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Show 111 IMS TO soinpuiE Organization Has Settled All Questions of Apex Rights. BOSTON", Aug. 19. A syndicate, including in-cluding L. E. Stoddard, YV. H. Coolidge, II. G. Lapham and F. H. Prince, has purchased pur-chased from the Utah Metal & Tunnel company 50,000 shares of stock at 44 per share. This stock is part of 100,000 shares held by the company for the conversion con-version of the ?7j0,000 7 per cent bonds authorized by stockholders early last spring and which were convertible into stock at $7.5u per share. T!iu company converted $375, Quo of its bonds into stock, exchanged $223,000 for a like amount of 6 per cent bonds which matured April 1, and still has about 4130,000 bonds in its ; treasury. j This will give Utah Metal 750,000 shares 1 of stock outstanding, will pay off tho ! floating dept. approximating $$0,000, and will leave the company $12U,000 or thereabouts there-abouts with which to renew mining operations. op-erations. W. K. "U Dillaway, who has been identified iden-tified with the company for aomettme in the capacity of chairman of the executive execu-tive committee, managing director and ; treasurer, will retire from active manage-i manage-i rnotit, and an engineer who is familiar with the district will take the managerial helm. Mr. Dillaway will still be connected con-nected with the company, however, as treasurer and counsel. Utah Metal & Tunnel company's mine and mill aro in such shape that production produc-tion can bo commenced almost immediately. immedi-ately. Probably the first operation will be started in the western part of the mine, the whole of which country, with its numerous lime beddings, is now free to the Utah Metal & Tunnel company, all question of apex rights with its neighbor, neigh-bor, Utah Consolidated, having been amicably ami-cably settled. In addition, mining also will be begun in other territory where the mining rights of the Utah Metal company com-pany have been conceded. This is a silver-lead country carrying high values in gold and silver. Announcement will soon be made of the names of the new officials of the company, com-pany, together with names of those who will be added to the directorate. While this financing gives interests now dominating Utah Metal outright ownership of 50.000 shares of stock, these same parties are known to control a substantial sub-stantial amount of additional stock indeed in-deed the total stock holdings of the syndicate syn-dicate are in the neighborhood of 200,000 .shares. Boston News Bureau. |