Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1922-07-19
SIMON PROPERTIES
TO CONSOLIDATE

operations Dy the SIMON Silver Lead
Alncs company came as a surprise to
many OF the stockholders. Recently
some very glowing reports have been
given out. This together with the
proposed consolidation with the Simon
| Contact and the Simon Sterling prom
iscs to furnish subjects for lively dis
cussion at the special stockholders
meeting to be held at Nina today,
| July 10th. That is if some of tie dis
satisfied stockholders go to the trouble
| of attending the meeting but such
stockholders seldom do They prefer
10 stand around and air their gricv-
anccs, imaginary or otherwise, to un-
sympatl:izng listeners
The object of the special meeting
is to consider the increasing of the
capital stock from 100000 shares to
3,GG0,0OG0 shares, also to consider the
ACCESSIBILITY OF consolidating the Simon
Sterling. Simon Contact and Simon
Silver Lead on terms of six shares of
Simon Contact for one share of Simon
Lead and fifteen shares of Simon Stcr-
| ling for one share Of Simon Lead. The
Lead Mines company is to provide
stock for these exchanges. also for
mine development the sinking of
thrce-compartmcnt shaft and to equip
| it, complete purchase OF the zinc
smelter at Harbor City, to enlarge
| the concentration plant to $50 tons
daily capacity, to retire all outstand-
| ing obligations and to provide ade-
| quatc working capital
The call for meeting also states that
4 consolidation with tire Kirk Simon
! Smelling Company is also contcmplat-
ed on basis of exchange of stock
in amount of five and onc-half shares
of Kirk Simon Smelling Company for
one of Simon Lead AS the stock in
| the Kirk Simon Smeltcr is closely held
and not to any extent in the hands of
the public. but little discussion is
heard concerning it. but the other
two consultations have been the sub
iect OF no little talk
What Reading Says
c. d. Reading ce-president if ST.
mon Silvcr-Lcad. i'll discussing the
matter says" Regarding the expendi-
ture OF money paid into the treas
ury of the Simon Contact, develop
ment campaign was inaugurated A
surface plant built. consisting of gaso-
line hosting engine. 40-foot head
frame, blacksmith shop, bunk house.
and a pipe line laid over to the Simon
compressor plant An incline shaft
was sunk to depth of BPS feet. This
shaft was we'll timbercd with square
timbers throughout. Drifts were run
at the second and third levels. totaling
over SOC feet The results of the de-
vclopment were encouraging. Ore
of the same character and value as in
the Simon mine was shown, but not
in quantity. In order to follow up
the development work already done,
the company would require large
sum OF money to be raised which is
not possible under the conditions that
now obtain.
| practically the same might be said
of the Simon Sterling. except that the
shaft was not sunk so deep, nor the
development work quite SO extensive
| This work also shows some ore, other
wise it would not ho fair to the stock
holders of Simon-S Silver Lead. to in
vite them to purchase a property with
shares of stock in their own company.
The directors feel that the suggested
merger is for the best interest OF all
Anyone who feels Opposed to this plan
should seriously contemplate the posi-
ton that their company would be in,
| if they were left outside the newly
| formed operated company Would
you or your fellow stockholders like
10 own SnafcS III company WhlCh
had no means of deep development
| where the richer ore bodies are being
| found, no mill in which to treat the
ores, no smelling plant in which to
| handle the zinc. This is serious
question Your officers and directors
have given very careful consideration
to all these points and they are very
sure that the best interests of all con-
cerned will be served by consolida-
| ton
In explanation of the indefinite shut
down of mill and mine work the stua-
ton is that the present working shaft
is one sunk under conditions that OBJ
tanned before the Simon Silver Lead