The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-19

or coal developed ana Is now pelng oper~
THE Park City Light, Heat and Power
company supplies light and power TO Park
City and surrounding mining property,
power plant, which is owned by the On
tario Silver Mining company, divides Its
net earnings equally between that com
pany and the DAILY company.
"The Park City waterworks company
which is capitalized for 1850 shares, has
heretofore supplied Park City, with wa
ttal stock is owned by the Ontario com
pany and none by The Daily company
The franchise of this company will ex-
a In AHseSt sveT e. Lake tn's water company
which owns the source of water supply Of
the Daily company. Ontario company. and
the DAILY West Mining company is owned
by these three companies in equal proper
tions.
Drain Tunnel Holdings.
1.-THE Ontario drain tunnel No. ! Is
owned In the proportion Of three -sevenths
by the Baiy company and four -sevenths
by the Ontario company. Royalties arc
derived for the use Of this tunnel for
transporta tion purposes,
THE Ontario drain tunnel No. 2 is
owned equally by the DAILY and Ontario
companies. Annual rentals are received
from the Daily West and Daly-Judge Min
ing companies, pursuant to contract from
"A contract has also been recently en-
tered into by the DAILY and Ontario com
panleS with the Thompson-Q Quincy Con-
solidated Mining company by which the
latter is afforded drainage and transpor-
tation facilities. The DAILY company and
the, Ontario company owns 5000 shares
each Of the capital stock OF the ,Thomp
the Little Bell, DAILY West and DAILY
Judge companies The 120ofoot level of
The DAILY West company has, been ex-
the, Thompson Quincy company and the
DAILY West company's properties, at
which point the Thunpson- Quincy company
has taken UP the further extension OF this
level to develop It's ground. The property
Of the Thompson Quincy company Is con-
sidered valuable.
OF about one-third of the capital stock OF
the Naildriver Mining company, This
property is not being operated at present,
but has considerable prospective value.
the stock Of this last named company.
During the past tive. years. portions of
the Ontario company's property have
substantial revenue and royalties It is
the Intention OF the leasing company to
carry on Its oPeraiions on much larger
enue to the Ontario company by way OF
royalties.
THE Daily company has cash surplus
has a cash surplus of about ss1 900.
while 1t Is somewhat difficult to ascer-
tain and determine what would be fair
basis upon which to merge or consolidate
the properties OF these two companies, In
order TO bring the matter before the
stockholders OF the respective companies
for their consideration and determination.
some OF the large stockholders of each OF
the companies as fair and worthy of seri-
Gus consideration, namely;
Basis Of Consolidation.
ut Is proposed to organize a new COM
pany under the laws of the state of Ne
yl1 Will toll -
divided into 300, 0O0 shares OF a par value
OF SIS. Both the DAILY company and
the Ontario company shall convey to
this new company all of the properties,
both real and personal. owned by them
respectively, In consideration OF the de-
livery to these companies Of 225.0O0
shares of the capital stock OF the new
company. 5000 OF such shares to be de-
lirered TO the DAILY company and $780, 900
shares to BIO delivered 10 the Ontario
company. The $4,000 shares of the now
are to be distributed among the stock
holders Of the Daily company In the pro-
portion OF one share OF the new COM
panys stock for each two shares OF DAILY
surrender 10 the new company of the
shares of DAILY company stock so owned
Each stockholder Of the Ontario company
shall be entitled to receive one share of the
new company for each share of the stock
of the Ontario company owned by him.
upon surrender OF his shares Of the On
ldTlO COUpdUg SLOcKs 0l6 VIII leave
In the treasury of the new company To-
900 shares OF Its capital stock for future
disposition. II required The new COM
pany would also have In its treasury
In excess OF sl25,o00 In cash and Its In
terest in the treasury funds of some Of
the above mentioned corporations in
which the DAILY and Ontario companies
are now Interested
Advantages of Merging.
"By effecting the merger as above out
lined all OF the property now owned in
severalty by the DAILY and Ontario COM
panies, as we'll as those In which each
OF the companies has an interest as owner
Of the capital stock Of the several COR
porations above referred to, would be
brought under one corporate control and
one management. thus eliminating the
two sets OF directors. two sets of Off
ciaIs. two sets of employees. and very
largely reducing the overhead expenses
to which these two companies are now
necessarily put. 1t would also enable
the mining properties of these two COM
papies to be more economically devel-
oped and prospccted and the new COM
pany would have a sufficiently large
treasury fund to carry on Its develop
mcnt work very much more extensively