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Show MERGER EFFECTED HH Jennie and Snowflake Compa-nies Compa-nies rtound Out a Consolida-fion Consolida-fion on Saturday. H MEANS DEEP MIXING II AND MUCH MILLING I Power riant Also Is to lie In- stalled lo Serve tlie I Wlitrie Camp. H A special nice-ting of the stockliald- crs of t lie .1 oniric Gold Mining com- H pany was held yesterday afternoon at the offices oC the company in the Utah j Savings ami Trust buildinc;, for tho M purpose of consolidating tho property :J of the company with that of the Snow- tlahc Gold Alining ami Power company and making ono big concern for tho : development of the Gold Spi i n;ia dis- ii i itcf . Noarly all of the six hundred thousand shares of tho issued stock of : I ho company -wore represented nt Iho I mooting, and the vote to consolidate, ' the Snowilnko company was prae- ) lienJly unanimous, u At (he same time that tho ."Jennie inccling was being held in this city, a j l special meeting of the stockholders of I the Snowflake Gold Mining and Pow- II or company was being Iteld at. Gold HI Springs, for the same purpose, and the j vole at that place for the eonsolida- m i ion was unanimous, so that the merger Ijji of the iwo companies becomes effec- K, live at once. The name of the new M company is the Gold Springs Mitring g and Power company. It takes over all J of the property, rights and franchise" rj of both of the old companies, and will vj a I once inaugurate a campaign for de- I velopmont on a plan that will result i in good prolits to the stockholders. Ml The story of the Jennie company has K been one o'f the most interesting in the ti history of mining in this state. The k first locations of ground that now com- is prise tho Jennie "group were mud' by h i'. A. Short, in 1897. Jin 1SUS other I; locations were. made, which include the ft: original Jennie claim, and in 1002 the $ Jennie Gold Mining company was in- Ii eurporatoil. Not, much more man as- scsstiHMtt work was performed on tiro 21 jiropertv for several years. Jt was not I until January, 100G, that .active devel- opmenl work was commenced on the proper! v. Through the efforts of II. I 1;. Elliott, who became- a partner with j Mr. Short in this and other property, I enough of the slock was sold in the I east to commence dovclopnig the mine. J The present shaft was commenced in f April oi that year anil the first level I run oft' at. 115 'feet. At this level the vein developed to such an extent that u ore bodies were opened which were lit- jf tic dreame-i of from surface indicn- n lions. 1 In the spring of J!07 a four Xis.sen- stamp mill was erected, and this soon I demonstrated the fact that the ores of S the mine were easily handled and that, a large extraction could be secured jj bv amalgamation and eynniding, and S a' larger mill, to include a cyanide plant, was planned for the property. This plant was fully completed ami B! operated about the first of December Ri lust. Tho mill was completed some Jj' time before and was in operation for U- n considerable length of time. For ihc 1 tune vhat the plant was operating, rc- suits proved that the ore could be suc- ce.'sfiilly handled. Power'' troubles 1 arose which preveuled the plant, from E? b'ing operated on ''full time. Condi- K lions necessitated the use of gasoline I; rngines, and on account of numerous I dehi's in receiving shipments of distil- 1 late and conditions under which Ihc gasoline engines were compelled lo op-,! op-,! erale, prevented lite, management from ij gettiug the results that were expected from tho properl3 Tho grade, of ore and the results secured were sneh, though, to prove that if full running i lime could have been secured, regular dividends could have beenypnid upon iho capital slock of tho company, i Realizing the condition, and with a ! iew to remedying the power troubles of (he Jennie and to furnish power to other properties in Ihc district, IShorl and I'Jliott, m December last, organized organ-ized the Snowilnko Gold "Mining and Power company, but il was soon iis-eovcred iis-eovcred by Iheiu and A. S. Martin, who was associated with them for two years past in financing Ihc Jennie, and Snow-Jlake Snow-Jlake companies, that it would bo far better to the interests of the stockholders stockhold-ers of both companies and more, satisfactory satis-factory to investors to consolidate tho propcrtic. and make one strong company, com-pany, and the meetings held yester- day were the consummation of the ef-foks ef-foks of these trentlemen to make good to all interested in their Gold Springs properties. The Gold Springs Mining and Power company, as organized yesterday, y ill I have a capitalization of one million I dollars, divided into one million shares of a par value of. one dollar per share, with one hundred and fifty thousand shares in tho treasury. O. A. Short is president; of the "company: A. S. Martin is vice president; IT. If. Elliott, secretary and treasurer; and these, with W. Ji. Short, W. Jf. Uramcl, V. W. Barton Bar-ton aud G. M. Hannon, comprise tho board of directors. Places will bo made on (he board at an early dale for strong representatives of eastern investors in the company Through the rfforfs of Messrs. Short. Elliott and Martin arrangements have been made (o finance tno new company. The stockholders of tho respective companies compa-nies in the merger proceedings authorized author-ized tho issuing' of bonds for two hundred hun-dred thousand dollars. Of this sum one hundred and twenty-f-ve thousand dollars' worth of bonds have been oA to Ihc Investors Corporation and Trust company of Columbus, O., and seventy-five seventy-five thousand dollars' worth of the bonds are to be held in trust for sale later, for improvements and betterments, better-ments, if needed. Tiy the funds available from the salo of these bonds and by Iho sale of treasury treas-ury stock, ihe company plans to eouip the property at oneo to handle not loss than 100 ions of oro per day, and discharge dis-charge all indebtedness of the .lennic company, and to erect at. Modena, Utah, (lie railroad station for the Gold Springs district, a liOO-horsepower electric elec-tric plant, which will supply sufficient power for all of the operations of the company. Il; is expected that orders for Hiii planl will bo placed during the cominir week. The plant to be installed in-stalled will be a producer gas plant, with producers, gas enemies, generators and full electric eouipinent, with a len-mile len-mile transmission line from Modena to Gold Springs. The gasoline engines at the mine will be replaced with motors and everything ev-erything operated upon Ihc single unit plan. This plant will be the first one of (he kind to be installed in the slate At flic mine, numerous changes will be made. A much larger compressor will be installed, and additional tanks put in the cyanide plant. An auxil.ary crusher will be put in, and tho cnui,) niont will have crushing capacity lo produce 100 Ions per day. The shaft will be pul down at once to deeper levels, lev-els, and from I he ."OO-foot level a drift will be run east to the .feiinic iedge and west lo the Snowllake ledge, and the la rye bodies of ore known to cxitst in both places wi.ll be available for reduction at the mill. I?ec.ent. work in tho Jennie has proved that the mine has greater possibilities pos-sibilities than have over been expected from it. A winze was recently starl-cd starl-cd from the second level and about thirteen feet below the level the values commenced to improve, and as depth is bring secured I hey have increased and ihc letlgc is widening, until at llnrly feet, six feef of ore is expi. sod thnt'g's better values than any that have heretofore been shown at the mine. The last reports from (he ir.ii. slate that the. ledge, is widening at every round of shots, and the. ore getting get-ting bell er. Samples sent to the office of-fice of Iho company from I his portion of the ledge show the yellow melal in abundance and high silver values. Jn the consolidation of the two companies com-panies the stockholders of iho Jennie. Gold Mining company received share for share for their holdings, and tho stockholders of the Snowilnko Gold Mining and Power company four-sevenths of a share for each sharo of their stock-. The bonds of the company arc ten-year il per cent coupon bonds The company proposes to double the size of its power plant 'it an early dale, making il a fiOO-horsepowor plant. This wijl nrovido power for all of the other properties in the Gold Springs, Kay, and Deer Lodge districts. This income from I his source alone will be voiy profitable to I he company. It will bo also the means of putlinc ajarge number of properties in that district, on a paying basis, as tiie uest'uin of power has been the one great, pics lion to solve there to make mining a success. The ores of the district are milling ores ami require continuous an-l economical power. With this supplied there is no question about the future of the camp. The property of tho new company will embrace fourteen claims, nine of which are in Utah, iu the Statelino mining district, and fivo in the Eagle Aralley mining district;, Lincoln Lin-coln counly. Nevada, but all arc adjoining ad-joining and continuous. Charles L. Drake, president of the investors Corporal ion and Trust com-1 com-1 pany, Columbus, 0 who have purchased pur-chased the bonds of the company, has been in tho city for several days, familiarizing fa-miliarizing himself with affairs .of the company and conditions generally, and will go to Gold Springs and visit tho property with C. A. Short the first of the week. This happy termination to tho affairs i5f the Jennie company is due to the efforts of C. A Short. II. R. Elliott and A. S.' Martin, who have labored industriously to tho end that the camp might be a success. |