Show tiler BY MORTGAGE That is the Boston Plan for the U S i Mine BUT IT IS NOT POPULAR Six Hundred Thousand Dollars First Mortgage Bonds Proposed to Yield Sis Per CentIt is Hoped in Connection Con-nection with a Bonus in Stock to Raise Eight Hundred Thousand Dollars for Development Purposes A Letter Received in this City Throws Light on tho Situation TRIBUNE SPECIAL Boston Jan 20The pooling committee commit-tee of tho United States Mining company com-pany has decided on a plan for the relief re-lief of the situation after due consideration consid-eration of the propertys merits and along a-long wait occasioned by the slowness with which stock has been deposited The general plan Is to Issue I 600000 first mortgage bonds bearing Interest at 7 per cent and redeemable at 105 It Is desired to raise a total of 800000 which will he put Into the treasury for development purposes and the erection of a mill The bonds will be offered to an underwriting un-derwriting syndicate In blocks at par with fiftythree shares of stock at 626 Thus for 1333 there will be given a 1000 bond and flftythrec shares of stock Interest at 7 per cent on the 1000 bonds will net the Investor about C per cent on his Investment It Is generally understood that an underwriting un-derwriting syndicate will also be given a call on the stock held by the pooling committee Consensus of opinion In local financial finan-cial circles is that this plan of relief will not bo acceptable to any underwriting under-writing syndicate that may be formed In Boston and It is questioned If Boston Bos-ton capital will care to go Into the United States Mining company The fact that twentyseven brokers now own most of the stock has made the company rather unpopular with the Investing In-vesting public here A prominent house which holds 2000 shares say that they will put no good money after bad The project of relief has lukewarm consideration In Boston Banks and brokers appear to have but one object in view to get out with as little loss as possible but to close their accounts The resignations of Messrs Cole Clark and Coolidge are in the hands of the committee I MORE HOPEFUL A gentleman Identified with United States Mining said tonight that he was I confident of 200000 being raised on the bond plan Monday In this event he said he could Immediately get 150000 j more In New York and the balance would easily come from the outside In his opinion which is that of an expert the expenditure of 600000 on the property prop-erty would easily make It worth when developed fully 10000000 JOE LEITER TO THE RESCUE That is the News Conveyed in a Letter Let-ter from Boston A Boston letter to a local broker says that when the personnel of those who have gone to the rescue of the United States Mining company shall have been revealed that the form of Joe Leiter will be seen on the head set It has 1 been known in that city for some time that he and his wealthy sire had been asked to Inquire Into the character of the bonds amounting to 600000 which it is proposed to float and that the committee on finance had received assurances as-surances from him that tho matter would secure their attention Mr Lelter the correspondent volunteered had confessed to having made more or less Inquiry Into conditions at Bingham and to having on several occasions sent his emissaries Into that field To date he had not however secured the foothold foot-hold he sought While having no personal per-sonal knowledge of the ground embraced em-braced In tho United States companys possessions he was induced to look upon up-on them as meritorious and the finance fi-nance committee says the writer left the Junior Leiter feeling that It had a market for the proposed bonds With whom the bonds in the sum of 600000 that earn In Interest 12000 annually I an-nually have been placed no definite information In-formation has come The Impression Is that they have gone to the Loiters Locally It IB known that a representative represen-tative of those gentlemen has been gathering data upon the United States companys properties and ascertaining Just what is required to put them on an earning basis The results of those investigations were forwarded some days ago but that the bonds were landed by his folks he had not been advised ad-vised last night Nothing would be more gratifying to the mining men of this locality than the news that the Messrs Lelter had interested themselves them-selves as the elder LeIter has for many many years been the possessor of valuable valu-able mining Interests while that his money has been placed on a safe card at Bingham no one questions It was said yesterday that Manager Neill who has been in Boston since last December had started for home and that on his arrival he will proceed to execute plans that were recently outlined out-lined by The Tribune Theso comprehend compre-hend the remodeling and putting into commission of the Old Jordan concentrator concen-trator and the active production of concentrates con-centrates full particulars of which will be had on his arrival In the meantime mean-time the assurance that the placing of the bonds and the raising of moneys with which to construct a smelter has been accomplished is good news for Bingham and Its friends MR ROBERTS MANAGER A Boston dispatch to The Tribune last night says Mr Edwards Roberto will undoubtedly undoubted-ly be made Salt Lake director and representative rep-resentative of some of the large Interests Inter-ests It Is generally understood that he has outside of Boston backing that may take a controlling Interest In the deal |