The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-06
.P|0CHE DEAL IS
LIKELY To FAIL
Nevada Utah Company Refuses
to Accept Resolutions of
Other Side.
ASSERT TERMS ARE
DEPARTED FROM
Contracting Parties Now Seem
Further Apart Than They
Ever Were.

The Nevada Utah Mines and Snielters
corporation on Wednesday sent notih"
cation 10 the respective boards of direc-
tors of the Prince Consolidated and Ohio
Kentucky Mining companies that the
resolutions drawn up by the latter two
organizations for the purpose Of forming
q merger Will not he accepted oy the
Nevada Utah officials. as they are al
legged not TO conform TO the consolIda-
ton agreement entered into Two weeks
or more ago In this city, The so-cailed
Pioche merger. therefore. hangs In doubt
This step was taken yesterday by FREQ
f. Woolley. western representative OF
the Nevada Utah company. with head =
quarters in Salt Lake City. and in be-
half OF Ernest r. Woolley. president OF
by the Prince Consolidated and ONO
Kentucky companies on Tuesday that
they had prepared the resolutions accord :
ing to the, terms of the merger. and this
claim Is denied by Mr.. WoolIey.
The Nevada-Utah company is pre-
pared to 20 ahead and consummate me
agreement which all the parties TO the
deal agreed on at the meeting held in
Salt Lake City on March 49," he stated
to The Tribune Wednesday evening.
Terms Not Followed.
"a resolution was submitted by the
Prince Consolidated and Ohio Kentucky
companies last Saturday. which did not
follow the terms of the agreement mem
toned and We Will not accept the same,
and SD notified the companies today !
desire to state in behalf of Preside nj
Wooley and his associates that they
stand prepared To carry out their part OF
the agreement. but they VIII not stand
for any departure from The terms of the
deal absolutely and unanimously
agreed on last MONTH
When asked for statement regarding
these differences between the contract
ing parties. Mr. Woolley said there were
several items involved which he was not
at liberty to discuss 1t is understood,
however. that the Nevada Utah people
deal is agreed on as New York City,
while the Prince and Ohio Kentucky In
terests want Salt Lake as the common
gathering point.
Disposition Of Funds.
1t is likewise understood that one de-
Darturn involves the disposition OF FUNDS
to be paid from the Neveda Utah side OF
the deal among the Prince and the Ohto-
Kentucky shareholders. Nothing definite.
however. regarding these points could be
learned last night. and II Is likely that
n statement or statements will be Issued
shortly explaining both sides of the ques--
ton, in case the deal is definitely and
finally declared off,
The merger plans contemplated the
consolidation of the three companies
mentioned with the Consolidated Phoebe.
Amalgamated Ploche> Mines and smelters
corporation being the holding company;
The deal has been pending for several
months and It has been on the point OF
consummaton several times. only 10 fail
at the eleventh hour. Both sides to the
question authorized Rufus Is. Cobb 10
make a statement to the press on March
IS that the deal had been brought to a
successful issue, and the same was
hailed with supreme satisfaction both in
Pioche and Salt Lake,
Phoebe property owners generally will
be greatly disappointed should the big
interests of the dstrist fail in bringing
this deal to a successful elimination.