The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-27
WHY THE MERGER
BEING OPPOSED
Platform of Opposition to Alta
Deal Is Forwarded to
Shareholders.
MEETING is DUE
FIFTH NEXT MONTH
Some South Columbus People
Believe They Are Being
Treated Unfairly.

The platform on which those stockhold
ers Of the South Columbus CONSOLIDATED
company, opposing the consolidation will
the Alta-Hecla company. will base thei
contentious at the special meeting oil
September 5 has been prepared by {
committee headed by Walter l.. Mas
Stockholders OF the South Columbus. are
receiving these statements, the follow
ing being a copy of the same.
You have no doubt received com
munication from the secretary OF the
South Columbus Consolidated Mining
company, asking your cooperation In q
plan 10 consolidate the South Columbu:
and the Alta -Hecla Mining company or
an equal basis, forming, new company
OF which one hundred thousand (100OOO)
shares shall go to the stockholders OF
the South Columbus Consolidated Min,
tl00.000) shares 10 the stockholders OF
the Alta Hecla Mining company, and
three hundred thousand 600, 000) shares
to remain in the treasury to be sold at
the highest possible price. (1his price
evidently to be left TO the discretion OF
the directors.)
ditions in the Alta district this plan is
SO absolutely absurd and unjust TO the
stockholders OF the South Columbus that
even proposal of Il should be consid-
the South Columbus company has not as
yet opened up paying orc body. mining
men: WHO are most lalflllldf WIN lne con-
ditions of the district, Will tell you that
the prospective value OF the South CO.
lumbus Is len times that OF the Alta
Hecla In the matter OF It's location as
referred 10 the developed mines OF the
district The South Columbus has about
three hundred fifty t350) acres OF ground.
all paid FOR and patented. This ground
adJoins the Columbus Consolidated on
the south The Alta Hecla property is
south Of the. South Columbus, and just
so much farther removed from the proven
40 ~ no f,.,.N
'ue South Columbus property repre-
Senis an actual cash investment OF about
four hundred thousand $500. .000l dol
lars. apportioned approximately as fol-
Actual cash cost OF property. $3.50, 600
Actual cash cost OF development. 225. 900
Actual cash cost of buildings and
equipment ...- .,s-.-ss-....e... gU,U0O
This is not paper valuation but
real money investment We do not know
the actual money expended for the prop
erty and development OF the Alta -Hecla,
but do not believe that IL Will come any
where near one-tenth of this amount.
And yet, notwithstanding that we have
three hundred fify t3o0) acres of ground
patented and paid Tor, the location of
which and the prospective value OF which
is conceded TO be many times that OF
the Alta -Hecla. with an actual cash in
ySsstment ,Ss, , OF probably ten times more
OF our interests (thc honorable boa rd OF
directors, except Mr. \, L. Jacobs. who
would not stand for the deal. and re-
signed from the boarD have the hardi-
hood To propose plan that shall place
these two properties on an equal basis.
And the plea. 10 successfully finance the
company.
We fail TO see in what way the tack
ing on OF the Alta -Hecla will help to
finance the South Columbus. II our d.
rectors think it advisable that we should
create treasury reserve. why do they
not ask Ms 10 contribute from our hold
inss for such a purpose? How are we
TO be helped by taking in another prop
erty of less than one-tenth the value OF
ours, and sharing equally with II?
IL Is indeed an excellent scheme but
It's exccllency appeals 10 the few owners
OF The Alta-H -Hecla rather than to the
stockholders Of the South Columbus This
committee is ready to propose plan
for the iinanring Of our company tina
NIL not i.;volvc the sacrificing OF one
half our holdings for the acquisition OF n
few acres ri undeveloped ground that
would in no way enhance the value of
our property.
This committee Will endeavor in every
possible way to defeat our directors in
fheir, desire 10 carry into effect this plan
il all OF Us were interested in the well
fare OF the Alta -Hecla company we
might be indifferent as to the outcome
Those OF us who are stockholders only
OF the South Columbus must make the
fight