The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-07-04
TO CONSOLIDATE
TWO COMP PAN|ES
LOU DILLON AND SILVER PICK
EXTENSION MAY BE
REVIVED

AS direct result of the ore dis
coveries recently made Oh the 500
foot level of the property of the Sill
yer Pick Consolidated Mines COM
pany, negotiations are under way for
the consolidation of the Lou Dillon
Goldfield Mining company and the
pany, originally promoted in the
boom days of Goldfield by the de-
funct Sullivan Trust company, and
the recovery of the ground formerly
owned by the two corporations, an
option for sixty days having been OBJ
tanned from the present owners. The
negotiations are being handled by
Herman Zadig of San Francisco,
president of the Silver Pick Consoli-
dated Mines company, as well as the
Lou Dillon and Silver Pick Extension
companies. The name of the con-
solidated company will be the Lou
Dillon Silver Pick Extension Consoli-
dated Mines company.
Mr.. Zadig has mailed to the stock
holders of the Lou Dillon and Sill
yer Pick Extension companies letters
explaining the project. The letter
addressed to the stockholders of the
former company, which is similar to
that sent those of the latter, in part.
follows:
'In view of the fact that under
conditions heretofore prevailing, 1T
has been impossible for your COM
pany to raise sufficient funds for the
payment of its debts and the proper
operation of it's properties, this re-
organization Is absolutely necessary
Several plans have been dis
cussed by the directors, and eacn has
been carefully considered. 1t has
been their endeavor to select the one
which would insure to the stockhold-
ers the greatest and most tasting
benefits; in other words. to see that
the company in which they obtain all
interest in exchange for their present
holdings is so organized that II will
he able to carry on operations perma.
nently.
"Your directors are convinced
that a reorganization which will
merely put off the Inevitable dav
when your company shall go to the
wall is worse than no reorganization
at all. They have, therefore, ac-
cepted the offer of the Silver Pick
Extension to make consolidation
and incorporate company to oe
known as the Lou Dillon Silver Pick
Extension Mines company.
Herman Zadig, of the firm of Ia
dig & Company of San Francisco.
will be president, J. j. Mccarthy will
be vice president, and Charles E.
Hudson of San Francisco will be tho
secretary The other two directors
will be F. L. Wildes of Carson City.
Nevada, and A. F. Coffin of San
Francisco.
'The new company will be or
ganized for the purpose of acquiring
the ground formerly belonging to
the Silver Pick Extension Mining
company and the Lou Dillon Gold
field Mining company, an option for
sixty days having been obtained.
ION both of these properties quite
extensive development work was
performed number of years ago,
which had to be discontinued on ac-
count of the failure of the Sullivan
Trust company, the promoter of
these companies.
"The developments that are now
being made on the Silver Pick Con-,
the adjoining property, justifies the
board of directors to urge every
stockholder of the Lou Willon to ac-
cept the offer proposed in the con-
'solidation, which is to surrender
their old stock and receive in ex-
change share for share of the stock
of the new company, plus cents per
share, which will furnish sufficient
funds to purchase the properties
clear Of Indebtedness, with ample
means to carry on extensive develop
ment.
"To assure the success of the un-
dertaking it will be necessary to re-
ceive an immediate response from
the shareholders of your company.
For that reason you are urged to not