Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-07-12
A BIG DEAL
WILL MERGE
TWO COMPANIES
ComanChe and Copper Gulf
: Holding to Be Combined and
One Company Organized to
Operate Them.


a deal put through this week, an
noHncement of which was made yes
terday, will merge the Conanche Min
ing & Smelling Company and the
Copper Gulf Mining company. A
new company is to be organized with
a capital stock of 100000 or 3d.
100000 less than the present capital
izatiops Of the Comanche company,
and am increase of Sl,500,000 over
the capitalization of the Copper Gulf
company.
Messrs. II. B. Hovland and Hoval A.
Smith and their Duluth associates in
the Copper Gulf Mining company have
entered into a deal with the Co
manche whereby a merger of the two
properties will be effected.
The capital stocks is to be divided
into 200, 900 shares of the par value
of $40 each, fifty thousan shares 10
go into the treasury of the Copper
Gulf company, fifty thousand shares
to the Comanche company and fifty
thousand issued on a 81 call. The re
manning $4,000 shares will remain IN
issued. BY the terms of the deal the
debts of the Conanche are to be paid
in full by the present Conancne com
pany.
The recognized company will prob
ably take the name of the Copper Gulf
company.
The Comanche company has CAPT
talization of 100000 and the CON
troll has been held at Milwaukee, Wis,
where the principal officers reside,
The deal followed the visit of Z. a.
Wayne the trustee in receivership OF
the company to Duluth and Milwaukee
for the purpose of effecting reT-
ganization of the company.
1t will probably be some months be-
fore the new company can begin OPP
erations at any of its plants owing 70
the fact that the entire equipment
will be overhauled and important
changes made.
The company's assets include
large number of copper and gold
mines a 4O0-ton concentration located
at Silver City, n. NJ. and a 500 ton
smeiter at the same place and mar
row guage railroad thirteen miles IN
length from Silver City to Pinos Al
tos. It is estimated that at least
$1,000. 600 has been expended for sur
face equipment by the company dur
ing the last four years.
The holdings of the Comanche COM
pany comprise a total Of 23O0 acres,
including in addition to the groups
enumerated in fhe foregoing, 1000
acres in the Chloride Flats country d
few miles from Silver City. There
are two deep shafts on this property,
from which an excellent fux is OBJ
tanned for smelling operations. There
are four shafts down in the Burro
Mountain group, the Boone. Oquawka
Klondyke and Comanche, all OF which
contain over $1,000 feet of levels,
crosscuts and tunnels. Vita the trans
portation promised in the near future
by a spur of the Santa Fe road, it is
estimated that 500 tons of ore can De
shipped daley from these four shafts
alone.
The Copper Gulf company has nov
approximately 100 acres of mineral
land in the Burro mountains and viii
the acquisition of the Comanche, II
will have about 1000 acres.
The June production of the Copper
Oueen amounted 10 100000 pounds
he largest months production this
wear. The May output amounted &c
: 600 600 pounds. and previous months
this year 5000, 600 pounds per month
During the past week or ten day
coUper shares have shown pronounc
ed strength and while the volume Of
trading has not been large, there has
been sufficient activity to warrant In
vestigarion into the causes, if any
back of the advance.
The advance in Greene-Cananea IS
believed to have its inspiration II
CHARTERS close to Thomas F. Core
Cole and John d. Ryan IT is said are
the two largest individual sharehold
ers in the Greene-Cananea Co, ant
soar their stock averages them wei
above SIG per share. An order 10 re
sune operations at the property
where 2 vast expenditure above ant
below ground will permit OF greal
~ savings in operating expenses, wen
into effect yesterday. a l9cent pei
mound cost would seem to be ths
limit. however. of present expecta
tons.
From the standpoint Of the copper
metal there is nothing to warrant tn'
small degree OF buoyancy witnessed
in the copper shares generally. II
anvthing the metal is FRACTIONAL!
weaker and lake is quoted in somt
quarters at u 81 cents per pound
VII. the consumption by American
yuE5nfacturers about 80 per cent 0
normal. Copper Is unquestionabl!
accommodating. although the eontin
nance Of a very large export move
nent is operating 70 reduce some
what the supplies in this country
The copper mines in general an
opeTstfng today at lower cost pc
unit of output than for many years
Unnecessary extravagances which us
uaIly follow in the wake OF hsi
priced copper have been cut on EN-
ployes Save been reduced in numDel
and the wages of those remainins
nave been lowered, coincident VIII
which there has been a very hotice
able Improvement in the efficlehcy Pe
man. all Of which contribute TO VsI.
great Improvement in the opefatlils
account over conditions ruling yea
or more ago. Coupled with this situd
ton Is the tendency on the part
the copper mines to extract hlgnel
grade OF ore which is no ineonsides
able factor in assisting TO reduce th'
cost per pound OF copper.
Those qualified 10 speak. both IRON
uaTHHr