The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-09
WEST QUINCY HAS
ISSUED A REPORT
Calls Attention to Adyisability
of Merging With the
Thompson Company.

Nj, II. SowIes. secretary OF the West
Quincy Mining company, has sent the
following statement 10 shareholders:
! enclose herewith COPY of the no.
ticc published of the special stockhold-
ing company to be held November 30.
1910. at the hour OF o'clock p. m. OF
said day. for the purpose Of ratifying
and confirming the action of its board
OF directors in agreeing to sell and dis
pose OF all It's asets TO a new company
to be known as the Thompson Quincy
Consolidated Mining company, and also.
for the purpose of ratifying and con-
firning the acts OF Its board of dreo-
torS in entering into a written agree
mcnt with the Thompson Mining COM
pany, DAILY Mining company and DAILY
west Mining company and Ontario Min
certain easements are acquired from the
Ontario Daily and DAILY West Mining
companies on the 1200-foot level and
other levels, both above and below. for
drainage and operation purposes. having
the right and privilege to use said drifts
and tunnels for drainage, and ingrcss
and egress for material for operation
purposes and the taking out of ores and
waste, together with all dumping privi-
leEes.
You. as stockholders. realize that ap-
proStmately SlS0.000 has been expended
by the West Quincy Mining company in
attempting TO develop Its property with
out financial success because of the
large quantity of water encountered and
Inability to remove the same by pump
ing or other methods and that the only
practical method by which the proper
" of the West Quincy Mining company
can be developed on the lower levels
is under the present system. The Thomp-
son holdings consist Of about 1876
king
In order to reach the territory Of the
West Quincy II was necessary to COM
hne With the Thompson Mining COM
raiIy, as these drainage tunnels will
necessarily have 10 be extended through
the property OF the Thompson before
they will be of any benefit TO our prop
nrty We nave combined the acreage
owned by the Thompson with that of
the Wcs. Quincy. the West Quincy own
Ing only five -c;glithS OF SO. sos acres. and
the Thompson Mining company owning
the nosoltue fee simple 10 1856 acres.
ard thcv hcvc agreed 10 Issue out OF
the capitalization of 1,250.000 shares OF
;hc proposed now company, of the par
value OF 81 per share. worcestershire,
@o0o00 shares Of stock 10 the DAILY West.
Ontario and Daily Mining companies Tor
the easements which we have acquired
for drainage and operation purposes I'm
der this system we can mine at any
level upon which they have a drift or
tunnel, and under agreement can use
at actual cost tho machinery and hoist
Ing plant OF the DAILY West for the pur-
pose OF conveying into our property ma
terial for use In removing ores and
waste. The property as it stands has
no commercial value unless drained by
this system. Other adjacent properties
have entered into contracts with the
Ontario, DAILY and DAILY West Mining
companies. making use OF the same drain
age system. Under the contract with
these companies they agree to extend
their 1200-foot drain tunnel TO the line
OF our proposed consolidated property.
This Will be the line OF the present
Thompson ground.
II Is the opinion of experts and parties
interested In this combination that COM
nlercially speaking IL will create de-
mand for and increase the value OF the
shares of stock. 1t Is also agreed that
the stockholders Of the West Quincy Min
ing company will receive the same num-
Der OF shares in the Consolidated COM
nany that they now own III the West
Quincy Mining company, We feel as
surCd that IL You were hero and looked
into the situation thoroughly that you
would approve of this plan In every de-
taiI 1t is not n plan which has been
developed in few weeks. but has been
under careful consideration for pc
rlod OF two years and more. You are
Invited 10 employ any disinterested expert
TO look into the situation and examine
all the papers and plans OF procedure,
and VIC feel assured that his opinion
VIII be TO the effect that this is the
only feasible method OF developing the
property in question. and of adding in
creased value TO your holdings.