The copper era., 1908-12-24
Particulars of the Big PheIpS-DOdee
 Mercer.


 Phelps, Dodge Go Co.,, Incorporated, the new corporation which is to be organized for the purpose of taking over the Copper Queen Consolidated Mining company, the Moctezuma Copper company, the Detroit Copper Mining company of Arizona and the Stag Canyon Fuel company, exten- sive mention of which has been made in the press during the last ten days, will have its stock listed on the New York or Boston stock exchange, thus establishing a marketable value for the properties. In view of the past methods of the Phelps-Dodge con cerns, the stock of which has been very closely held, this feature of the merger will be one of the most in- teresting to the general public, though the actual facts regarding the consolidation made public in circular letter sent to the stockhold- CTS of the four companies will cause widespread interest throughout the mining world and commercial and mining world and commercial and mining circles of the southwest. Ac- cordiDg to the letter issued by the directors of the companies who repre- sent a vast majority of the stock in the companies, the action is taken because of the rapid growth and greatly increased value of the differ ent properties, as well as the in creased number of stockholders, caused principally by scattering of the stock due to the death of large stockholders during the past few years. The new corporation is to be organized under the laws of the state of New York and will be capitalized at $50, ,OOO in shares of S1OO.
 The capital stock of the new com pany is to be used for the purpose of purchasing the four companies men tioned in the foregoing and the price at which they will be taken over will give an idea of the enormous value of the properties, though it can easily be seen from the figures that water will not be factor in the merger.
 For the purchase ot the Copper Queen company, shareholders will re- ceive Sl35 in Phelps-Dodge stock for every S1O share of Copper Queen, making the purchase price of the big Bisbee company S27 ,O0O,O For every Sl00 share in the Moctezuma Copper company S307 9-13 in new stock will be given or a total of SS,- GOO, 1000. For each S25 share in the Detroit company $50 will be given or S6, 100000. For SIOO shares of Stag Canon Fuel company $500 in new stock will be given or 5000, ,OOO for the property, making total of S45,- 100000 for the four properties. The remaining S5,OOO,OOO shares of stock will be held for future use. Any stock not subscribed for before Janu- ary 1, 1909, will remain in the treas ury.
 In addition to the four companies merged, the firm of Phelps, Dodge Go. will transfer it's metal selling business and good will to the corpora tion without charge and go into liqui- dation and the new company will sell the copper.
 There will be-nine directors in the new corporation and they will con- prise the new members of the old firm and the directors of the four companies consolidated, the direc- torates of all of them containing with a few exceptions the same names. The following will comprise the board of directors of Phelps, Dodge & Co.,, Inc: James Doug las, Cleveland H. Dodge, Arthur Curtis James, James Mclean, George B. Agnew, E. Hayward Perry, Francis liam Church Osborn. According to the circular letter, Messrs. James, Dodge, Mclean and Douglas and their families hold a large majority of stock of each of the old com panies.
 That there is no occasion for tte presence of that favorite element of promoters known as water in the new corporation is shown by the state ment in the letter to the stockhold- CTS to the effect that there will be no expense attached to the completion of the merger other than the usual outlay for incorporating and listing and there will be no commissions, compensation, profits or rights ac- cruing to the incorporators of the company except as they may profit by the transfer of their holdings.
 A statement by Comptroller w. F.. Crane, which is appended to the let ter, forms an interesting part of the prospectus as in it figures regarding the profits of the company are given. To the general public, especially in the southwest, the profits of the Phelps, Dodge concern, while known to be very large, have only been the subject of vague guesses, nothing definite ever having been made pub lie.
 During the last five years the Cop