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Show UTAH METAL IMPROVES IM-PROVES POSITION Utah Metal ancj 'Tanntl company, which operates in!h Bingham -district of Utah has concluded arrangements arrange-ments whereby its bonds will be liquidated liqui-dated at maturity and otherwise improve im-prove tht financial position of the company. The following letter to stockholders, stockhold-ers, issued last week, explains the financial fi-nancial situation of tht company and briefly outlines its future plans: I our company has deposited with the Atlantic National gank f Bsstan, 41 under the indenture secur ing Us bonds, sufficient cash to pay the principal and interest on all outstanding out-standing bonds at maturity. "As a result of long negotiations the operating contract made by your company com-pany with the Utah Delaware Mining company in 1826 has been cancelled and your company has issued to trustees trus-tees for the benefit of Utah-Delaware 250,000 shares of its capital ttock, which your company has tht option I to repurchase at any time within five years from Agtist J, jijli'lVfoi the sum. of IJoV.e98.50, pin? interest, less dividends, in any -paid on tht shares in the meantime. This sum. is the amount without Interest which Utah-Delaware chimed a their net expenditure tjnet Jan. I, 19 J6, in. the development of your property. All indebtedness of either company to tht other has been canceled. "As a result. Utah Metal, for the first time in many years, is substantially substan-tially free from, deh.t. Thtf till outstandipg $4,710 ef h tlt Issued convertible, into stock t ptr share, and a few small current accounts of less than $2,500 in amount. Your company com-pany has in its treasury cash and netrs receivable; in excess of $160,000. Your properties art ihut down In tht cart of a watchman awaiting better prices for metals. Your directors propose that the company shall either operate its own mine (in which case the International Interna-tional Smelting company nM the right ef refusal la cgntsagt fas b cji at bst price whjch Utah Mttal willing foi make), or lease h entire proper to some ent Qf tht larger companies com-panies if a proper lean can be arranged. |