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Show URGE STOCKHOLDERS 10 PURCHASE HE Utah Metal & Tunnel Com-pany Com-pany Would Acquire Bing-ham-New Haven Ground. T-.Ci!U'nP attention to tho fa.-t tlial the Utah Mpial & Tunnel company lias recently re-cently discovrrorl v;ilnahle ore bodies on the property of tne Hin?ham-Ncw Haven company, and rejoin mend tni? that the stockholders lnfn;aso the capital stofk bv --..oon shares with which to purchase the liinyham-New Haven hoklinRd, the Utah Metal company's directors have called a special stockholders' nieetinn for November Novem-ber la at Portland, Me., to act upon the proposal and have issued the following letter to the stockholders: The directors of your company, in sending- you notice of a special meeting meet-ing to determine whether the capital stock shall be Increased to 725 000 shares, and asking the authority to use such Increase for the purpose of acquiring the stock of the Bingham- .New Haven Copper & Gold Mining company, desire to acquaint you with the considerations that have moved them so to do. The capital of the Bingharn-New Haven company consists of 22S.6S9 shares of slock with no mortgage or other Indebtedness. The properly of the company lies aJonsr the westerly and southorly boundaries of your property and extends westerly and northerly to the boundaries of the Utah Consolidated com pan v. The ownership and control of the Bingham-New Haven, therefore, would bring under our operations the entire i territory extending from the Utah Consolidated ground on the north and west to the ground of the United States Mining & Smelting company, including its "Iast Chance" ground, on tlie south and east. The property of the Bingharn-New Bingharn-New Haven, while not so large in area an your own, has demonstrated its mineral capacity, having produced out of about 2o per cent of its acreage acre-age during the last eight years about i $1,600,000, which it has put back In the development and equipment of its properly, besides dividing up among its stockholders in dividends nearly $800,000. The amount of its dividend for the i year 1914 whs 75 cents per share, and its dividends this year will ex- ! ceed the rate of last year. It has In I its treasury more than $300,000, of I which, after paying its current in- j debtedness, it is agreed there shall be not less than $250,000 In cash or its equivalent left in the treasury when it is taken over by your company. , It has developed and in sight large and valuable deposits of ore. and is at present producing at the1 rate of 250 tons per day. It is in an excellent stage of equipment, its only limitation limita-tion being its mill, with a daily capacity ca-pacity of 125 tons. Milling; capacity can, however, be considerably in- i creased by your company when the I two are working: together. In addition to these facts, there have been recently discovered in the operations of your company valuable ! ore deposits, some of which lie directly on the boundary line between the two companies. It is anticipated that other ore bodies will be found similarly similar-ly located In this region which will j possibly give rise to future disputes. As these boundary lines lie upon j mountain sides exposed to storm end possible changes, and ore bodies can reasonably be expected to be dlscov- I ered therea bouts to the value of I thousands of dollars, It is good judgment judg-ment for adjoining owners to come together, when terms can be arranged containing advantages to each other. Terms of purchase have been agreed upon which are approved fry the largest stockholders In your company, and are fair and advantageous to both interests, anil your directors recommend recom-mend that you authorize them to increase in-crease the capital stoek so that this acquisition may be obtained. |