Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1906-02-16
AMONG THE MINERS |
LATEST NEWS FROM THE TIMING CAMPS OF
FERGUS COUNTY AND ELSEWHERE. - =

industrial corporation which will in
size rival the billion and a half dol
lar United States Steel corporation
will result from the deal now pend
ing. Negotiations which have al
ready succeeded assure the formation
of corporation with minimum CAPT
talization of $60OOOO,OOO in stock of
one class. to be underwritten at par.
The corporation will absolutely con-
troll the output of lead and copper
ores, the smelling of ores and the
selling of the refined products.
The Guggenheim interests, controll-
ing the management of the American
Smelling and Refining company, are
directing negotiations, and have allied
with them the Standard Oil interest.
which affords them the faculty of the
National City bank and other finan-
cial institutions.
The settlement of the Montana liti-
cation between the Heinze and Anal
gamated Copper interests, officially
admitted by the latter today. was the
first step in the promotion of the
merger. This settlement though just
admitted, was reached good while
ago.
First it is proposed to gather the
various copper properties together in
al least three separate groups-the
Montana group, the Utah group and
the Arizona group.
The Guggenheims will head this
great metal combination, but it is
understood that F. A. Heinze will be
chief OF the copper department
At the same time the American
Sn1n1finU
the various lead-producing properties
Which it now controls will form an
other section of the big combine. The
properties going into these various
sections or groups may be turned in
to holding companies representing
such sections or groups.
Finally, when the desired properties
have been acquired, the stocks of the
various grouping companies will be
turned over in exchange for the stock
OF the giant corporation above re-
ferred to.
Properties bought will be taken ov-
er in exchange for the shares of the
big company at various prices on a
fixed basis of measurement of value
established by the Guggenheims. In
case of the formation of the grouping
sub-companies referred to, the basis
will be the same as if the properties
were going into the big corporation
as finally intended so that the final
transaction of changing the shares
OF the big company for those of the
grouping companies will be simple
matter conducted on a share for share
basis
The following concerns. it is under
stood are certain to enter the big Or
ganization at the terms mentioned:
Amalgamated Copper at $3.50, Ana
conda at 500 per $25 share, United
Copper at 500, Bingham Copper at
SIS per $50 share, Utah Copper at
$50 per $40 share, American Smelling.
common, at 5000, the preferred at
$3.50. Federal Mining and Smelling
at 5000. the preferred at $125, Nation
al Lead, common, at 500, United
Lead at terms not known.
The properties above named are al
ready secured, and the terms men,
, toned insure a capitalization of more
than $60O,O00,OO0. Aside from these
properties the combine will include
numerous great copper producing
mines in Montana, Utah and Arizona.
MissOula. Feb. ia resident OF
Pbilipsburg who is in the city states
, that the final cleanup of the old
Hope mill was in progress during the
week and that upon the completion
of the cleanup the famous old quartz
crTsher would go out of commission.
, probably for all time. The cause as
signed is that the ores of Hope Hill
have become so refractory with depth
that they cannot be treated at pro-
fit by the free milling process. In re-
cent years the Hope ore has carried
large values in copper, which could
not be saved at the mill. and made it
difficult to secure the silver contents
of the ore. is understood that op-
eratiOns at the mine will be continued.
but the ore will be shipped to the
! Washoe smelter, several test ship
ments having already been made to
the various smelters.
The news of the suspension of the
old mill as an active producer of
wealth, after period of almost 40
years continuous operation, will be
received with genuine regret by the
Old-timers who at one time called
Fhilipsburg their home. For more
than 25 years the old mill pounded
out more than 100000 a year net
profits for its st. Louis owners. That
was prior to 1898. When silver fell
from it's pedestal and during the sue
ceeding years of the slump, the old
reliable Hope continued operations
while all the other silver properties
of the state were forced to suspend
For years it was the mainstay of the
town of Philipsburg and pioneers used
to say that the old Hope was of more
practical benefit to the town than
the big mines at Granite
The Hope mill was built in 1867
and was one of the most perfect and