The copper era., 1903-12-24
ANOTHER MERGER.

The ERA is in receipt of telegraphic ! information from C. 4. Ross, president [
 of the Standard Copper mines, who is
 now in Boston, to the effect that the Standard Consolidated company has 1 been formed for the purpose of merg- l ing the Standard Copper mines, the
 San Jose group of mines and those
 of the Coronado Copper company. The i new company has 4 capital of SI 800 000
 with shares at $l0 each, 10000 of l which have been issued to take over control Of thc Coronado Co.,, the Stan dard Copper mines and the San Jose 1 group; the balance being held for
 working capital, the purchase of other property and for exchange to the
 minority shareholders of the Standard and Coronado companies. The Stan 1 dard shares, which have a par value of Sl will be taken oyer at S2 each, and the Coronado shares, with par value ! Of sl0 will be taken at Sl each. Mr
 Ross has been elected president of the Standard Consolidated company and
 also president of the Coronado Copper
 company. w. E. Thompson has been
 released from all connection with either the Coronado company or the
 San Jose group of mines. The Stan dard and Coronado companies will be
 continued until all of the stock of each company has been exchanged for Stan dard Consolidated shares, it being optional with holders aS tO exchanging. This merger does away with the iitiga- tiOn pending between the Stan iard Copper mines and w. B. Thompson
 and Ipolitto Cascarelli over ground
 claimed by both parties, and 1t will also allow the working of the SIn Jose
 mine from the underground workings
 of the Standard. which are now near
 ing the San Jose line. and from which
 the best uf the Standard ore i, nov be- ing taken. By this arrin cement the
 San Jose mine. on. uf the most promis-
 ing in the district, can be opened at
 depth without additional hOiSting
 plants or other improve nentS. ani will no doubt soon b. pruduril. large
 amount of rich ore, Il, it k known that
 the Standard vein runs through the san Jose clHiIn. This urw arrange ment puts d large amount of working
 capital into the treasury for develop meut purposes. which will enable the company to t;t once put in machines and such other equipment ;is is neces- sarv. The stock of the company will be pIAc ,i on the B )stnn exchange, and with the we'll. known reputation of the
 Standard it ought to b. active at or above par. and after a few dividends have been paid it will climb much higher. The Coronado company con trol about thirty claims, which are situated near Metcalf, and upon which the comptry have done a large amount of development work during the past year. The mines are well equipped for working and have produced some ore averaging 20 per cent. It is said that large bodies of low grade orc I. .4 l. All nf the claims have been surveyed | for patent, hence a perfect title to all | the property will soon be acquired The Standard Consolidated enters the 1 field under most favorable circum- stances It takes over what are un- QuestiOnably the richest mines in this territory, with sufficient development to guarantee semi-anuual dividends. | and at the same time it has vast ter ritory to develop, and with ample means on hand for the purpose. In all the Standard Consolidated company will now have between forty-five and fifty claims. to which others will be added from time to time. The election of Mr. Ross as president of the Stan dard Consolidated is of itself guaran tee that there will be no material change in the management of the old Standard company, which has general ly been cnmplimented for its efficient and economical management. From the limited information the ERA now has in regard to this merger, it cannot look on it in any other than a favorable light. The company is strengthened by new blood and money. its territory is increased four fold and it will now have a cash market for its shares at price which the output Of the mines will justify. The ERA will be able to give further particulars of the merger next week.