New-York tribune., 1908-12-11
NEW MINING COMPANY
PHELPS-DODGE DISSOLPE.
Big Corporation of Same Name
Takes Ouer Metal Properties.

c;,, fo- nearly p century is about to transfer
*, -,s,.1 selling business and its goodwill TO a
new oorpora ton. Phelps Dodge & Co. Incor-
porated. and go into liquidation ii was an
nounced yesterday. A circular has been issued
TO the stockholders of the Copper Queen Con-
solidated Mining Company. the Montezunaa COP
per COMPANY the Detroit Copper Mining COM
pany Of Arizona and the Stag Canyon Fuel Com
pany a large majority Of the stock OF each OF
which oornpanies is held by Cleveland H. Dodge
arthur Curtiss James and James Mclean. the
partners in Phelps. Dodge & Co. and James
douglas and by the families of these four men.
advising them of the plan for forming the ne"
CORPORATION. under the laws Of this state. Tor
holding the stock and properties Of all OF the
companies named.
This step Is taken It * explained. because Of
the rapid growth and greatly increased value or
the different properties and because Of the IN
creased number of stockholders. the result prin-
cipally Of the death of certain heavy stockhold-
ers within the last few years.
The new corpora1ior the stock of which is to
be listed on the New York or Boston Stock EX-
change is TO be capitalized at s5o.ooo.ooo. the
capital stock 10 be applied as follows: For the
purchase Of the Copper Queen Company. at sl55
fer each SO share. S27.ooo.oo0: Montezuma- at
1907 e-13 for each 800 share ss.o0oo0o: Detroit,
Canyon at $500 for each 500 share. S4.ooo,ooO,
and reserved for future issue. S50ooooc.
The terms Of exchange Of stock 10 the minor
ity holders are the same as to the majority hold
ers. and the only expense viii be the usual one
for Incorporation ard listing. No commissions.
compensation, profits or rights. II is announced.
accrue TO the men signing the proposition or to
env other parties IN interest and the transfer OF
the metal selling business and the goodwill OF
TTrTTT
be without charge.
The circular IS signed by the three partners
constituting the firm Of Phelps, Dodge s. Co.
who are 10 be among the nine directors OF the
corporation. and by the following men. all Of
whom are OF the directorates Of one OF more of
the companies TO be taken over by Phelps. Dodge
& Co. Incorporated James Douglas William
Church Osborn. E Hayward Ferry, William D
Van Week. Cornelius R Agnew. Walter P Bliss
and George hoffman The directors of the cor
poration are to be Nessrs. Douglas, Dodge,
James Mclean Ferry. Notman and Osborn and
State Senator George B. Agnew, who was re-
Gently elected president Of the North Star Mines
Company. q Phelps Dodge property. and Francis
L Hine vice-president Of the First National
Bank
on November last the Investments in the
plants TO be taken over by the corporation, eX-
elusive Of the mines themselves. totalled $28.-
s49739. These mining properties are in the far
southwestern part of the United states and in
Mexico. where the Phelps Dodge interests also
control various railway properties. A large por-
ton Of the companys property is undeyeloped-
There IS as much ore in sight at the copper
mines as at any other time in the past
When Phelps. Dodge & Co began business
this country produced less than one-half Of l per
cent Of its copper consumption To-day the
United States produces fve-sevenths Of the
worlds copper. When Arizona was first worked
for copper by partners uf Phelps Dodge & Co,
Il held by mining engineers that while the
region carried fairly good gold and silver values
II would never be a factor in copper production.
Since then Arizona has shown 4 development
IN copper that has placed her well the front,
and the area Of copper bearing properties worked
Is only fraction Of that which is we'll proved
ground for mining at present rate of output for
generations
In the last five years the Copper Queen Com
psny produced 294595.ss7 pounds Of copper:
for the same period the Noctezuma company
yielded 5365s.751 pounds, and for the same time
the Detroit Copper Mine gave forth s6.247.S89
pounds. The Stag Canon Fuel Company IS con-
ditioned for an annual production OF 10000 tons
Of coal month. The investment in this plant
Is S3226.488 -. exclusive Of the mines. which are
n the Dawson coal fields. New Mexico, and
which were purchased in 1905 TO assure the
metal industries Of ample supplies Of coal and
coke
The number OF employees directly engaged by
the copper and coal mines, ore treating works
and railroads operated by the Phelps-Dodge in
terests IN Mexico and the United States is ten
thousand. Directly and indirectly these copper
mines and railroads and the fuel producing in
ferests under the same management provide the
living for upward OF sixty thousand persons
The length Of the railroads is about one thou
sand miles From July 1. 1907. until June 80,
1908. the Phelps-Dodge railroads carried 4,5S2.-
7o8 tons Of freight the great bulk for account Of
their own and adjacent mines in Arizona and
Mexico. This enormous tonnage Is double the
tonnage cleared for foreign ports at Boston in
the last fiscal year, and illustrates the great i'm
portance Of the copper mining business an
originator CT railroad traffic
The partners in the firm Of Phelps. Dodge &
Co. first embarked in copper mining in Arizona
in 1880. but their first mining company was not
organized until 1855. That property was the
Copper Queen. which was then seven hundred
miles from q railroad Fuel was brought from
England by way of California After many ups
and downs. the COPPER Queen became a great
money maker For number Of years the ore
srnelted by the copper Queen came only from
development work. The present ore reserves are
among the richest and most extensive known in
the copper mining business. With the profits
from their early mines the partners Of Phelps.
Dodge < Co who were William Earl Dodge. D
Willis James. James Mclean. Cleveland Hoadley
Dodge and Arthur Z. James. acquired other cop
per properties. built their railroads and acquired
and developed coal mines and other industries
related 10 copper mining. None Of the stocks in
any = these mines has ever been listed on a
stock Exchange. all the shares being owned by