Show GOLD SPRINGS DEAL CLOSED Interests Effect Big Consolidation and Splendid Finance It POWER SCHEME INCLUDED JENNIE AND SNOWFLAKE PROP PROPERTIES PROPERTIES INVOLVED After having bumped up against and nd having bad to tn wrestle with all aft the dis dIe discouraging discouraging GuI agin problems that usually present t to those who undertake the working out of ot mining and milling enter enterprises enterPrises In new district Meers 11 Short and aad Elliott the first ant men to invite capital into the Gold Cold C lt Springs camp have finally Uy won out our TI T splendid gold properties of the Jennie Jennia arid and Snowflake companies have been i Of bond issue of ot OO of the amount has been sold soM and aDd the balance is le held in trust to be sold eold should necessity require it I The consummation of ot the deal has re N resulted suited in the forming of or one big company com ny and placing it on a 8 financial footing which means the Immediate discharge of ot any and all outstanding obligations of ot the theold old aid companies the building of a great power plant mant at Modena the opening of ot the fine mines at depth and the enlargement and betterment of milling facilities It means that during the year the mines ml wilt will be placed on a good earning basis baele and that all other companies op operating operating crating in the same section can ft be sup supplied pIled plied with power on a basis buls that will make possible POS the successful exploitation and profitable handling of ot other properties than those these owned by the big consolidated concern It has taken time and no small amount of ot o e and energy on the part of ot Short and Elliott to accomplish wh ch what t they set out to do and in the work working V ing out of o the final deals defils they have been bean ably assisted by y A S 8 Martin so to all allor of or these men the camp mp of or Gold Springs and the shareholders of ot the companies in involved Involved Involved in the deal are under obligation They The Have got the machinery limbered up that will make things hum in what is generally conceded to be the beet beat b gold goldcamp goldcamp goldcamp camp in the state of ot Utah How the Deal Was Made The formal format closing up of ot the great transaction came yesterday afternoon when special stockholders meetings were simultaneously held by the he Jennie Gold Mining company in this city and by the Snowflake Gold Mining and Power corn com pan pany at Gold Springs Through the tM ac non taken all of ot the property rights rI and franchisee franchIse of both the old companies through practically unanimous action goes go to the new company compan organized organised to toa take a ke them over In the consolidation of the two corn com companies panlee the stockholders of the Jennie Gold Mining company received share for tor share sharf for lb ItA holdings hold ng and the stockholder of the th he Gold Mining and Power Po er of ot a share sha for forach forach ach each an sarr arr of their sto k The bonds bonde of the company axe are tenye r 6 per cent cou con coupon coupon conDon pon Don bonds bond bo d The li i Springs and Power Powe compa as organized yesterday will wilt have lare a of one million dol dollars d l I llara tars lars d dt dd Into one 0 e minion million shares of a apar apar apar par t hl u of one dollar per share snare with S one Y h fifty thousand shares In the tre sll C A Short is president of the th compa i A S 5 Martin MarUn is 18 vice president H R It Elliott secretary and treasurer and f t tee with W B U Short W WH H IL Bram Bramel el ci W W and G M Hannon comprise e the board of directors Places will b be made on the tho board at an early date for strong representatives of ot eastern investors in the company Through the tile efforts of ot leMI Short S Ort Elliott and Martin arrangements have teen neen made mad to finance the new company com pan The he stockholders of the respective com coin companies companies in the merger proceedings author authorized authorIzed authorized the leaning Issuing of bonds bonda for two hun hundred hundred hundred dred thousand dollars dollar Of Ot this thle amount J worth of bonds have been sold old to the Investors tors Corporation Trust com corn company compan pany pan of Columbus Ohio and worth of ot the bonds are to be held in trust for sale sate later for tor improvements and better betterments betterment ments mentZ if It needed heeded Through the funds available frem from the sale of these bonds and by the sale sate of I treasury stock stork the company compan plans to I equip the property at once to handle not less tesa than tons of ore per day da and dis die discharge discharge charge alt all indebtedness of the Jennie Jermie and to erect at Modena Utah the railroad station for the Gold Springs dl district a electric plant which will wUl supply sufficient power for all of the operations of ot the company itIs It Itis ItIs is expected that orders orden for or this plant will willbe willbe willbe be placed during the coming week weak The plant to be Installed will wUl be a 8 producer gas plant with producers gas engines generators and full electric equipment with a tenmile transmission line from Modana to Gold Springs How Things Will Be Done Now The Th property of the new company em embraces embraces braces fourteen claim claims nine of which are in Utah In the mining district and five In the Eagle Valley mining dis die district district dietrict Lincoln county Nevada but all are adjoining and contiguous The company proposes to double daubl the size of its power plant at an early date making It a 8 horsepower power plant This will provide power for all of or the other properties In the tho Gold Springs Pay lay and Deer Lodge districts The Th Income from this source alone will wUI be ver very profitable to the company com ny It will h also aiso the means ml Da of putting a large number of properties In that district on a paying basis as a the Question of ot power has been the one great gret problem to be solved there to make role min mining log ing a success The ores of the district are milling ores and require continuous and economical power With this sup supplied supplied plied piled there Is no question qu about the fu future turf ture of the camp The Tb gasoline engines at the tile mill mW will be replaced with motors and everything op operated operated crated upon upen th the he single unit plan This plant Pl ht will wiD be the first one of the kind to fr 11 if Installed In la the state At the mine nu us changes will be made a much larger compressor will be installed and I additional tanks put in the cyanide plant an auxiliary crusher will be put in and I the equipment will have crushing capacity of ot tho thc mill raised to tons tone per day The shaft will w l be put down at once to deeper levels and aDd from front the 3 foot level a drift will be he run east to the Jennie ledge and west to the Snowflake ledge and the large bodies b dle of ot ore known to exist in both places place will be available for tor reduction at ai atthe atthe the slUt Recent Decent work in the Jennie has proved that the mine has greater possibilities than th n have ever been expected from It A Aw wines wince w was recently started from the sec see second second ond level and about three feet below the level the values commenced to improve As JI depth Is being secured they have in increased Increased increased creased and the ledge lede Is widening until at thirty feet six feet of ore is that gives better values alues than have here heretofore heretofore been shown In the mine The last reports from the mine property state that th the ledge Is widening at every round of shots and aDd the ore is getting better Sam Samples pies ples sent to the office of ot the company com pan from this portion of the ledge show the yellow metal in abundance an e and high sil sli silver sliver cliver ver values Early Day Struggles The story of the Jennie company has been one ene of ot the most interesting In the history of mining In this state The first locations of ot ground that now comprise the Jennie lends group were made by C A Short In 1 7 In I lS 1898 other locations were made which include the original Jennie claim and in 1802 the Jennie Gold Mining company was incorporated Not much more than assessment work was per performed performed performed formed on the property for several years ears It was not until January Januar that ac active active active tive development work was commenced on the property Through the efforts of or H HIt HR HIt It R Elliott lliott who became a partner with Mr Short In this and other property enough of the stock was sold In the east to commence developing the mine The present shaft was commenced In tn April of that year car and the first level run off at atus us feet teet At this level the vein developed to such euch an extent that ore bodies were opened which were little dreamed of from surface indications In the spring of a four mill mm was erected e and this soon demon demonstrated demonstrated the fact tact that the or ores of ot the mine were easily handled and that th t a large ex extraction extraction extraction traction could be secured by amalgams amalgamation tion and cyaniding and a larger mill to Include a cyanide plant was planned for tor forthe forthe the property This plant was fully funy com corn completed plated and operated about tho the first of December last The mill was completed some time before and was in operation for tor a 8 considerable length of time For the time Ume that the plant was op operating Grating r results proved that the ore could be successfully handled Power troubles arose which prevented the plant from being operated on full time Conditions necessitated the use of ot gasoline engines and on account of numerous num rous delays In re receiving receiving relying shipments of distillate and condi coed conditions condItions under which the gasoline engines were compelled to operate the manage management management ment merit was prevented from getting the re results results cults that were expected from the proper property ty The grade of ore and the results se so secured cured were such though to prove that if It full running time could have been se so secured Secured cured regular dividends could have hare been paid upon the capital stock of ot the com corn company company pany Realizing the condition and with a view to remedying re the power Ower troubles of the Jennie and to furnish power to other prop properties in the district Short and Elliott In December last organized or the Snowflake I Gold Mining and Power company but It I L It j N A AN o N s z co I J t tr r I c Jo C I I PoINT M d 4 M fri CO 5 4 C 1 Dotted lines show imaginary couse cou se of Colorado vein as indicated by claims of rival mining companies was all soon coon discovered by them and A S 8 Martin who was associated with them for two t o j ears past in financing the Jennie and Snowflake companies that It would be far tar better to the Interests of ot the stock stockholders stockholders stockholders holders of ot both companies and more sat satisfactory satisfactory to Investors to consolidate the properties and make one strong company and the meetings held yesterday were the consummation of the efforts of 01 these men mento mento mento to make good to all aU Interested in their Gold Springs properties |