The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-13
WANT TO EXCHANGE
BONDS OF BINGHAM
Utah Metal Company Issues
Statement About Bonds
Due April 1.

The receipt OF a statement by bond
holders OF the Bingham Central and the
Bingham Standard Copper Mining com
panies on "Wednesday from Walter B.
Farmer. president of the Utah Metal
company, put to- rest all doubt In regard
to the determination OF his company not
to pay the bonds which became due on
April /. Bondholdcrs are requested to
exchange their old bonds for the new is
sue authorized for that purpose. Owing
to the widespread interest In this mat
ter. the statement will be timely, II fol-
lows in fun
quests holders OF the outstanding bonds
OF the Bingham Central Mining company
and the Bingham Standard Copper COM
pany To exchange their bonds for new
bonds OF the Utah Metal Mining COM
pany for the same amount dated April
L. 1911. payable In five years, with in
terest semi annually at per cent. pay
able April ] and October /, secured by
the same properties. viz. the Central and
the Standard, now covered by the mort
gage deeds securing these bonds, and In
TO the Bingham Metal Mining company.
covering timber lands and water rights:
also n hydro electric plant and all neccs-
sary buildings located In Middle CANYON.
Tooelc The total authorized issue is
S315.O00, and cannot bc Increased, and
these bonds are convertible at any time
into the stock OF the Utah Metal Mining
company at So per share.
ITOuDle 6xpeIleuCeus
The reason for the failure TO profltably
operate the Bingham Central and the
Bingham Standard properties during their
entire history has been because there was
no means Of reaching their ore bodies at
depth, no dump room, no land for mill
sites, and TO transportation facilities eX-
ceptlnS at very high cost Whatever ore
has been extracted has never been suf-
iicient 10 pay cost OF transportation or
interest on the bonds. This is true as to
both these properties. In the Judgment
Of the best experts the only way in which
these properties can he economically
worked Is by reaching the ore bodies AT
depth through n tunnel large enough for
transportation.
Tho Utah Metal Mining company in
acquiring both these properties purchased
also the property of the Bingham Metal
Mining company. which adjoined both the
Central and the Standard properties. hav-
ing much larger acreage, consisting OF
valuable mineral claims. timber lands.
water rights. ample space and location
for mill sites III Middle Canyon on the
Tooelc side OF West mountain. and tun-
1900 feet In length. Since acquiring
these properties tho Utah Metal Mining
company has purchased other lands and
properties in connection With the pro-
posed operation In this territory. The
result OF these purchases has been TO en-
able the Utah Metal Mining company to
reach their ore bodies at much greater
depth than has ever before been attained
in this district. through a tunnel eight
feet by ten feet in dimension. and now
driven and completed 1900 feet,
Hydro Electric Plant.
The water power already developed on
the property operates dro-clcctric
plant and has furnished all the power
dental transportation and Is sufficient
for all future mineral and milling pur-
poses. and will leave a surplus for sale
for power and other uses.
In addition To the above timber lands,
water rights. and ability To operate,
which with the tunnel insures low mining
owns practically the whole OF what is
known as Middle Canyon, Tooele, which
offers ample room for the construction OF
mills and buildings of every description
that ever may be required. The holding
OF these properties in one ownership
makes complete working property. ca
pable OF profitable development, which
was not possessed by any one OF the
above described.
II must also he noticed that none OF
the property of the Bingham Metal Min
ing company, nor the timber lands or
water rights, nor the tunnel, are includ-
ed in either Of the mortgages on the
Bingham Central or the Bingham Stand
ard Copper companies. so that the new
mortgage for refunding the present ones
covers a much larger and more valuable
and available property than the one In
cludcd in either Of the present mort
cages.
a large proportion of the holders OF
these bonds have already signified their
intention OF exchanging the bonds which
they hold for these new bonds Of the
Utah Metal Mining company.
Holders Of the bonds of the Bingham
Central Mining company and the Bling
ham Standard Copper company, upon
sending their bonds to the Commonwealth
Trust company. IS Summer street Bos-
ton. Mass, Will receive the new bonds
OF the Utah Metal Mining company. At
the same time the Commonwealth Trust
company will pay in cash an amount
equal to six months interest on the par
value OF each bond that may be Of
fered for exchange.