Show UNCLE SAM UNIT ANft AN ANTHE THE THEMAY MAY DAY Directors of Each Company Meet and Agree on Terms for Consolidation SHAREHOLDERS MEETING TO RATIFY WILL BE HELD IN INNEAR INNEAR INNEAR NEAR FUTURE The Tue directors of Both the Uncle Sam and andIa May Day companies compan e met yesterday afternoon and decided that the thc Uncle Sam and May Ia Day mines should be consoli consolidated consol consolidated dated on an equal basis b The plan de decided decided upon was as that a company should be formed to take over oer both the May Day Da and the tile adjoining property of the Uncle Sam Consolidated company without ref reference reference to the Humbug ground grund grund and the interest in 1 the Rich Richmond mond mon Anaconda which will wi be held as asit asat asat at it present and by b the existing Uncle ncI Sam Consolidated company compan It 1 Is it proposed that hat when the new n w company compan Is formed of Its Is stock stuck shall be delivered to o the Uncle Sam Sam Consolidated company fur for or the property It I turns over the oilier other half to go to tu the shareholders of the lie May Day company The Tho Te name of or the proposed new company its is capitalization etc dc arc matters mater that will nill wl be bf left lef for determination tion ton of or the th stockholders of the two to com corn companies companie panics panie who will wi be bo called cled in special ses sea session session sion right away for the purpose of or ratify InS big ng the agreement at the directors r meet meetings Ins ings yesterday In 10 case It I Is 15 decided to rive give the new company a capitalization of shares for instance the present shareholders in the May Ia Day Da company would get Hi 1 shares for each cach share of their stock In the present company while the he other 50 shares would go to t the Uncle Sam Sm Consolidated company to be beheld beheld beheld held either as a treasury treasur asset of that company or for distribution among the among shareholders pro rata as may ln be deter determined mined at the special meeting I It is conceded by b the directors of ot each company compan concerned concern d in this deal that the tho combination of the two properties men mentioned mentioned Is desirable for many reasons and It i Is conceded too that the intrinsic worth of each property Is practically practicably iden Idea The Uncle Sam claim and adjoining Tractions fractions are located on lower bower lo r ground gound than the May Days Da s property of about an equal acreage From the Uncle Sam workings therefore It Is going to be bo an aneas easy matter mater to open the May Day at greater eater depth and take the ores from both properties out at a point close to the Uncle Sams mill mU which goes gos with will wih the property deal and which will wl become an asset aset of the new company com pan Both mines contain large quantities of milling ore and considerable and the probabilities ties Ups are that the Uncle Sams mill mi capao capac capacity I ity ty will wi be at once Increased to handle the ores of the combined mines New and antI heavier hoisting machinery machiner will also be provided and the die properties opened on a amore amore more morl extensive scale than Ulan has ever pre previously been ben attempted The Humbug property and the Rich Richmond Richmond Richmond mond Anaconda lie le to the south of the theMay theMay May Day and flanking each other and In themselves constitute a a group not favor favorably favorably ably abl located for Cor operation from the other mines That is one of the reasons rea ons why the Uncle Sam company com pan is willing to part with wih the Uncle Sam Sara ground gound and permit it I to go where It properly belongs belong with the theMay theMay theMay May Day Da DaI t If I the action of Uncle Sam and May Max MaxDay Day stock on the exchange e yesterday afternoon nf Is to be taken as a a reflex of the sentiment on the proposition It I Is certainly viewed with favor for both stocks advanced on the strength of oC the information that had leaked out concern concerning concerning concernIng ing the plans of ot the th directors of the two companies The calls cals for the te special meet meetIngs mee Ings lags will wi likely be b published tomorrow |