The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1903-10-30
AFFAIRS IN MONTANA.
a Review Leading to Present condi-
tions

controlled by three interests-the
Amalgamated Copper company (Which
includes the old Marcus DAILY hold
ings), the Montana Ore Purchasing
company, controlled by f. Augustus
Heinze, and Senator w. A. Clark. Sen
ator Clark is friendly with the Anal
gamated Copper company, but is not
heavily interested in that corporation.
Heinze and the Amalgamated COM
pany have been for several years in
bitter litigation, and have also fought
each other politically.
The Amalgamated Copper company
was formed under the laws of New
Jersey April 81, 1899. In a statement
made to the New York stock exchange
in June 1901, the company stated that
it owned the following stocks: All OF
the Washoe Copper Mining company
of Butte, Colorado Smelling & Refining
company of Butte, Colorado Smelling
& Refining company of Butte; Dia-
mond Coal & Coke company of Dia-
mondville, Wyo., Big Blackfoot Milling
company of Bonner, Mont, and ma
jority of the stock of the Anaconda
Copper Mining company, the Parrot
Silver company, the Hennessy Mer-
camille company, the Boston e. Mon
tana Consolidated Copper e Silver
Mining company and the Butte & Bos-
ton Consolidated Mining company, all
of Butte Mont The original $75,000,-
900 stock of this company was offered
for public subscription at par, closing
May 4, 1899. 1t is stated that the total
applications amounted to nearly $412,-
100000. The capital was increased to
$155,000,000 in June. 1901, to acquire
the Butte & Boston and the Boston
& Montana properties. The president
is H. II. Rodgers, who is represented
in Montana by William Scallon of
Butte. The directors include II. II.
Rodgers, William Rockefeller and Will
liam G. Rockefeller OF the Standard
Oil company; Robert Bacon of ]. Pier
pont Morgan company, James Stillman,
f. f. Olcott, A. G. Burrage and A. r.
Flower.
About the time of the forming of
this corporation John MacGinniss, an
associate of Heinze. bought 100 shares
of stock in the Boston & Montana.
He brought suit to prevent the sale
to the Amalgamated company of the
b.. & M. Properties. Judge William
Clancy of the district court at Butte,
on Heinze's application, appointed a
receiver for the b. & NJ, and, while
the receivership was subsequently dis
cnlxynA
PEELED to order a return of the prop
erty to the Boston & Montana COM
pany, Judge Clancy taxed, as costs,
and ordered judgment against the Bos-
ton & Montana company on account of
the receivership expenses amounting
to $2S1,O0O. allowing 100000 of the
amount to Tom Kinds, as receiver;
$4,000 to the attorneys, Mediation &
Cotter, and the remainder to other per-
sons employed by Kinds.
About two years ago MacGinniss
brought the present actions against
the Boston & Montana company, bas-
ing his right to maintain the same on
his ownership of the same 100 shares
of stock. lie procured from the dis
trict court a restraining order at that
time which was as broad as the in
junction granted few days ago. For
more than two years the Boston g.
Montana company has been endeavor-
ing to procure a hearing of MacGin-
Mss motion for the appointment of a
receiver and injunction and to obtain
a dissolution of restraining order.
The suit alleges that the Amalga-
mated company proposes to form a
trust to control the price of copper
and would inJure the rights of B. & M.
stockholders. The injunction has pre-
vented the Amalgamated company vot-
ing its SO per cent stock or paying out
the 100000 diNuends ~ has earned
since it took over the property.
In the decision just handed down
Judge Clancy holds that the Amalga
mated company is prohibited from
holding any stock in the B. & NJ. com
pany under a Montana law preventing
the acquiring by one corporation OF
stock of another. Attorneys for the
Amalgamated company say that as il
will take six or eight months to get
the case into the supreme court, in the
meantime the only thing to be done is
to suspend all work on all Amalga
mated properties. They add:
"Other companies in which the
Amalgamated Copper company is &
majority shareholder, such as the
Butte & Boston, the Washoe, the Colo
RADIO, the Anaconda and the Parrot