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Show I want'stST " PLANT IN UTAH H Salt Lake Iron Owners Willing H to Co-operate on This H Condition h ' M Salt Lake local mn met the B visiting capitalists informally B and discussed the plan of de- H veloping the Utah iron deposits. m They said they would be glad to H co-operate with the proposed H new corporation but they are fl agreed that the steel plant H should bo constructed in Utah H and will use their influence to M this end. m The principal corporation m which has for its object the de-m de-m yclopmcnt of the ore bodies and H the construction of the steel M plant will be known as the M Pacific Development company. H It will have an initial capitaliza- tion of at least $1,000,000. This m capitalization will be greatly in-M in-M creased when arrangements are M completed for purchasing pro-M pro-M perties and beginning actual M work. The second corporation fl will be for the organization cornel corn-el , pany and will hold the stock of m the principal corporation during M the organization period. It will M be known as the Pacific Guar-M Guar-M anty & Trust company. M While the final steps for the H organization of these two com-M com-M panics have not yet been taken, m it is"declared that the financiers M who met in Salt Lake have m s pledged not only the amount m necessary for the initial capital-m capital-m ization of these companies, but M have given assurances that half M a billion dollars of capital will M be available when the corpora-K corpora-K tion is ready to begin opera -H ""tions; " B The.men forming the big cor- M uoratfoh declare that they have M not yet decided on the "field for B theiropcrations and will not do m so until after the"companies are H fully organized. However, they M indicate that there is every m likelihood of their giving first M consideration to the Utah de- - posits. M For the past twenty years fre- M quant plans have' been formed 1 with a view to engaging in the H steel industry in Utah, but the H plans have been thwarted H through tho unwillingness of m any person to form an independ- H ent corporation that would come H in corppetition with the steel M trust.- This handicap is rqmoved, m - however, through the f decreas- H ing steel production and the in- M creasing demand for the pro- H duct. 1 Utah, according to experts, m offers an ideal location for the H stdel industry, since it can sup- H ply in great quantities both the H iron ore and the coal for the H reduction furnaces. In fact, in M Utah the coal and iron are found Hi almost side by side. Local men H declare it would be folly to talk H of developing Utah iron propor- H tics and to haul the raw ma- 1 terial elsewhere for reduction. |
