Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-04-22
Takes Over Controlling Interest
In PittSburg Montana
Copper Company.
TO INCREASE CAPITAL STOCK,
Special Meeting TO be Held In MAY to
Raufy Deal Made With =. a.
Reed and Associates.

A deal whereby the East Butte con
per company VIII acquire control Of
more valuable territory is contained
in special message received from
Boston this morning over james A.
Pouocks private wire The message
says;
"The directors of the East Butte
Copper company have entered into
an agreement with j n. Reed and
his associates of the Pittsburg- Mon
tsna copper company which they con-
troll a special meeting Of the East
Butte Copper company is called for
May m. at Phoenix. Arizona 20 raufy
the purchase and also 10 authorize an
increase I'M tho capital stock from 3oO,-
GOO shares to 100000 and TO increase
the number OF directors from four TO
nine The 800 600 additional shares OF
stock will be used 90 acquire SO per
cent of the capital stock of the Pitts
burg-Montana and all the collateral
trust bonds and other indebtedness of
that company approximately $4,000
600 The remaining ~ per cent OF
stock is in the hands OF scattered
holders and is not included in the
purchase
The Pitsburg- Montana IS q holding
company owns an the bonds and 80
per cent OF the stock of the Pittsburg
and Montana company, which Is an
operating company
Under the terms OF purchase, j. y.
Reed viii recover Approximately ] uO--
coo shares OF East Butte stock for ST.
0O0. 600, par value. preferred. and S4,-
600. 600 In common stock Of the Pitts
burg Montana company, but this stock
win not be delivered before Dec. 2,
1910,
WILL PAY OFF BONDS.
"T,he s., 500. oCo worth OF Putsburg-
Montana bonds held by BANKS and
banking institutions OF Plttsburg viii
be paid of at par IN cash, but not De-
fore Dec 1, 1910. It Is thought the zoo
900 shares Of East Butte treasury stock
laid aside for that purpose can be dis
posed Of at much better advantage later
than at present. The $1,000 shares Of tho
present authorized 100000 shares OF
East Butte stock now in the treasury
win be offered to STOCKHOLDERS ~ $40 q
share for working capital, this stock
being offered on the basis OF one share
now held.
President Robert II. Cross says ny
the purchase OF pittsbug Montana
company, the East Butte company VIII
be one Of the largest holders OF min-
ing properties IN the Butte camp.
There are iS5 acres in the present Eslst
Butte property and the Pittsburg Mon
tana property covers 267 acres of mia
eral rights approximately 100 acres Of
surface rights and a lot Of mineral
rights on the Northern Pacifc's right
Of way crossing the property. Their
are two important features, In connec-
ton with the property, first the very
large area covered by the property; and
second, The fact that the property goes
directly across the entire eastern eXteu-
sion Of tho trend OF all the copper
veins OF the camp. The property Is
equipped with two shafts. each sup
piled with "A complete and efficient SUR
face equipment and a shelter The
property al present Is producing $50
tons daily OF first class ore and nearly
200 tons Of second class ore This Is
expected to be increased shortly both
from the Pittsburg- Montana and also
from the East Butte workings"