New-York tribune., 1902-04-27

ORGANIZED UNDER NEW-JERSEY LAWS
WITH A CAPITAL OF $sO.OO0,OOO.
1T REPRESENTS A CONSOLIDATION OF ALL
THE HEINZE PROPERTIESPAPERS
FORWARDED TO TRENTON

For several weeks past reports have been
current in Wall Street and occasionally in the
daily papers of the organization of a new copper
company to consolidate and take over the vari-
Gus properties in Montana controlled by F.
Augustus Heinze and his associates The re-
ports have been based on the presence in the
city for three months of John MacGin-
Mss vice-president of the Montana ore Pur-
chasing Company. and the other Henze cor
porations Hints of the negotiations Mr.. Mac
Ginniss has been conducting leaked cut through
various sources, but until yesterday Mr. Mac
Ginniss has declined TO confirm them for pubh-
cation Now however the negotiations have
been completed and tine incorporation papers
drawn up and signed The new stock will not
be issued for time. but it is expected tna'
certificates representing it Will appear on the
curb tomorrow. Last night Mr. MacGinniss
made the following statement as TO the basis
on which his negotiations have been brought
to successful issue:
The papers have gone to Trenton n j. ana .,tns me
new CORPORATION will be known as the tinted
Copper Company of Montana 0oo 80, .,-,..,,, -,
total capital Will 5e s9oeS sod SIS go
som mon stock ps OF The latter. ss0ooOo win Be
acquire new properties on Monday certificates M , for
the new common stock when issued VIII De dealt 5
in for the first tinle on the curb The preferred
This holding company will have in It's treasury s5
per of the capital stock OF the foho"ins
The Montana Ore Purchasing Company; capital
The S5gpsr consolldassd ted. Copper sg Company eap
The Minnie Healey Copper Mining Company; cap
Tne Corra-Rock Island Copper Mining Company
capital 100000 shares. par value ~ ..-,,a,
The e. Belmont Copper pei Mining Company capital
In addition to the % per cent of stock OK these
companieS. the holdings company Will have as as
sets ali of the N0oo00 of first mortgage bonds OF
l-iH(s first bonds
pany. Aside from these mortgages the parent anu
holdings company will therefore have no bond
There are already in the treasures of the sub
sidiary companies earnings sufficient 70 pay the .
that ali surplus earnings from this date be ap
piled to dividends on the common stock ,
Great savings IN interest and other nXsd charges &
WIN WIZ ot - M bsnaff Of t5e common stock and viii
copper. Indeed. these SAVINGS will go ! long way
leaving the profits on our copper sales for the
The Subsidiary companies Of the United Copper
Company Of Montana have thus far this year & pro
month, at the rate OF forty-tWo million pounds
of copper year ,, s.
copper per anntm Is capitalized at sod000o0 OF the
annual production OF It's SUBSIDIARY t5 30. ii1
pounds. which is capitalized at sl55o00.oO, ~
be taken as exists il. the ease the Amalgamated.
it is figured that the stock OF the United copper
This oI!aparson however only takes into account
Capitalization and output and makes no note or the
fact = generally conceded in Montana. that the
limited Copper Company of Montana produces cop
per more cheaply than the ATual@a mated does. We
believe that produce II cents a pound cheaper
The extensive copper litigation that has been and
* hair waged in Montana. together with the con
sequert political expenses arising therefrom II Is
ed has added two cents q pouild 10 tne
cost of production each and every pound Of the
copper output of the Butte camp. The annual out,
mt of the Butte camp is 20CO0.0G pounds. and
Could this unnecessary legal expense be eliminated
an annual saving of 81 10000 would he effected
,Tbs production of the Montana Ore Purchasing
t-nmpany alone last year was 30Oooe0o pounds. and
;+s earnings on actual operations were Sl5stWs
In the three years that have elapsed since the
Amalgamated Copper Company was lncor poratsu-
~ Montana Ore Purchasing Company has de
clared in dividends s.. .522 900 These hgurss have
haan verihed by Deloitte Devene Grtf1ths Puo-
lie chartered accountants. of London ana New
York. .ba Y-ri.s5
Conner Company of Montana in two Gays were
soIba the amount stock offered. and this under-
Itin - 5istrihuted in France Switzerland Ger
nany W holland England and the United States