Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-08-24
MINING, BUSINESS AND STOCKS.
CUMBERLANO.ELY SOON
TO Be THING OF PAST
stockholders Meet Tomorrow at Port
land. Me. to Wind Up Anairs ana
Dissolve the Corporation,

The Cumberland Ely Copper company
IN to pass out OF existence. TINS was
made known within the week, when no
tIce was sent 20 stockholders that a
special meeting viii be held in Portland
Me. tomorrow. when the stockholders
will be asked to approve the following
propositions
1. To instruct the directors 10 sell all
the property and assets OF the company
exclusive OF its cash and accounts col
lectable as an entirety at such price
and on such terms as the stockholders
may determine In the event OF tne
sale being authorized by the STOCK
holders
2 10 instruct the directors oe the
company TO distribute proceeds or sucD
sale with any cash that may be IN tne
treasury pro rata among the STOCK
holders.
g. After such distribution has been
made to take proceedings that may os
necessary TO winding up the hHhlrs anu
the dissolution OF the company
The stockholders viii. of course, ap-
prove this proposition en- bloc. This u
made certain by the fact that Nevhda
Consolidated will vote 1.2Il.lS4 shares
OF the outstanding stock, there peins
only 2Sss6 shares outstanding which
nave not Detn tNtndHktu iph ANNfo''
Consolidated on the basis of one share
OF Nevada Consolidated for each ga
shares Of Cumberland Ely. The ex-
change proposition Is still open, ana
this outstanding Cumberland ELY stock
may be sent In for exchange before the
date of the meeting,
IL any of the stock remains out
standing. IL will, OF course, share pro
rata with the stock owned by Nevada
ha ha sic "a total
capitalization OF 1900, 900 shares I'm the
proceeds of the dissolution Of the cor
poration. and the sale of it's property
and assets
WILL SELL PROPERTY.
The property to be sold and distrib-
uted on the basis of total issued CAPT
italization consists of the mining estate
at Ely. including the Veteran mine, in
which, approximately 100000 tons OF
ore have been blocked out; 10000 shares
OF the capital of the Nevada Northern
railroad; 1900 shares of the capital or
the Steptoe Valley Mining. Smelling &
Refining Co.. operating the big reduc-
ton plant at Ely and 100000 OF the
bonds OF the Nevada Northern railroad.
These holdings are carried on the books
OF the company at par s4.700,0oO. The
proceeds to be distributed among the
stockholders will embrace these hold
ings. the proceeds from the sale or the
mining property and the company's
treasury cash. II is believed that the
better part Of the outstanding 2s,s6e
shares will be converted into Nevada
Consolidated stock before the dissolu-
ton Of the Cumberland Ely is ordered.
The aim of the proceeding is. Of
course. to pass 10 the direct ownership
OF the Nevada Consolidated all OF the
property In the Ely district. including
the railroad. in which II In now interest
ed with Cumberland Ely eliminated.
the Nevada Consolidated will be the
sole owner of the Ruth. Copper Fiat
and Veteran mines: the railroad. which
Is $50 miles long: the reduction plant,
and immensely valuable sources Of wa
ter supply. and. except for n refinery,
will he in position to turn out fine cop
per besides forever occupying a COM
manding position in the Fly district.