Perth Amboy evening news., 1906-02-15
OTHER COPPER
DEALS ARE ON.
Wall Street Looks for C%entraIiza.
ton in the Mining Industry
in Montana.


yesterday received the announcement
OF the settlement of the great Mon
ta1a copper warfare with an equa-
nimity that betokened rather conclu-
sively that the deal had been dis
counted for many days. On the well
established theory that when all The
news is out it is time TO sell, practi-
cally all the copper stock declined
Yesterday. There was heavy trading
in Amalgamated Copper at the outset
but profit taking forced a recession of
3H points in the stock at the close.
The last price was 1135s. Transac-
tons in United Copper were also
large, but the market for this stock
was exceedingly feverish. 1t closed
about ) points lower than on Tues
day. at 72%.
Few additional details of the cop
per settlement were announced yes
terday by the parties to the big deal.
F. A. Heinze stated that the United
Copper would continue 10 be a factor
in the Montana situation, but that so
far as the litigated properties were
concerned the deal completed in
Butte on Tuesday effectually put an
end to the interminable litigation and
counter claims.
1t was also announced that Thomas
+. Cole, who arrived in New York
yesterday, would become the head of
the new company, which proposes to
take over the various properties ac-
quired from the Heinzes. This COM
pany is o in process of formation
and will be dominated by the Cole in
t%erests, the Amalgamated Copper CO.
terie of financiers and the North
Butte element and a small portion of
the syndicate underwriting will also
be taken by the Guggenheims. This
latter fact is of especial interest and
is noteworthy because their partici-
patton marks the entrance of the
Guggenheims into the Montana cop
per situation.
1t is a fact that the Guggenheims,
despite their extensive ownership of
mining and smelling enterprises in
various parts of the United States
and Mexico, have not been identified
in even a remove way with the great
copper industry of Montana. They
will, however, when the new COM
pany is formed, be represented in the
directorate of the NV holding COM
pany. The good will of the Heinzes
will also be maintained by the fact
that they will be stockholders to a
considerable extent in the company
which MI. Cole is now forming.
Wall street awoke to the fact that
a new star in the mining horizon has
appears in Thomas F. Cole, with a
follow ing larger than that of Marcus
DAILY, W. A. Clark or other mining
kings of former days. To Mr.. Cole
and his associate and comrade of boy
hood days, John D. Ryan, the manag-
ing director of the Amalgamated Cop
per Company, the mining world is
looking for ven greater deeds than
have been accomplished by the pur-
chase of the Heinze properties. There
were many in Wall street who pre-
dicted yesterday that before Mr.. Cole
completes the work which he has in
view, the entire copper industry of
Montana will be consolidated into one
large property of which he will be-
come the executive head.
His success in the mining world
has been very great already and his
friends state that he has simply be-
gun. They point with pride to the
work completed in the formation of
the bonanza group of Bisbee compan-
les, known as the Arizona, Calumet
and P%ittsburg, Lake Superior and
Pittsburg, Pittsburg and Duluth
Junction, and the Warren Develop
ment Company. In addition his work
in forming the North Butte Copper
Company, of which he is president,
has attracted attention because OF the
signal success attending his efforts
in that company.
Under these circumstances, Wall
street is looking for further develop
ments tending toward a centraliza-
tion of the copper industry in Mon
tana. The purchase of the United
Copper properties is said to be only
the %foreTunner of other acquisitions.