The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-02-12
WILL RIVAL THE
GREAT STEEL TRUST
Gigantic Combination of the
Copper, Lead and Smelt-
ing Companies.
UTAH PROPERTIES ARE
INCLUDED In MERGER
Guggenheims to Head the Great
Metal Combine, With
Heinze as Chief.
sneelaI 10 Tic Trlhunc.

Special 10 The Tribune.
NEW YORK Feb 1.-THE important
details Of the copper. lead and smelling
deal which has been developing for
months became known In Wall street Sat
urday II can be authortatiVely stated that
an industrial corporation which will in
size rival the billion and a half-dollar
United States Steel corporation will result
from the deal now pending. Negotiations
which have already succeeded assure the
formation of n corporation with min
imum capitalization or SG11. .O10 600 in stock
OF one class. to be undcrwritten at par.
The corporation Will absolutely control
the output of lead and copper ores. the
smelling of ores and the selling of the
refined products.
Guggenheims Directing Force.
The Guggenhcim interests, controlling
the management of the American Smclt
ing and Refining company. are directing
negotiations, and have allied with them
the Standard OIL interest, which affords
them the facility OF the National City
bank and other financial institutions
First Step in Merger.
Tho settlement OF the Montana lltiga-
ton between the Heinzc and Amalga-
mated Copper interests. officially admitted
by the latter today was the first step in
the promotion of the merger. This settle
ment, though Just admitted, was reached
q good while ago.
Three Separate Groups.
First. II is proposed to gather the va
rious copper properties together in at
least three separate groups-the Montana
ha kyI
group.
Lead Properties One Section.
AT the same time the American Smelt-
Ing and Refining company and the various
lead-producing properties which IT now
controls Will form another section of the
big combine. The properties going into
these various sections or groups may be
turned into holding companies represent
Ing such sections or groups.
Pay in Stock.
Finally, when the desired properties
have been acquired. the stocks of the va
rIous grouping companies Will be turned
over IN exchange for tho stock of the
giant corporation above referred TO.
Measurement Of Value.
Properties bought Will be taken over
in exchange for the shares of the big
company at various prices on a fixed
basis of measurement of value estab-
lishcd by the Guggenhelms In case of
the formation of the grouping sub-com-
panies referred to. the basis Will be the
game as If the properties were going into
the big corporation as finally intended. |
30 that the final transaction OF exchang-
tha cha of hn lIcr for
those OF the grouping companies will be
simple matter conducted on a share for |
share basis
Who Are in Combine.
The following concerns. it is under |
stood arc certain TO enter the big or
ganizatlon at the terms mentioned.
Amaigamated copper at $50, Anaconda |
at $50 per S25 share. United Copper at
SOD. Bingham Copper al S75 per so |
share. Utah Copper at so per $40 share,
American Smelling. common. at 500. the |
preferred at sl50, Federal Mining and |
Smelling at 2G0. the preferred at s125. |
National Lead, common, al 800. United |
Lead at terms not known.
Already Secured
The properties above named are already !
secured and the terms mentioned insure
a capitalization OF more than $500, ,GoD coo.
Aside from these properties the combine
Will include numerous great copper pro-
ducing mines In Montana. Utah and Ar-
Eona.
Heinze Will Be Chief
The Guggenheims Will head this great
metal combination. but IL is understood
that +, y. HcInze Will be chicc OF the
copper department.