Show UTAH r METAL ETAL AND TUNNEL TO ADD TO CAPITAL Company Also Plans to Issue in Convertible Bonds the 1 he Utah Metal and Tunnel company Is sending notices to stockholders of a a. special meeting to be held In Portland Me Ife March 26 to authorize bonds and increase capital stock from shares o of 1 par value to shares name mme par Th company has haR an Issue of 6 per cent convertible bonds falling due April 1 next and a majority of the holders hold hold- ers era Of these bonds have signified their willingness to accept new bonds In ex- ex change The minority are compelled to todo cio do likewise because under the mortgage Indenture a majority of the holders may prevent foreclosure proceedings by accepting Sc ac- other securitIes The new bonds will bear 7 pe per cent Interest and mature In ten years from April 1 1 1919 In place of the convertible price of 15 5 per share o of the present outstanding out out- standing bonds the new issue will be for stock at per share In addition to lO the bonds which will be exchanged for those that mature next month the company Is offering additional to stockholders at 95 Proceeds Proceeds Pro Pro- will be used to provide working capital The increased stock shares will willbe willbe be held for the conversion of the new Issue o of bonds and are not to be sold The year 1918 was an unprofitable one for Utah Metal and Tunnel company It necessary to cease mining operations during the period of negotiations about apex rights yet the company had to carry on expensive work In opening up and proving apex claims and employing experts A substantial loss resulted from all extraneous work I Utah Metal has been holding off before taking definite steps in preparation for forthe or orthe the maturity of Its outstanding bonds on the first of next month because It was negotiating with Utah Copper company for a sale of Its water rights Utah Copper Cop Cop- per now pays O per annum for the ug i Use of this water and d Pir a p price of o. o W was as understood to have been mentioned d as a sales e figure To date nothing I definite fl haa been done |