OCR Text |
Show BliHlKIS REM FOR II Litigation Adjusted and Company Com-pany Will Increase Developments. De-velopments. Though littlo Information has been given by the local officials of the Bingham Bing-ham Mines company, the reorganized Bingham Consolidated Mines and Smelter company. It has been generally understood under-stood that good progress has beon made In tho clearing up of titles to ground In which the company Is Interested and In the plans for tho future development and operation of tho properties concerned. The News Bureau of Boston says regarding re-garding the Bingham company: "A consolidation con-solidation of Yosemlte, Cluster and Mississippi Mis-sissippi properties has recently been effected ef-fected which clears up several matters of disputo so that development work can now be resumed. The control of the consolidated company Is vested with the Bingham Mines company. "For the, past two years the manage-, mont of tho Bingham company has not beon disposed to say much rogardlng property conditions, but. now that Its affairs af-fairs are in shape to 3how their -alue. It In proposed to Issue a report to stockholders stock-holders late this month which will present pre-sent In full detail tho operations at tho several properties, their physical condition condi-tion and the financial condition of tho company. Leases Discontinued. "Such operations at the company's properties as were carried on by leasers were discontinued last spring, since which time the company has Itself operated at a profit sufficient to take care of tho 6 per cent Interest on the J572.000 bonds of the Bingham Consolidated Mining and Smelting company. "The Bingham Mines company has $582,000 6 per cent non-cumulatlvo five-year five-year Income bonds outstanding, convertible converti-ble into stock at par. $10. and an authorized au-thorized capital of 150,000 sharos. of which 94.560 shares have been Issued. The bonds were Issued to creditors of the Bingham Consolidated Mining nnd Smelting company In settlement of their claims and do not draw Interest unless earned. "Under the reorganization, a working capital of S100.000 wns provided for tho Bingham Mines company with tlxed charges only on tho old first mortgage bonds of tho BInghnm Consolidated Mining Min-ing and Smelting company, tho amount of which has been reduced from $903,000 to $572,000 during tho past yenr, largely from payments made by F. Augustus Helnze for the Mascot tunnel." Oro and Bullion. Tho ore and bullion report posted Saturday Sat-urday by McCornlck & Co. follows: Ore received. $80,000; bullion shipped, $80,000; total, $160,000. Metal Quotations. The metal quotations furnished Saturday Satur-day by McCornlck & Co. follow: Silver, 521c; copper, 13 7-16c; lead. 5 1.70. Ore Shipments. Oro shipments reported Saturday by the Utah Ore Sampling company follow: Utah, 10 cars; Idaho. 1 car. |