The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-25
MONTANA
MINE MERGER
HAS OPPOSITION
SHAREHOLDERS OF THE BISBEE
GROUP ON THE QUI WYE.
Duluth and Pittsburg Interests Would
Welcome It, While Houghton County
Men Are Largely Opposed-Why
Calumet & Arizona Owners Will
Fight the Proposition.

AOASoAoAOAA.
Special to The Journal.
Houghton, Mich, Feb. 25.-The shareholders
Of the Calumet & Arizona group Of mines in
Arizona are agitated by consolidation talk. There
biity Of consolidating the five companies in
this group, and the discussion promises to prove
acrimonious Talk Of consolidation has been
heard, in a tentative manner, for several months
past, and 1t finally has been decided by certain
interests to effect amalgamation of the differ
emit properties II possible. This decision is met
with emphatic protest by an important seetion
terests, which are mainly identified with the
United States Steel corporation, are strongly
DESTROYS Of effecting consolidation, while the
Houghton county interests are strongly, tho not
unanimously, against a merger, at least Tor the
present.
The chief arguments used for the CONSOLE
dation are that the companies have NANNY tns
same shareholders; that a consolidation woulo
make one company ranking among the greatest
in the world. and that merger would insure
| the investments Of every shareholder Id every
company. o ro
that II would be manifestly unfair to join TO-
gether five different companies IN az many I'LL
ferent stages OF development, some WIN or. ore
and some without. The basis upon when tne
| merger is suggested is that Of values as SHOWN
| nv market prices which is satisfactory to some
and highly unsatisfactory to shareholders tnat
| have put their money NANNY Ill 'ne p-0p
most advanced.
One Fat Treasury.
| Tn addition 10 the arguments already al
| vanced publicly, it might be well now to reher
| "a another matter, which must get into me
newspapers shortly in any case Wnlen ID ,,o ,ne
has a treasury reserve Of upwards of ST. oooooo
perhaps 81. 800, 900 would be nearer tne teu'n ~
| in addition to paying quarterly olv1oenos at the
rate Of $1,000 900 yearly. inc otnes pup anv
|
| moro cash than is necessary. The Lake superior
| e. Pittsburg was financed at the last annual :
meeting, and probably has talr amount I,,. o1
| cash remaining in the treasury, put IN al Ike
| lihood will need a little more money before pro
| duction is begun. and in any case certainly
| lacks funds to build a smelter OF Its own The
mine is nearly ready to begin proouc,lon; nasii ~
! DEPEND upon the smelter Of the Calumet O Arb
IONA, or that of the Copper Queen at Douglas
for the reduction Of its ores.
| The Pittsburg g. Duluth also has great
quantity of high grade ore developed and should
be in shape to begin production to advantage
the present year If smelling facilities can be
furnished, but probably will be able 70 use a
in shape to earn profits thru making copper.
Calumet & Pittsburg was changed from de-
ve1opnent company to fnlly 1
had been found. but the action was made neces'
sary by the fact that the property gave every
indication Of proving valuable, and the owners
insisted that the bond be taken mp at maturity.
The management had the option OF surrenderine
a property apparently worth millions or raising
a million by changing over to mining com.
PAW which was done and which action cannot
the true situation. unfortunately for the Cain
met & P1ttsburg, it is so located that ITS pumps
must drain the entire Bisbee camp, which IS
hard and costly task. Confidence IN tne 9tllnas ma.
velue of the property has been retained unln
haired by the best judges OF mineral values ~
the Bisbee district, but development mas oee'
Hampered by Water.
The Junction is still q development compS
being the only property Of the group rem rem hd
| T., IN chrysaiis stage. The Junction Sill no!a
| its property under bond, ana mas eApenu u
much less money than the other companies; W y.
nh-aos+ sof tho Calumet & Pittsburg in sinking
Nth a rather delicate question raiseo as !: !:
who must do the pumping. In eltn ,z cas sb.s
viii take money, and lots OF IL, 20 Ae sre HIN
n +,n nronerties unwat tered while mines are oeAii
4 opened. ~ +o,s,rv r. ra+ an,
\ the other treasures are lean. snarenoiu ;1 4,
B the Calumet & Arizona who are not heav,y - -
t .ne IN the other companies feel much a
. the thanksgiving turkey would Zee at s,g re
= ~ +he November axe, were ne gl1teu VIZ p
:. so,onca while shareholders OF HoLe vs
s sno.,a turn of mind, who have traded Calume
E. Arizona into the newer stocks ieel LUZ ~
| the owner of the axe feels when ne WE'VE 49,
Juicy bird destined to furnish ior'n 'ne A
oo Tha whole matter will be thrashed our oy Ia
shareholders and is likely TO TURKISH ,oa I
heated arguments before the annual Ia tha ont
l which Is but few weeks oi9'"''' ~
/ | come cannot be predicted. .ors an
Whersss For S %a4S 6 5fe1s SSze BEEN
shaa+ and other grain and have Deen ~ 100 no1
for tba dirt and small seed and small gram col
tanned therein. and J., .,,,nod n NinneapolI
whereas emth ' and s these seed screenings al
snd " nu men who use them for the purpose ..
6 6fSsnf sur ssssR and and fr'unu en- a..
D Whcreas There steady market d9r b az
sefse4 9dr fhd from Of feeding
- sheep and at prices runnlns 1ro" 90 ~ TN'
ton b are The farmers and grain growers &
N North Dakota have never receives one n ei Il
these screenings bTt IN t ths 1 IN Mpneapo
anS believed that the tSege scree
s M they are for the grain itself; now, ther
f Rs OF by the house Of representatives
senate and house of representatives OF Minnes1'
fsrma s Sc T Fs&sFS lis
II return for and to pay for these wnea d T. r
ID other grain screenings the same as they 10 Il
N 'hs r tfJ Dicknsons BILL requiring grain buyer
elevator companies and mills to pay 1or u
| dockaae or screenings in the grain, mas passe
So tbe house and is expected to receive Aa'ofao
tn consideration in the senate.
VAUDEVILLE, MNN.-Eyangelist B.
c,, ond PROFESSOR R. R. Mohn of Iowa a.
S SdaIh series Of union meetings The Meth
United Brethren Re sRa the @
tons enur sndsa the church could not
Sata the crowds and the large auditorium Wi
Id seating capacity Of 100, was secured; IN
n d eo",H i. ho;ny fl1ed nearly every night.
ed'| large AAAi "
SO vERM1111oN, s. D-Rev ". l.: Dibble IN n
resigned the pastorae r q Fort the Atknson Wis
e ehonf Apr to take charge Of Congregation
| church there. ~,