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Show Utah Metal & Tun-nel Tun-nel Co. Reorganized . News from Boston to the effect that the Utah Metal & Tunnel company has lias been reorganized and that the names of the new interested parties will be announced in a few days. The lollowlng story is taken from the Boston Bos-ton News Bureau: Local interests, names of whom are to be announced later, have taken the Wheel In the affairs of the Utah Metal Me-tal & Tunnel company and have advanced ad-vanced enough money to pay off current cur-rent floating debt and, provide capital with which to begin mining operations. opera-tions. The Utah eMtal & Tunnel company has not been operating for the past eighteen months. During practically all of the last year the company, in conjunction with its neighbor, the Utah Consolidated Mning company, wa? engaged In proving up apjees, there having arisen a discussion as to the proprietorship of certain vens which each party averred apexed in Ihis territory. This was settled, with the Utah Metal & Tunnel company receiving re-ceiving approximately fifteen acres of mining land on Highland Boy claim in exchange for apex rights which it granted Utah Consolidated on certain small veins. Although this cleaned up possibilities possibili-ties of litigation, it left the company in debt , and unable to begin mining operations. During the hgh prices of lead in 1916 and 1917 Utah . Metal earned good profits and paid two dividends divi-dends aggregating $1.30 a share on its ' 700,000 shares. The slump in lead that occurred in 1918 and continued ' up until a few months ago prohibited profitable mining in the company's territory. There will be a change in the personnel per-sonnel of the management and a reputable re-putable mining engineer who is familiar fami-liar with the district will be placed In direct charge of the property. Within With-in a short time operations will be started. The board of directors will also be revamped. |
