Show 0 BINGHAM COPPER COMPANY the bingham copper whose property is located at bingham utah has issued the following statement to its stockholders the work done at the mine during the past year has been more extensive and satisfactory than at any time during its existence under the very able management of W D bohm our engineer a new tunnel has been run 1200 feet from the old may queen tunnel to cut the property at its whole length and we are happy to inform you that several good ore bearing lime beds have been cut all of these ought to show good commercial values of galena with little more development work our object being however to get into and under our diamond claim as quickly as possible we did not stop to develop these beds but ran along with the tunnel as laid out and have just cut the celebrated dana fissure at a width of four feet twelve inches of which showed good shipping the rest excellent milling ore unfortunately conditions in the mining stock market were as you doubtless know at their lowest ebb during the past year and your directors had the hardest pos sible time to raise money enough to keep going persistency and personal sacrifice however enabled them to carry along the work till ore bodies believed to be present were actually encountered then however about two months ago they were reluctantly obliged to shut down until some means could be found to finance the mine sufficiently to put it on a paying basis this problem we now face and your directors have worked hard to bring in largo interests inheres ts which would be able to easily push the development of our splendid prospect to what your directors believe will soon be a well paying mine in order to bring this about a reorganization is necessary and it is tentatively proposed to change the capital stock to shares of a par value of 5 of these are to be exchanged for the old stock par value 1 and the balance to be put under option at a good figure to such interests as may be thought advisable another way of reorganization would be to form foam a new company with an increased capital of the same par value as the old one 1 per share exchange this share for share for the old stock and off offer er part of the new stock left to the stockholders at a fair figure still another part could be reserved for an issue of convertible bonds should that be decided on the new stock could also be made assessable if the stockholders should prefer that method to the issuing of convertible bonds I 1 A stockholders meeting to take action on these questions will take place at cheyenne wyo on the of june hence you are requested to sign and return the proxy attached to call promptly in case you will be unable to attend in order that a quorum may be assured to transact business of such importance to all stockholders your officers being large stockholders have worked for what seemed to be the best interests of the company and having demonstrated the prospective value of the property request the operation cooperation co of every stockholder to the end that all may participate as soon as possible in the success of the company which now seems better assured than ever before |