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Show SEEK TO SECURE PROTECTION OF RIGHTS , Utah Steel Stockholders Have Conference With State Body FtookhoMra of the Utah 8trl corporation, cor-poration, with hradquartera In Salt Lake and plant in Mldvale, were In informal in-formal conference with the atata aecur-itlea aecur-itlea commifwion Saturday relative to what action la njceasary to make them preferred credltora in the corporation, whli h Is now In the handa of a re-rver. re-rver. The committee conaiated of J. j W. Booth. Or. W. A. Marahali. Ieon OleKon and Ir. R. 8. Alley. The committee com-mittee represented rewetockholrtera in the organisation, who purchased the stock after a permit had been granted tha corporation by the atata aecurltlea commission In September, J21. Thla permit gave the corporation authority to dispose of 11.000.000 worth of stock of the par value of II per ahare. The aalea of the stock, it la said, aggregated about II 71,. 000. Verbal opinion given the committee and the aecurltlea commission at the informal conference by tha attorney at-torney general waa to the effect that tha atockholdera themselves must present pre-sent their matter to tha court for redress, re-dress, aa the commission could take no action auch aa tha atockholdera' committee com-mittee desired. When the application waa made to the aecurltlea commlaslon for a permit per-mit to dispose of the stock a aworn statement of the condition of the corporation cor-poration waa filed with the commlaslon. commla-slon. This atatement ahowed that the corporation waa In apparently good financial condition and on thla ahowlng the permit waa granted. At the time of the granting of the permit? It waa lated to the commission commis-sion that the new money derived from he sale of the atock waa to be used In enlarging of. the plant at Mldvale and the plana contemplated an extension of the operations of the corporation Into Carbon and Iron counties, tha first for cool and the latter for Iron. Later it developed that Instead of putting the new money received from the sale or the stock Into the enlarging I of the plant and the other extensions of the business aa promised, the money was used in the payment of indebted-neaa indebted-neaa of the corporation. Then the corporation cor-poration went Into the handa of a receiver re-ceiver and the purchasers of the stock under the permit granted by the wcurl-tlea wcurl-tlea commlaslon are aeeklng, In view of tha atatementa made to them regarding re-garding the purchaee of the new atock, that they be made preferred clalmanta and that tha receiver so regard them. Tha aworn atatement of the corporation corpora-tion aubmltted to the aecurltlea com-' mission showing the condition aa of July I. 1921. gave the total assets of the corporation at $2.070.S 61. divided Into real estate. !f,)O.3C017; hills and accounta receivable, cash on hand and In bank. 41014; working and trad-ling trad-ling assets. $311401.14; machinery and tools. It 05.1." 30; furniture and flx-itiiree. flx-itiiree. i:.S2: autos and trucks, 120.-III 120.-III II: patterns, l'81..ll, and conatruc-! conatruc-! tion. I7i m.ll. I Liabilities of the corporation were given aa preferred atock outstanding. 1601. 400; hills payable. 37.46 10; surplus. sur-plus. I77I.IM98; accruals. I20.5JI .21. and depreciation reserves. 2r.4.14.IO. I This statement was sworn to by ' Nathan Roaenblatt. vice president of ; the corporation, and on thla atatement the aecurltlea commission granted the permit to dispose of the stock. |