Show OUTLOOK BRIGHT FOR GREAT corporations development of iron deposits in utah appears to be assured coal is abundant with tho tentative agreement reached for the formation of two big corporations for the development of the coil and iron properties of the west and alic establishment of a steel plant the group of financiers from all parts of the united states ad loureed their meetings in salt lake last night they will meet next month in vancouver to complete the organization of these companies today the financiers will meet several salt lake capitalists informally and discuss with them the iron and coal deposits of utah local capitalists it is understood will be glad to co operate with the proposed new corporation for the development of the utah iron and coal deposits but they are agreed that the steel plant should be constructed in utah and will use their influence to this end the principal corporation winch has for its object the development of the ore bodies and the construction of the steel plant will be known as the pacific development company it will have an initial capitalization of this capitalization will be greatly increased when ar arc completed for purchasing properties and beginning actual work the second corporation w ill be for the purpose of financing the first it will be the organization company and w ill hold alie stock of the principal corporation during the organization period it will be known as the pacific guaranty trust company while the final steps for the organization of these two companies compa nips have not yet been taken it is declared that the financiers who met here have pledged not only the amount necessary for the initial capit aliza tion of these companies but have given assurances that half a billion dollars of capital will be available when the corporation is ready to begin operations the men forming the corporation declare that aliey have not vet decided on the field for their operations and will not do so until after the companies are fully organized however they indicate that there is evera likelihood of their giving firby consideration to alie utah deposits the utah capitalists who w ill meet the financiers today to discuss the utah deposits are sanguine over the prospect of the development of utah claims aliey say that if general barnson gray otis and his ates plan to engage in the steel industry utah has alio only available field for their operations for the past twenty years frequent plans hive been formed with a view to engage in steel industry in rutih but the plans have been thwarted through the unwillingness of any person to form an independent cor horation po ration that would come in coin petition with the steel trust this handicap 13 removed however through the decreasing steel production and the increasing demand for the product each of these contemplate reducing furnaces and steel plants the freight ditc on the raw has prohibited its shipment to the mills located at a distance one company planned to erect a steel mill at green river utah another at utah lake another at ogden and at salt lake utah according to experts offers an ideal location for alic steel industry since it can supply in areat quantities both the iron oro and the coal for the reduction fur nices in fact in rutih alie co il and iron are found almost side ly side kocl men declare it would be folly to talk of developing utah iron properties and to haul the raw material elsewhere for fabrication alie steel milla of pittsburg were constructed there became of the close proximity of coal and at gary for the some coupled with the fact that the ore can be transported cheaply to gary by water the utah situation es thib for the epison that neither iron ore nor coal need be hauled any distance the late B H him man was planning to develop the steel industry in utah shortly before for two scars he biad engineer in the field examining carefully all of the available iron property in the west they reported to him eliat the only iron deposits in the west in commercial quantities were in utah they recommended the utah iron and coal deposits highly the utah capitalists expect to lay these facts before the wealthy visitors today with a view to convincing them that they are moving safely in the development of the iron ore of utah and that in utah they will find the ideal location for their reduction borka and null invitations hav e been sent to the capitalists by the commercial club to be the guests of honor with president B F buah of the denver rio grando railway at the banquet to be given tomorrow night however it is feared that most of the capitalists will have left the city general otis plans to leave for los angeles this afternoon while most of the others plan to leave either today or early tomorrow tribune |