that this be done.
In order 10 mako this practicable, 1T
will he necessary to reduce the par
value of The outstanding stock from 50
per share 10 an amount nearer ITS pres-
cut market value, say SS, and to au-
stock 10 provide for the conversion
Of the bonds. 1t is proposed TO offer
to the stockholders for subscription,
pro rata. such of the bonds as arc TO
be issued at this time.
Accordingly, special meeting OF
the stockholders Of the Tintic com
pany has bocn called. to be held at its
principal place of business, at the office
of the Corporation Trust Company of
r., Tburolu,- tb,
Goth dav of May. 1909, al 10 clock a.
m, for the purpose of considering and
taking action upon the following propo-
sItIonS:
(s) To authorize the issue of not ex-
ceeding $500, 900 6-pcrc cent twelve-year
bonds of the company and the making
of mortgage upon all its property, now
owned or hereafter acquired, TO secure
the same.
100000 authorized and outstanding
shares of the capital stock Of the com
pany from So to $3 per share, and thus
to reduce the authorized and outstand-
ing capital stock of the company from
S3,500,000 to S2,100,000.
Co To make the proposed issue Of
not exceeding 100000 of bonds, con-
vertiblc into the capital stock of the
company upon such terms as the board
OF directors shall determine.
ID To increase the authorized capital
stock of the company from S2,100,000,
divided into 100000 shares Of the par
value Of SIS each, as reduced, to not
exceeding 81, 700, 900, divided into shares
OF the par value of S3 each. so as TO
provide for the conversion Of said bonds
into stock as aforesaid aud other cor
porate purposes of the company.
(e) To authorize the board of drec
tors to offer said bonds TO the stock
bolders for subscription, pro rata. upon
such terms as they shall deem proper.
aud so soil so many Of them as are not
so taken, to such persons (including Of
6cers and directors of the company as
they may be able; and transacting such
other busipess as NAV be BROUGHT be.