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Show If PLAN OF BINGHAM If CONSOLIDATED CO. ' ' ' I President of Bingham Mines I Company Gives Details of I y Reorirauization. i i f FACTS GIVBiV ABOUT . I i . DEBTS OP COMPANY t 1 JJafe'of Taking Advantage of r: Offer Is Fifteenth of This j Month. i r IT ( I -'The .Binsham Consolidated Mining: and , neltiTiir company Is out with a proposl- i tlon intended to place the affairs of the I organization on a more sound financial bjislp, and the eompnny a1.o has Issued a financial statement which will be of interest'. The TSoston Financial News has the following urtlcle regarding ihis well- known Utah organization: The dotails of the reorganization plan or the Bingham Consolidated Mining and Smelting: company are contained In the following: loiter. Just issued hv .lames P. OrnveB. president of the Bingham Mines eompanv : "To the Stockholders of the Bingham .Consolidated Mining- and Smelting oom-j oom-j pany: i "The Bingham Minos company has been 1 Jor.med under the laws of the Stat of Maine with an authorised capital stock of $1,300,000. consisting- of JnO.000 shares i of the par value of $irt each. This com pany has- boon formed for the purpose i of acquiring- stock in the Bingham Con- a Holidated Mining and Smelting company, elaims against that company, and, if It fj Is practicable and proves desirable, the property of the Bingham Consolidated 5 Mining1 and Smelting company and the. j property of the Eagle and Blue Bell Mln- 4 ins company, and to carry on generally J the business of mining and allied indus- j uies, Including the ownership of stock in other companies. II , "This company makes the following of- f , fpr to all shareholders of the Bingham Consolidated Mining and Smelting company com-pany as of record on the books of the company on this day; "In exchange for each share of Bingham , Consolidated Mlnlg and Smelting com- pnny, together with ?3.50 per share In k , i:ash, pajable an hereinafter set forth, the 14 company will issue one full-paid, non-as- y sessable share of the capital stock of the I Bingham Mines copanv. t "All stockholders desiring to avail J themselves of this offer must deposit i- rlielr stock at the Federal Trust company, f So Milk street. Boston, Mass.. on or before j" c April IS next at noon, accompanied by P payment of ?1 per share in cash as ., a subscription upon a form to be provided ' . 'Or the purpose for the payment of S2.50 per share aditional. this subscription to I bo payable as follows: II i . urty cents on or before Mav 15. I A "Fifty cents on or before Juno 15. I .i "Fifty cents on or before July 15. If i' "Fifty cents on or before August 15. r fa J "Fifty cents on or before September 15. I- $ i "Interest-on prepaid instalments will be I" T ' allowed at the rate of G per cent per nn- r ' num. F J . "Negotiable receipts will be Issued bv 1 . trie trust company In exchange for the I i Rtock, cash and subscription agreement I. ' when and as received. In the event of I w4 . non-payment of any instalment, the I .'S ' stock. deposited and all previous payments 1 , ' W'H be forfeited. This offer is conditional I ( "Pon the deposit accompanied bv cash I t payments and subscriptions as above r stated of at least sixty thousand (60,000) 1 I J shares Bingham Consolidated Mining and B , Smelting company on or before April 15 W I j'.ext; and, in the event that 60,000 shares i l5e not so deposited, the stock deposited ; ' an), cash payments will be returned In i exchange for the negotiable receipts Is- 1 1 i sued by the Federal Trust eompnny in ' . j exchange for deposit, cash payment and kj J subscription as above sot forth. I f ,;."It ,s Proposed that the Bingham 1 . . Klines company will issue 6 per cent, flve- ! i 'ear second mortgage and collateral trust : convertible bonds to an amount not ex- ; " eeedlng- six hundred thousand (JG00.000) dollars, .these bonds to be convertible at tbeir ftce value into stock of the com- p,a"-v, par at an t,Ine at the option of ' tl10 holder, and to contain suitable covenants cove-nants for the performance of all cove- j nants contained In any prior mortgage .. upon property acquired by the company, a-nd suitable further provision securing the bonds against any Improper diversion j ! o1. earnings. Th? Indenture securing the . bonds will be so worded as to provide t that coupons on the bonds shall bo pava- t j 11,0 only out of earnings of the company. so that there will be no default unless i I tno company makes suffcient earnings to " , pay them and does not. ,"rf tnis Plan becomes operative and the I stock of the Bingham Mines company is , Jlei!ed as, above set forth. It is planned ' . that at least $200,000 of the cash re- i crived from subscriptions shall be re- i sei-ved to cover payments required on ac- j ?rouc of sinking fund and Interest on i : ;i "Tst mortgage, covering property of 1 j lue Clngham Consolidated MInintr and If smelting company If the same Is requirr-d. and for working capital. After making j ' Buch reservation as the board of direct- 1 J ors may determine is to be applied In I i ine reduction or acquisition of an enuiv- i 1 tlSP c?,1in,t ? ,lebL of ,,le Rlngham Con- ' splldated Mining and Smeltinsr company. 1 H. Is planned to pay or acquire the re-nUV,U,i re-nUV,U,i dobL r t,,e Bingham Con- r ",,ntcd1 Mi"lng and .Stn.iltfnt' company '? l,,e issuance at par of the five-year. . 'pe,r-L,ent se?ond mortgage and collateral J iUi.ust convertible bonds above mentioned, i TnLcPrSGnt wnKa6n of Bingham i ,-J,l?s 'Panx. consists of temporary of- l iiMre and dlnectors. to be replaced bv 1 ?ieSf,,Ciho?en,.,y thft stockholders nfteV Riled- company has been ia- I ,-'i?',,c a.lldJ,oi: who has just completed an L - . examination of the books of th Blncbam i , 'any reports the following results of the (r i Loss 1907. 5 ' D,c,af:c" l? Va,l,ti of hullion du hi .i:lep55c,aUon r copper and sil- r- ,on boncis and Voaiis stf'-S i em Unil dan,S sett 41 ' V X mis. exp 2M60 l '0Sff!oo?!op-'ItaV' I- ' ; ! ' Assets. I -A-wels S,5?S,407 - j . Total assets .. . ,?S,S2::,M7 fi Liabilities. ' ,9'1G"'SSo S labilities .s.3n2.700 .,1C2,SSG |