Show BINGHAM properties consolidate bingham metal and bingham central stand ard companies form important merger salt lake herald one of the most important deals affecting the camp of bingham that has been pulled off in many a long day was that in which f ch the details touching the merger of the B engham central standard and the bingham metal company were finally agreed upon saturday the deal has been under consideration since early in the spring and its final cor consummation summation is one that will mean the broad gauge development of an estate comprising compi ising more than 2300 acres in extent and covering four or five of the best mineral bearing ledges in the district it means the making of another producer for the camp that will rank with the biggest of them here is the way in which the proposition has been framed up the finishing finis ning touches to bo be given in boston during the next few weeks with the new company to take charge and cut loose by the first day of september A corporation to be known as the utah metals mining company with a capital ot 0 represented by shares of a par value of 5 each is to be organized under the laws of maine to absorb the bingham metal jeom company pany and the bingham cen aral standard company of the capital stock the bingham metal company which has issued issue d shares of stock is to be taken in on a share for share basis the dingham bingham central standard company gets shares of the new stock or at the rate of approximately one for three leaving shares in the treasury of the new company the bingham central standard company has a bonded indebtedness of and the holders of these bonds have signed up or practically all of them have an agreement by which they will be at liberty to convert the bonds into stock of the new company within two years on a basis of 2 or accept cash at the end of five years or in april 1911 with interest after providing stock for this conversion scheme the there thee e will still remain it is understood about shares in the treasury a portion of which is to be underwritten under written at 3 a share shafe to provide a large working capital for the extensive development and equipment of the mines of the consolidated estates 11 in order that local interests in the bingham cent central rals ral S standard tan dard company in particular may understand just why it is that the bingham metal company appears to fare better than they do in the deal it is necessary to explain only that while company company owns about acres of patented ground roun d in the heart of the mineral zone of bingham it has an indebtedness of that must be taken care of with no immediate chance of so doing on the other r hand the bingham metal company enters enter with an estate of 2500 acres joining on to the west end of the bingham central stand ard possessions on which more than has been spent in development equip ment patenting etc besides a wealth ol 01 timber water rights power plants and other assets all free of incumbrance and including a great working drainage tunnel which is now in a distance of feet and which will within the next 2000 to 2500 feet begin opening the great fissures in bingham central standard ground at no small a additional adt ddt depth to present workings and ultimately provide an outlet for the ore at a distance of about four miles from the international smelting smelling Sm elting companas comp anys works with a natural grade for a tramway over which to send the product of mine and mill to the reduction plant these are the chief reasons why the holders of bingham central standard stock have had to be content a proposition that will give them one share for three through Ill rough the consolidation of these properties the bingham central standard property can be opened up during the next eighteen months at a depth of more than feet below belov the level of its jeff davis tunnel while its ridge claim will be pierced at a depth of 2300 feet the big tunnel from the middle canyon side will have to be driven about feet to daylight on the carr can fork side of the bingham district on bingham central ground and close to the yamna yani iia boston consolidated and other big mines of the bingham camp that flank the possessions of the consolidated company now in process of formation it is the purpose to use electric locomotives in operating this tunnel from the west end beginning in september and at the same time it is the purpose to make a survey and start from the bingham central side to meet it in driving from the west gallons of water a minute has already been tapped and it is expected that double that amount will be developed by the time the tunnel is in another feet the moving shirts in the consummation of this big deal are walter B farmer of boston president and general manager of the bing bingham ani metal company and W E hubbard and other officials of the binn bingham charn central standard company it hag been mutually agreed and a contract has ben abne signed that will make sam H Tr treloar eIbar the well known antte miner general man manager ger of the utah metal companas comp anys properties while E J baker the efficient superintendent of the middle canyon works will cont continue lAue to drive the big bore from that side of the range |