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Show I $15,000,000 NEW I IRON INDUSTRY; I OEO CLOSED M largest Colliery in Utah Promised H and to Be Only Part of Plan fl of Development. CARBON COUNTY COAL AND IRON COUNTY IRON Million Dollar Smelter Planned for M Southern Shore of Utah Lake, H and Success of Entire Project B Now Seems to Be Assured. H Forecasting the expenditure of $15,- H 000,000 in the development of the iron H industry and the opening of what H promises to be the largest colliery in H Utah, a deal between tho Carbon land H company, attested by E. Stanley Pratt, H secretary, and filed with the state H l)oard. The notes were secured by H, mortgages covering 55G4 acres of coal B" Jands in Carbon county. H Coking Plant Included H It is understood that the company's m initial outlay will bo $1,000,000 for H the construction of nn iron oro smelt- H r on the southern shore of Utah lake. H Neighboring the smelter a coking H -plant also will be built. M Altogether $15,000,000 will be ex- H pended in the development of the coal H properties in Carbon county and in H -the construction of the proposed lake- H -side plnnts. H It is said that Japanese capital is H to be put into the development scheme H and that tho investment of the sums H .. counted on awaited only tho comple- H tion of .the deal with tha land board. H Three Notes Given. H The notes given by the president of H the company bear 5 per cent interest ifffm Jnnuary 2, 1025. The company UA thus is given five years to get under jgj -way. Three in number, the notes are ! for $100,000 each, due January 2, 1930, H for $200,000, due Jan. 2 1940, and I for $250,128, payable Jan. 2, 1950. H Salt Lake Herald. |