New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-14

Thomas W. Lawson. who has taken such an
active (talking) part in the copper litigation of
the last five years not mentioned in the
settlement. Mr. Lawson, ii is said. dazed
last night when told that his name did not occur
i'm the official statement. He recovered suffi-
GENTLY TO say that he would have statement of
his to make before long.
1t was stated officially that Mr.. Coles i'm
portant position with the Steel Corporation did
not indicate that that organization had any hand
in the settlement. This was private venture
OF Mr. Coles. as a man heavily interested in the
copper situation. He has taken the property
over absolutely, and II is said that he does not
even hold il as trustee. The new holding COM
pany has not yet been formed. although, OF
course, 1t is well understood who will be the
officers and directors and where the stock will be
held It is stated officially that the control will
be held by interests in sympathy with the Anal
gamated and North Butte companies. The
Heinzes will also retain an interest in the
company but just what proportion was not
divuged.
The deal was made for cash. Reports had ii
that the consideration for the transfer was
So. 100000. 1t was said at the Amalgamated
offices that this was not the amount in
Yoved, but what were the correct figures would
not be told. From other sources II was learned
however, that the payment would approximate
S25,0O0,O00. This means that F. Augustus
Heinze has made the Standard Oil interests pay
him more than eight times much as they first
offered him for his mines. and yet he retains
some of his most valuable properties. When
the Amalgamated first tried 10 buy off Heinze
he offered 100000 for his mines. Later
this offer was raised to 100000.
Although both sides willing to reach an
agreement and end the war, bitter was the
feeling between them that negotiations could
not be conducted directly, nor were Amalga-
mated interests willing TO do business with the
United Copper Company, the holding company
for the Heinze mines. which formed a
defiance TO H. H. Rogers and to rival the Anal
gamated. The property was bought directly
from the owning and operating companies. and
the United did not enter into the transaction.
Under the Montana law this is possible. The
United continues a going concern with a
heavy cash surplus in its treasury and valuable
mines in the Lexington group. In addition to
this, the Heinzes actively negotiating
for the Bingham Consolidated properties. in
Utah, and are examining the Eagle and Buebell
mines, at Tintic.
The following statement issued last night
| by j. S. Bache & Co., who have been known
the Heinze brokers, and it can be taken as the
official announcement of the Heinzes
We learn from an authoritative source that
Immediately S3bO0OOO underlying bonds the
total issue. and, within a short time TO retire
It's entire Issue of preferred stock, viz, S3OO0
600 We also understand that they hava about
S3OooOOOO of liquid assets and securities in their
treasury They viii continue for the present as
independent mine operators in the Butte dis
trict and in other parts of the State of Mon
tana, and, indirectly, as large security owners
III other copper producing properties. They Will
probably represent the ownership of a larger
copper production than heretofore. We In
formed that the Henzes still own controlling
interest in the United Copper Company and in
tend to continue TO hold it. This is probably the
first step in general clearing up and unifca-
ton of interests in the copper industry of this
country. 1t is a business deal which has been
entered into by all parties because they believe
In the business end OF the proposition. and will
be followed up by harmonious action on the part
OF all interests concerned.
The settlement. it IS officially announced.
means the harmonizing of all the great copper
interests of the district. This would include
not only the Heinzes and Amalgamated, but the
Guggenheims and the Lewisohns. The Guggen-
helms and the American Smelling and Refining
Company have been understood from the first to
be concerned IN the settlement, though frequent
denals have been made from apparently well
informed sources. 1t is said that the Guggen-
helms will not appear Immediately in the new
company, but ultimately both they and the
Lewisohns will be found TO have large place.
1t is probable that the company, which
is 10 be formed ostensibly TO hold the properties
bought from the Heinzes. will in the end be the
company to combine all the great copper inter
ests. In fact, it was said last night, with much
significance, that, though this company would
be for the present content TO take the Heinze
properties out Of litigation, il would not be we'll
to make any predictions for the future.
F. Augustus Heinze came into the copper sit
uation in 1897. when he took up the supposedly
worked out Rarus mine. and announced rich
discoveries of new veins in the lower levels. He
began TO take out ore and acquire new proper
ties, and rapidly became one of the most i'm
portant figures in the Montana mining world.
In April, 1899. the Amalgamated Copper Com
pany was formed. with authorized capital stock
S155OoOO00
Its chief asset is the control Of the Anaconda
Copper Mining Company, but. besides this it
owns wholly in part a long list of other
| mining companies. including the Boston and
Montana, the Butte and Boston. the Parrot the
Washoe the Colorado Smelling and Mining and
| the Diamond Coal and Coke Company. Its ac-
| tivities include, outside of copper mining, coal
mining, timber lands reduction works saw mills.
railways, real estate and buildings. During the
! first three years OF its existence the aggregate
production was 06so00OO0 pounds of copper,
| 100000 ounces Of silver and $4,000 ounces
| Of gold
/ From the date of its organization up to and
| including July. 1901 it paid dividends of IL
| per cent quarterly and extra dividend Of u
| per cent. making an annual dividend Of per
! cent. On October. 1901, II. per only was
! paid; IN January. 1902. ! per cent; from May.
| 1902. to November. 1904. X per cent quarterly.
| In February. 1900, u per cent extra was paid,
| ana IN May. 1893, the rate was made per cent
annually. At the last meeting the rate was
raised 10 per cent year Henry II. Rogers
| s. the president Of the company and F. p. Ad-
dicks vice-president. The directors are II. II
Rogers. William Rockefeller. A r. Flower. Rob
eTt Bacon. James Stillmen and A g. Burrage
The night between Heinze and Amalgamated
| began with the organization of Amalgamated
/ and completely debauchcd the State of Montana
| Heinze was charged with breaking through from
| the Rarus mine into the Anaconda and stealing
| Anaconda ore. There injunction after in
Junction first by one side and then by the other.
Il Mines tied m OF bribery XUera