OCR Text |
Show STEEL COMPANY TO OPEN UP NEW IRON DEPOSITS SALT LAKE CITX, Sept. 9. Development De-velopment of a new and important southern Utah iron deposit was presaged pre-saged by the filing yesrerdny after noon with the county clerk of articles ar-ticles of incorporation for the Iron Mountain Railroad company, a subsidiary sub-sidiary of the Columbia Steel corp-' corp-' oration. The incorporation papers signify the intention of the company to construct con-struct a railway beginning at the t Iron Spring station on the Cedar City branch of the Salt Lake & Los Angeles railway and terminating at a point approximately twelve miles southeast. Capitalization is placed at $500,000. The capital stock is divided into 3000 shares and, according ac-cording to officials of the company, will not be offered for sale. The ore deposit involved is known as .the Iron Mountain mines, and is one of the important holding of the Columbia Steel corporation. Its value val-ue is placed at more than $10,000.-000. $10,000.-000. Its development will vitalize a territory and eventually is expected to give enployment to a large number. num-ber. Officials of the tentative corporation corpora-tion were uncommunicative last night as to the exact date on which construction will be started. It was indicated no definite plans had been reached, but that work would be instituted in-stituted as soon as profitable development devel-opment of the properly makes It advisable. ad-visable. The mine property to be served is not being worked at present and will not be, officials said, until the railroad rail-road is authorized and completed. Officials and directors named in the articles of incorporation, with their various positions, are: L. F. Rains," president : A. C. Ellis, Jr., vice president; W. C. Miller, secretary secre-tary and treasurer, and W. W. Armstrong Arm-strong and Duncan McVichie, directors. direc-tors. Mr. Rains and Mr. Miller are officers of the steel corporation. |