Bisbee daily review., 1904-02-23
Prof. Douglas
 TALKS ABOUT
 Old Dominion THE HEAD OF PHELPS-DODGE co. SPEAKS FREELY ABOUT
 ITS AFFAIRS. Untn Injunction Is Dissolved the Two Properties Will Be Operated Sepa. rately-Prof. Douglas. Takes a Hopeful View of the Situation.

Professor James Douglas. president. and A C. James, director of the
 Phelps-Dodge companies, arrived from Bisbee in a special train last Friday morning, on business connected with the affairs of the company here, says 1 the Globe Silver Belt. Mir. James
 time being limited, he took his depart
 ure Saturday evening, Professor Doug ! las remaining until Monday evening. In an interview accorded the edi- | tor cf the Silver Belt, Professor Doug l las stated that he had no information in regard to the New Jersey suit fur
 ther than was published in these col
 umns last week. The case will come
 up again for hearing tomorrow. The grounds of the suit, Professor i Douglas ayers, are baseless and even frivolous. The allegation that the Old Dominion is bankrupt and that a
 receiver should be appointed cannot be maintained. Boston bankers, as well as others, stand ready to finance the Old Dominion. Also the asser. tion that one of the objects of the merger is to increase the business and revenues of the Fl Paso & Southwest ern railroad is absurd, as the Fl Paso
 & Southwestern has made "a teof 3-4 of cent mile per ton on ores and supplies for the Old Dominion, which cannot be considered a money getter for the railroad.
 Of the total of 150,000 of Old Do- minion shares outstanding. 0,00O shares were deposited with the Shaw nut national bank, with the assent of the holders given to the merger and
 the formation of a new holding com pany unter the Maine laws, and these shares were exchanged for certificates ! which give the holders a collateral interest in the United Globe mines,
 and participation in any profits the latter company may make.
 Of the 30,000 shares withheld, prob ably not much more than 1000 shares
 represent lacrive opposition F. the ] merger, and the holders of the remain ] ing 29, 900 shares have refrained from I OA consolidation only because of the fti gation that has arisen, they not wish
 ing to be parties to it in anyway. 1 Professor Douglas Is very hopeful that all opposition will soon be over
 come. MT. Fitzgerald, himself, having stated that the pending suit would be his last attempt to prevent the con- | solidation.
 For the present, and until the mer
 ger is an accomplished fact, the Old
 Dominion and United Globe proper ties will be operated separately, Dr i Ricketts being superintendent of the . former. and N. s. Berray to remain as 1 superintendent of the latter. Thii
 arrangement will continue until the ! injunction granted by the New Jer- sey court has been dissolved, and un | til all legal Instructions to the consol ! idation of the two companies have
 been removed Of course, it means
 greater operating costs and that i'm provements to facilitate the develop
 ment and operation of both proper ties will have to be abandoned, for ! the present, at least.
 Nevertheless. the relations of the ! two companies will be increased in a
 measure reciprocal, as sulphide ores from Bisbee will be continued to be i shipped here for the use and benefit of the Old Dominion in its smelting oper
 ations, and it is not unlikely that high | grade ores to the amount of 100000 pounds per day will be sent to the Old
 Dominion smelter from the United l Globe mines. the latter company is
 now making daily shipments of 100,-
 600 pounds low-grade silicious ores to
 the Copper Queen for converter lin ing and for Aux.
 The impression that we gained from | Professor Douglas talk was that he | felt assured that the taingle in the af | fairs of the Old Dominion Copper Min | ing & Smelling company would soon be strengthened out and that Globe
 would enjoy great prosperity.
 | The Copper Queen, he said, was ex
 banding its work and opening new
 ore bodies, as were also several of the
 new companies at Bisbee, and the flu | ture of the Warren district looked very bright.
 The Douglas reduction works will
 be completed earlier than recent re
 ports from there indicated, Professor
 Douglas stating that they hoped to
 blow in their first furnace by the mid de of March.
 | At Morenci, the Detroit Copper
 ccmpany's business Is growing, and ir
 fact there is great activity and ex
 pansion in mining throughout the C1ifton-Morenci district