Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-12-16
BINGHAM STOCK is
SOURCE OF QUERY
Stockholders OF Bingham Central
Standard Cannot Figure Ont fca-
son OF Low Price of Security.

81 Y + y ( d e. VI q sia. & { .i
For some time past stockholders of
the bingham Central Standard Mining
company have been trying 10 figure
out why the stock is selling around. IA
cents, when 10 months from now 1t cal,
be transferred for Utah Metal stock
which Is selling in the eastern market
at from So to $3.50 u share The trans
fer is to be m1de5o on the basis of three
shares of Bingham Central for one OF
Utah Metal At this rate Bingham
Central Standard stock at Is cents a
share buys for d5 cents stock worth ut
least SO a share on the eastern market.
Local stockholders have been inquir-
ing for q long time the reason for this
great difference in value. 1t Is said
by come that the stock has been de-
pressed through manipulation to keep
IL where 1t can be handled. some have
even gone so far MS to state that Bling
ham Central stock has been purchased
and the stock deposited with the Com
4 monwealth Trust company of Boston.
where receipt was Issued. AS this
receipt calls for Utah Metal stock it has
been sold at profit to eastern buyers.
BASIS OF CONSOLIDATION.
When the consolidation was made of
the Bingham Central Standard holdings
and the Bingham Metals property
new Incorporation was formed known
as the Utah Metals Mining company.
The new company set aside 800 900
shares of its stock for the purchase of
the Bingham Central property and also
assumed the $4,000 of bonded indebt-
edness of the property AS the Utah
Metals company had no indebtedness
and n small capitalization, 4l5,0o0 shares
of stock were set aside for its purchase.
Tho company also set aside 10000
Il
that can be issued to pay off the present
issue. This left 100000 shares in the
treasury for development work and
other purposes. According to the agree
ment entered into ut the time the stock
would be pooled until Nov. II. 1911,
or at such time before that time rs
{ the directors should SEQ fit to break the
10imonths the stock Will be exchanged.
ISSUES REPORT.
In recent report made by the COM
puny It showed that during the year
11,500 feet of 10-inch pipes have been
laid for the power plant In Middle
canyon. that the power plant has been
sufficiently ENLARGED to provide all the
power and lighting required and that
two separate power units have been In
stalled An electric system of haulage
has been put In. A bunk house for
miners nave Deen punt containing 30
rooms. baths, closets. wash rooms. read
Ing rooms and library. All furnace
heated and lighted by electricity. MI
merous other houses. cottages and
storehouse have been built.
The tunnel at the property is being
pushed through the property at the
rate of 10 feet day. The report says
in part:
All of the capital stock of your COM
pany. Including what has been issued TO
acquire the properties and what has
been set aside for boring the tunnel,
construction and development. and
treasury uses, has been deposited with
the Commonwealth Trust company to
be held on deposit until Nov. IL 1911.
Ofythis stock there have been taken out
for cash, under an agreement provid-
Ing for obtaining money to defray the
cost of construction and development,
100000 shares. Since Dec. ]. 1909. there
has been expended, up to Oct. l. 1910. in
construction. building purchase of ma
chinery, boring of the tunnel. and gen
eral development work and expenses
about the property. the sum of $685.
e27s7."