Show Plan Development t Of Our Resources 1 A An ambitious plan for furthering deve development of or the tho natural resources of oC the the west was unfolded unfolded in connectIon tIon wIth h the recent filing flUng with the secretary tary of ot state of ot amendments to the Articles of incorporation of oC the Development company and the incorporation in Delaware of the International Finance Mortgage Mortgage Mort Mort- gage gag corporation The officers in each concern are Utah men They are f Henry I. I Moore president S. S Abbot Abbot Abbott Ab Ab- bot bott Maginnis vice president E E. G. G Kid KIdder ter secretary and treasurer T The e purposes of the two companies com com- wh which ch have a total capitalization capitalization capitali capitali- zat m of are to supply runds funds for and to assume direct cha charge ge of enterprises es which will devel develop de- de vel p the natural resources of the west The companies will not be Inter In- In ter sted in the development of general general gen gen- eral commercial or industrial enterprises enterprises enter enter- s which do not devel develop p directly direct direct- ly the the natural resources CBS of the country coun coun- try The he Intermountain Development company company was organized several years agoto agoto j. j finance and operate enterprises enterprises enter enter- to develop natural resources has been inactive because of or the generally generally unsettled unsettled financial condition condition condition condi condi- tion of the country Further study of the situation led the incorporators tors to decide that it would be more practical l to organize a new company as a a holding company which would confine its operations to providing finances for carrying on development through the Intermountain Development Development Development Develop Develop- ment company Because conditions appeared to warrant the belief belleC the operations operations operations opera opera- might be extended beyond the bor borders ers of the United States the par parent nt or financing company was designated the International Finance Mortgage company and the local concern changed its name to the International International International In In- Engineering Operating corporation and amended its articles otherwise to make possible a wider range of activities The finance corporation corporation corporation cor cor- has a capitalization of 2 and the operating company company company com com- pany Is capitalized for The intention is to have both companies companies companies com com- establish their principal places of business In Salt Lake City although the parent company also will maintain eastern offices The general plan I. I IB is matthe the operating operating operating oper oper- company will take hold of meritorious enterprises which will develop natural resources aft after r careful and thorough examinations by staff starr engineers supply the funds for development and place them on ona ona ona a going basis or prove that they are not feasible The plan contemplates the formation of a separate com company coral coral- com I pany pony for each enterprise undertaken J The parent company will supply or or advance funds for development de work until the securities securities of the owning owning owning own- own ing company can be marketed The operating company in e each Cl will maintain control of the management management management manage manage- ment of each property until It is oia oi 01 a going basis or abandoned Judge l Io Moore re announced d a contract had been closed In the cast east for placing at the disposal of the corporation half a million dollars a aGthe st aG the Initial step toward financing While the majority of or the director of the two concerns are said IP to b be Utah men It Is understood capitalists capitalists capital from both the Atlantic and the Pacific seaboards ana anc from the central central central cen cen- states are heavily interested in inthe inthe inthe the project The names of oC the other directors as well as of the engineers and specialists are to be announced announcer a little later laler S. S Abbott Maginnis 1 formerly ambassador to Bolivia will willbe willbe willbe be in charge charge of the eastern headquarters head headquarters headquarters quarters of the finance company 0 0 o |