OCR Text |
Show UNITES STATES CO. TO PAY $1,600,000 f OR GOLD ROAD NINE Htock holders o the Gold Road Mining Min-ing and Kxploration company have re ceived notice of a meeting to be held on July 17, at Preacott, Ariz, The object of this meeting -is to ratify the sale of the company mines and equipment at Kingman, which was recently closed by William Bayley, one of the principal stockholders, to the United States Smelting. Refining and, Mining company. com-pany. Bayley represented the controlling control-ling Interests in the Gold Road properties prop-erties and Hidney J. Jennings acted for the purchasers. The proportion that the stockholders will have to vote, on in ratification of the deal is the acceptance of $1,200,000 in earth on the lith of thin month, and the further payment of . ..S2.01, and the obligation of Mr. Jennings to redeem re-deem the bonded debt of tlie Gold Road company, amounting To the sum of $2M,2r,0, and the carrying ont of all contract now in force "on the part of the fluid Road company. The deal carries withit thejtccumulations . in, tha treasury ofthe fiold Road company com-pany from the firat dav of February, 1911, but the company will disburse to its stockholders the accumulations in the treasury prior to that date. It i understood that the sale will represent repre-sent a sum approximately $l,6O0,4o0 wheu completed, and that the company taking over the property will expend in betterments more than half a mil linn dollars. Thern appears to be little doubt of tner ratification of the agreement of the company with both Bsyleyand, JenningH, aa the majority of the hold era of the lioM Road atock have signified signi-fied their willingness to accept the terms offered. Among the contracts that will have to be carried ont by the new corporation corpora-tion is that held by Henry Xovin for store and other concessions at (told Road, the contract with the Desert Power and Water company, the contract con-tract to protect the (iold Road company com-pany from litigation that may grow out of the use of certain methods of gold saving now in use in the mill of the comnanv and all personal inittrv I case that have had their origin since the first day of February. |