| Show big park city mines merger to have nucleus in reorganization of daly west in reviewing tile the situation at park city in the january issue of the mining review reference was made to a report that a 9 gigantic merger b or consolidation of properties in that camp was under way and that official announcement no of the report might soon be expected the merger as outlined at the time was reported to include the park utah the daly little bell daly west and daly judge judge mining smelting smelling Sm elting possessions additional evidence that the undertaking is being beancy worked out along the lines reported is found in the following taken from the boston commercial of january the cli charter arter of the daly west vest mining company expiring feb 14 yesterday the directors of the corporation have recommended that the name be changed to the park city cita mining smelting smelling Sm elting company they also suggest that the new corporation be formed under the laws of some other state than colorado tile the statement of the directors in part follows your directors recommend that a new corporation be formed under the laws of that state which has corporation laws most favorable for mining enterprises the laws of colorado under which the company is now organized gani zed do not permit incorporation for more than 20 years and have other features which can be improved by incorporation elsewhere expansion provided for tile the directors also recommend that tile the new incorporation be made large enough to permit the acquisition of additional property when lien found to be to the advantage of tile the company they believe that at this can best be done through a corporation with shares of nominal or without par value and recommend that the new cor Po ration be thus formed present stockholders to receive at least snare share for share of stock in the new corporation with sufficient additional biti dit ional ilal shares provided for and left in the treasury of the company pany to permit ermi t the expansion mentioned above or to be 0 otherwise ther wise issued should i it t ever become advah advantageous advantage tage ous or necessary to do so your directors further recommend that the name of tile the new corporation be park city I 1 mining smelting smelling Sm elting company while the best laid plans of i nice mice and men dont al ways work out as one might expect there is enough in formation ration in the above item to make it reas reasonably certain flat that the proposed park city mining smelting smelling Sm elting com py jany has been decided on as tile the v vehicle through throng li which the je great merger will be finally rounded out it is possible t 01 ol r ourse course that the properties of the park utah company may ay not be included in the merger as that undertaking is is developing eloping into a mighty big proposition by itself also it ls Is separated from the other properties mentioned by the onlo oni oili I 1 trio 10 silver mines companas Comp anys possessions though the latter company owns much ground along the line of its three mile drain tunnel to the east of its main holdings and trough through w which aich the park utah has operating privileges beuse of half ownership in the tunnel itself by the daly mining 9 company which is controlled largely by the same teresta interests te rests operating the park utah it may seem premature therefore to even suggest it ra at this is time but there is a well grounded impression in usually ally well 11 informed mining circles circles that the day is coming ahen n a all 11 of the present known mines extending from the mouth of the ontario drain tunnel clear through the dis brict to the head of big cottonwood cotton wood canyon will be gathered in to one organization and if that proves to bethe case it may just as well be accomplished through 6 the proposed park city mining smelting smelling Sm elting company as through any other channel significance of daly west reorganization much significance is attached to the proposed plan of reorganization of the daly west company which suggests a capitalization with a large number of shares of nominal or no par value the daly west with its old charter expired 1 is the logical b groundwork 11 for such a corporation as seems to be contemplated so that whether the park utah the ontario or any other property in the district that would tend to round out the mammoth undertaking b should fail to be included in the start there is logical reason to believe that ultimately the whole region described will become identified with the great enterprise |
