The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-08
THOMPSON COMPANY
MAKES ITS REPORT
Secretary Thomas Explains
Park City Deal to Share
holders on Monday.

A. l., Thomas Jr., secretary OF tho
Thompson Mining company. has sent to
stockholders q statement setting forth the
terms OF the deal for disposing of the
assets OF the company TO the thompson
Quincy Consolidated company. The de-
tails of the deal are fully entered INTO
with the exception of the financial pros
poets Of the new holding company, rs rs
shown by the statement there VIII pe
425.610 shares Of stock IN the treasury,
and this doubtless will provide the
sinews OF war, but in what manner mas
not been disclosed, Mr.. Thomass stato-,
menrs follows:
Inclose herewith copy of the pub
lishcd notice OF n special stockholoers
pany to be held on November 80. 1910
at the hour OF p m. OF SAID DAY ior
the purpose of ratifying and confirming
the action of Its board Of directors IN
entering into ar agreement TO sell and
dispose of all its assets to new com
pany. to be Incorporated under the name
OF the Thompson Quincy Consolidated
Mining company, and also for the purpose
OF ratifylne and confirming the action OF
It's board OF directors In entering into a
written agreement With the West Quincy
Mining company, the Daily Mining COM
pany, the DAILY West Mining company,
and the Ontario Mining company. where-
In II Is agreed that the West Quincy
Mining company VIII deed its property 70
the new company, and that certain ease
ments will be conveyed by the Ontario,
Daily and DAILY West Mining companies
on the 13oo-foot and other levels and
tunnels, both above and below: for drain
ge and operation purposes, and for the
use by the new company OF said drifts
and tunnels for drainage. ingress and
egress for material for operation pur-
poses and for the taking out OF ores and
waste, together with all necessary dump
ing privileges.
The proposed consolidation is the result
Of over two years careful conside ration.
The owners Of the Thompson Mining
company have long been aware that to
attempt to work the property by sinking
shafts and pumping water would be so
expensive as TO practically swamp the
stockholders. and It was early realized
that the only practical and successful
long drain tunnels run at great depth,
Under the agreement between the On
tarto. DAILY and DAILY West Mining com
panies VIC can Use the great drain tun-
ticularly agreed that they will run their
12o0-foot drain stunnel TO the line OF
the Thompson property without cost TO
the proposed new company.
The West Quincy Mining company has
expended about s1So,000 in erecting build
ings. sinking shafts. running levels. and
in the purchase Of pumping, hoisttnS and
other machinery all of which Is TO be
conveyed 10 the now company. The West
Quincy company will convey also to the
new company five e-eighths of So 3oS 1000
acres. which Will be combined with
4s 576-lo00 acres owned by the Thompson
Mining company.
The proposed now company will be
capitalized for 1850 900 shares Of stock,
non -assessable. Of the par value OF 81
zach. or this stock there Will be issued;
Shares.
To the stockholders OF the Thomp-
son Mining company -.....,.,. .33ss 500
To the stockholders OF the West
Quincy Mining company ..s.. 2s5. $50
To the Ontario, DAILY and DAILY
West Mining compa MES ........ 200. 900
Leaving in the treasury, 49,. ABS, $40
II is tho opinion OF experts and parties
Interested that the proposed corsoiida-
ton and combination will have a beno-
hcial effect, speaking in a commercial
sense. and will create d. demand for and
increase the value of each share of stock.
Our property as II now stands has but
little commercial value,
Under the allotment of stock made
each stocltholder In the Thompson Min
ing company will receive four shares OF
the Thompson Quincy Consolidated Min
ing company stock for each five shares he
owns in the Thompson Mining company