The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-30
ALTA MERGER IS
FULLY EXPLAINED
Statement Made to Sharehold-
erS of Utah Mines Coali-
ton Company.
MEETING IS ARRANGED
Ratification of Deal and the
Sale of Property Asked
by Officials.
MEETING IS ARRANGED

Stockholders OF The Utah Mines Coali-
lion company arc being notified that
there viii he a special meeting In the
local offices OF the company on January
10, N which the matter OF disposins OF
the physical assets Of the company 10
the newly organized Michigan Ctah Con
solidatcd company will he determined.
ACCOMMODATING these notices IL an cN-
tended report from l.. ~. Strickland,
secretary and general manager OF inc
company. who has prepared n more de-
tailed report Of all tire merger proper
tics which Is thorough and most inter
csiinc and which will be submitted TO
The officials in tho near future.
The following Is portion OF MI
holders:
THE Mathematician Mining company
will have capital stock OF one million
shares Of the par value Of two ana
5o-lc0 $3.50 dollars pcr share. OF which
fvc hundred thousand 900. .o0o) shares
win be used 10 purchase the properties
uf the Utah Mines Coalition, the City
Rocks Miuin= company. a corporation OF
Utah: the Grizzly Mining company, a
corporation OF Wyoming; tho General
Monk and General May claims. and the
ing OF Copper Prince. Copper Prince No:
J. Coppcr Prince No {, International
and Kearsarge Mines and Mining claims,
al OF which properties are located In
salt Lake county. Utah.
Bond Issue Planned.
Il is intended 10 have these mining
claims conveyed 10 the new corporation
free and clear of all encumbrsnces. and
thereupon the new corporation VIII is,
sue bonds 10 thc extent of six hundred
aud twenty five thousand (See5.OoQ) dol :
lars, drawing interest Al the rate OF SIX
per cent per snnUm. secured by n first
mortgage upon the property OF the new
company, and convertible into stock at
par at the option Of the holder at any
time within a fixed period from the date
NJ their issue. The debts covering the
properties which are conveyed 10 the
Mchigsn-I tah company VIII be taken
over by the delivery OF bonds Of the
Michigan Mining company 20 COW
or the same.
Tho Utah Mines Coalition will receive
Two hundred and ilfty thousand 60
"0ol shares Of the capital stock OF the
Michigan Utah Mining company for its
property. and It's debts VIII bc taken
caro- OF in the manner above stated.
t-pon the organization Of the new cor
poration the stockholders of the Utah
Mines Coalition will be given the right
10 change their stock for stock in the
new corporation az tho rate OF two
shares of Utah Mines Coalition for one
share OF Michigan Utah Mining com
pany Two hundred aud fifty thousand
$3.50. 000l shares OF the capital stock OF
tho Mlchigan-utah Mining company VIII
and two hundred and fifty thousand
$50. .01OI shares Will he placed in the
treasury subject Ia tho order of the
board cf directors for general purposes.
Solitude Tunnel,
The property OF the City Rocks Mining
company adioins the property OF the
tab Mines Coalition on the west. The
Copper Prince group Of claims and the
General Monk and General May adjoin
the city Rocks group of mining claims
on the west and northwest; INC prop
erty Of the Grizzly Mining company ad-
joins tho properties Of the Utah Mines
Coalition and tho city Rocks Mining
compan, Immediately on the north.
The properties arc so located that they
may all be worked from the present tun-
mel al The Utah Mines Coalition known
as the Lake Solitude tunnol. Tho Utah
Mines Coalition = now extracting orc
through this tunnel. and can imnodidtclI
commence the extraction Of orc from
the City Rocks property when the con
solidstiou has been perfected BY driv'
Ing q crusscut TO the north from Lake
solitude tunnel for dstnncc OF 6ot
feet. the ore bodies OF the Grizzly Min
ing company viii bc tapped and II Is eX-
pccted that within ninety days after
completion OF the organization VIC vii
be extracting ore from the claims OF tho
Grizzly Mining company rs well as from
those ol the City Rocks and our own.
Value of Mines.
The following excerpt Is taken from 4
report covering all of these properties
whicliI have Just completcd;
The total area OF The known ore
bearing portion OF the vein in the com
binad properties above tho 90Ofooi love
of The Utah Mines Coalition, more thar
ltAlf OF which l. completely developed
j. E2l3.9li square feet. having net
value OF Sl.2fS.20o
"This does not take into consideration
ores showing IN thc workings Of tho
Grizzly and Lavinh veins, nor in III,
III. IN.l.. a
have been developed in such Way that
they DO moi permit OF estimating Ton
mage blocked out. Suffice To say that
from ,besr workings have been taker
appruxima SlSo0.0o and faces o
good orc Still r"main. When one con
siders the small area oi tho veins from
which this production uas made, anc
takes into Consideration the fact thn
small tunnels aud shafts, but little mor'
than surface openings. have shown rici
urc Al intervals throughout the cntir'
length % m" veins on these properties
and further that the principal produc
ton Of Alta on other properties hai
been made from these veins. II Is ssf'
10 assume that they VIII prove on dc
yclopment hy FAR the most valuable with
IN the boundaries OF The combined prop
critics.
II has been only after a great deal o
work that the officers Of your corpora
tion have been able Ia secure the agree
ment With those in control ~! the othe
properiic. above mentioned. proyidin.
for the organization Of this new cor
poraiion and tho taxing over Of the prop
critics upon the basis above sta ted, an'
" WAS only because of tho commsndinl
position of the Utah Mines Coalition An,
of iis Lake Solitude tunnel throuSi
which all Of these properties may b
mort economically worked, that VIC rer.
able 10 sccurc such favorable terms 10
tho Utah Mines Coalition.
Coming Big Producer.
It IS. therefore. earnestly hoped tha
every stock holder viii either b. preson
In person at the special meeting OF vii
sign and return the enclosed blank proN,
iu order that the stock may be repre-
sented thereat. The directors of you
corporation confidently believe from tn
reports OF various mining engineers tina
n this plan Il carried out the new cor
poration will become one Of the creates
producers I'm the state Of Utah.