The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-03-19
NEW COMPANY Of
CONFLICTING IN NTERESTS
Good Reasons Why 0rganiza-
tiOn at Butte Refuses Public
Share Allotment.

The Butte Coalition Copper company is
really a capitalization OF tho conflicting
mining interests in the Butte camp, tho
properties included In tho company's hold
lngs Except the Alice mine) being those
claims over which tho IIeinZo interests
and the Amalsamatcd company have spent
millions TO obtain control.
An agreement was reached regarding
the true value of these claims, the min
ernl production was estimated. and these
figures formed the basis OF a stock Issue
tc each OF the claimants when the com
pony was organized. AS n matter OF fact,
almost the entire stock issue was repre-
scented In these claims, and there was no
room Cor public allotment Of shares, as
there were no shares to allot.
Most Valuable in Camp,
That some OF the most valuable mining
property in the Butte camp is Included In
the Coalition company's holdings cannot
be doubted, as the rival Butte interests
Fought for many years for the title TO
these possessions and spent millions OF
dollars in an effort To bolster up contest
ed claims The statement that the pres
cnC production OF the properties embraced
In tho deal is now paying at the rnte OF 81
a share dividends is easily understood in
the face Of this state OF facts,
Credit Due to Ryan.
The credit for bringing about the cessa-
tion of hostilitics and tho final ratification
OF peace pact between tho HcinZa and
NmalGamated interests Justly belongs 10
John +. Ryan, formerly of Hancock In
the Michigan copper country, where he
was born and raised, managing director
for the AmalSamated company. Mr.. Cole
himself Is authority IoT this statement.
When the North Butte company was
ilooted a year ago. it at once became
factor in the Butte camp, and being re-
lated to neither the HeinZc nor AmalGa-
mated interests. proved to be the leavcn-
Ing element to stand between the warrins
factions, Subsequent negotiations were
carried on through North Butte officials,
but the plan Of ending the war originated
with Mr.. Ryan, and at his suggestion Mr.
Cole was induced to use his offices in
bringing the matter about
Coles Sincerity Well Known.
Neither side doubted Mr.. Coles snceri-
ty OF purpose, and both had faith in his
honesty. Coming INTO Butte at the time
he did, and under an absolutely independ-
ent environment. IT was natural that both
sides had confidence in the Duluth man,
It is asserted that had almost any other
man than John +. Ryan been at the head
of the Amalgamated company, 1T Is probo-
bic that the Montana copper war would
not have come 10 an end In 1906. for al
though Ryan is an aggressive fighter. no
Is withal a diplomatic and shrewd bus-
ness man, and needless litigation did not
at any time coincide with his ideas of
what constitutes business That Thomas
F Cole, president OF the oliver Iron Min
ing company. the mining end of tho
United States Steel corporation, was an
important factor in settling the dispute
between tho rival companies. no person
acquainted with the situation doubts and
without him perhaps IL could not have
been accomplished at this time.
No Public Allotment of Stock
Mr. Coles connection with the Butte
Coalition company a StockhOldcr can
not be IN the same ratio with the Amalga-
mated. Hcinze or Guggcnhcim interests,
rs he and Ryan had only the Alice prop
crty TO put into the deal and this repre-
sontS only small part of the CapitalZa-
tion. When he announced that there
would be no public allotment OF the stock,
II was taken as fact that ne meant just
what he said, for he undoubtedly had no
stock 90 allot over and above q small pro-
prietary interest which he retained FOR
himself. Thomas + Cole has made mil
lions of dollars for the public within tho
past six years, and unlike any other Gnan-
cier he has reserved few profits for him
self. II there had been anything within
his gift in the Coalition company, the
public would no doubt have shared IT.
What Peace Really Means.
The settlement of the Montana litiga-
tion marks a new era IN the copper indus
try. With it has come an agreement
among the largest producing companies
locking TO adjustment of production In
order to bring about a Notwithstanding
me tai market. II ls entirely probable that
the last has been seen OF innocent cop
per- and also the reverse condition. with
the market soaring beyond reasonable
height. and that the future Will bring
about an adjustment that viii place cop
per production out Of the range of specu-
lation. Producing mines with grade
ore can make dividends on n flftecn-cent
copper basis. where they cannot pay run
nlng expenses on innocent market. so
that u stable selling price for the metal
really means as much TO the small mine
as TO the heavy producer The settle
nent of the Montana troubles will bo
from now than 1t IS at the present time,