The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-12-20
Big Deal Takes on Much
Interest in the Light of
Other Recent Moves
PROPERTIES OF PHELPS-DODGE
TO MERGE INTO NEW CORPO-
RATION WITH CAPITAL OF $50
600. 900. PAR OF SHARES 500.

Those acquainted With the great
mining properties of Phelps-Dodge in
Arizona and Mexico and with the past
manner of conduct of these organiza-
tions will find a surprise in the fol
lowing printed in the Boston Finan-
cial News:
Announcement is made that the
extensive Phelps, Dodge q Co. min
ing properties. now separately orga-
nized as the Copper Queen. Consoli-
dated Mining CO.. Moctezuma Copper
Co. Detroit Copper Mining Co and
Stag Canon Fuel Co. will be merged
into a new corporation TO be desig-
mated Phelps, Dodge & Co, Inc. The
present firm of Phelps, Dodge & Co.
will be dissolved. Ii is proposed that
the capital stock be $4,000 00. di-
vided into shares of 500 each, which
shall be used as follows:
For purchase of Copper Queen
Consolidated Mining Co. at sl35 for
each $40 share; MocteZuma Copper
Co shares to be taken at 1907 g-l3
for each $40 share. the Detroit Cop
per Co shares at 5 30 for each s25
share. and the Stag Canon Fuel Co.
shares at $500 for each 500 share.
For future issue by Phelps, Dodge &
CO., Inc. stock to the value of So
100000 will be held Applications
will be made to list the stock on the
New York or Boston stock exchange.
The firm of Phelps, Dodge a. Co.
will transfer its metal selling bust
ness TO the new corporation which will
sell the copper from all the mines for
which the firm has acted as selling
agents in both domestic and foreign
markets. The new corporation will
have nine directors. On November ]
last the investments in the plants to
be taken over by the corporation. ex-
elusive of the mines. aggregated s2S,-
100000.
Announcement of the proposed
merger was mailed last night to the
shareholders concerned. Subscrip-
tions will be binding when holders of
rs per cent of the stock of each COM
pany have signed an approval of the
incorporation The plan for the
transfer of the properties to the pro-
posed corporation was prepared by
the partners of Phelps. Dodge & Co.
who are James Douglas. Cleveland II.
Dodge, Arthur Curtiss James, James
Mclean, William Church Osborn. +.
Hayward Perry, William ID. Van
Week, Cornelius X. Agnew. Walter Z.
Bliss and. George hoffman
A large portion of the company's |
property is undeveloped and there is !
as much ore in sight at the coppei |
mine as at any other time in the |
past In the past five years the Cop |
per Queen Co. produced 4,595,6S7 !
pounds of copper: for the same Pc (
Rod the MocteZuma Co. yielded 3d. !
S5S,751 pounds and for the same |
time the Detroit Copper mine gave |
forth S6.247,S pounds. The Stag |
Canon Fuel Co is conditioned for |
an annual production of 90, 900 tons |
of coal per month The investment |
in this plant is $2.226.4sS exclusive |
of the mines. which are in the Daw-
son coal fields. New Mexico. and |
which were purchased in 1905 in or
der 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 rail-
roads operated by the rhelps-Dodge |
interests in Mexico and the United |
States is 5000. Directly and indi- |
rectly these copper mines and rail-
roads, and the fuel producing inter
ests under the same management pro-
vide the living for upward of Co.
900 persons. The length of the rail
roads is about 900 miles. From
July /, 1907, until June 80, 1908, |
the Phelps-Dodge railroads carried
some 4,5S2,72S 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 for
eign ports at Boston in the last fiscal
year and illustrates the great i'm
portance of the copper mining bust
traffic.