The times., 1899-04-26
A BIG COPPER COMBINATION.
The Proposed Capitalization Is said
to He StOO.OOO.OpO.


New York. April 25.-The absolute state
ment was made today by one OF the most
important interests in the copper trade
that II. II. Rogers, of the Standard OIL
company, for syndicate has obtained
control OF many of the heaviest producing
eopper-mine properties in the United
states, including principally Montana
mines and those in the Lake Superior
region. Among them are the Anaconda.
Isle Royaie. and Copper King. The deal,
however is yet in an incomplete shape.
and on that account these most interested
are averse TO giving out any details. All
the arrangements for carrying through
have been placed, according TO this au-
thority, in the hands OF Mr. Rogers
The international deal in copper proper
ties, which is now attracting the .stten-
ticn OF speculative interests, came to pub
lie notice about two wesks ago, when the
announcement was made that II. II.
Rogers. of the Standard Oil Company, had
obtained an option on the majority of the
stock OF the Anaconda mine This stock
Tor years was owned absolutely by ]. b.
Haggin. Marcus DAILY, and Senator Hearst,
Some time ago these interests were be-
lieved to have sold 49 per cent OF their
holdings to the Rothschilds at about $50
per share. An attempt was made By the
foreign bankers to buy the rest Of the
stock, but their offers were refused Re-
Gently, reports were current that the
holdings of Marcus DAILY had been sold,
and following these reports came the or
ganization OF syndicate TO form what
has been familarly called the copper
combine"
The plan, according to current Wall
Street stories. was TO form new COM
pany with paper capitalization OF $780,
000, 900. the stock of which was to be ex-
changed for that of other copper prop
critics. The statement was made ye5ter-
day that Anaconda stock would be taken
in at a value of s92 per share. This was
somewhat perplexing, in view OF the fact
that the stock sells now at 60, but the dis
crepancy was explained today by the STATE
ment that for each rinetytwo shares OF
Anaconda stock there would be given oae
hundred shares of the new combination
stock.
In this city. Ladenburg ,Thalmann & Co,
have apparently had charge OF the finan-
cial arrangements, and have been supposed
to represent foreign interests in the mat
ter. The Rothschilds. who owned. b. their
first purchase forty-nine per cent. of Ana
conda stock. are said to have one-half
interest in an underwriting syndicate, the
other half. according to current report.
being divided between J. p. Morgan and
Standard Oil interests.
1t was definitely stated today by those
mcst interested that the Lewisohn proper
ties in the Lake Superior region are IT.
cluded in the proposed combination. Lon
don has regarded the proposed deal un-
favorably from the start, and during the
twenty point rise in Anaconda stock in the
last ten days houses with London con-
nections have been extremely heavy sell.
ers. They sold fully 10000 shares on ar
btrage today; this Notwithstanding a
Wall Street report that options sod by
London to New Workers on large blocks
of the stock were maturing this week.
and would necessitate heavy covering pur-
chases there.