OCR Text |
Show US. TAKES OVER BINGHAMMETALS United States Smelting Refining Refin-ing and Mining Co. Tuesday was in full possession of the real property of the Bingham Metals Co., following foreclosure of a mortgage. Issues of the Bingham company com-pany will continue to trade on the Salt Lake stock exchange, however, pending redemption of the property in the West Mountain Moun-tain mining district by that firms directors. They have six months in which to satisfy judgment amounting to $18,000. U. S. Smelting bid the value of the judgment against Bingham Metals at a public auction late Monday on the steps of the Salt Lake City and County building. According to N. L. Herrick, Salt Lake City, vice president and director, U. S. Smelting was offered proceeds of a recent assessment as-sessment of Bingham stockholders. stockhold-ers. This was refused and mortgage foreclosed "in order to brine -the matter to a head", a U. S. spokesman spokes-man said. Glenn L. Loveless, Payson, president of Bingham, successfully success-fully bid $2000 for equipment at the mine. Property obtained by U. S. consists con-sists of approximately 25 acres on which there are eight unpatented unpat-ented claims. |