The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-07-18
Do NOT CONSIDER
THE TERMS Right
Boston Con. Stakeholder Does
Regard Present as Right
Time to Deal.
BASIS OF REPORTED
MERGER is UNFAIR
Only Correct Basis Can Be
Reached in Time by
Boston Con.

While / cannot say that | have seen
any fire yet, let me tell you that
there is a great deal of smoke coming
from the proposed merger or the Utah
Copper and the Boston Consolidated
copper propositions. This is spoke
In the great scheme of combining the
big copper mines of the big red metal
camps Of the country, the noise Oh
which evory once in a while unwlthngly
manages to reach the public, and speak
ing for myself and number Of the
smaller stockholders Of the Boston Con
solldated company ] can say poslClVely
that we do not deem the time ripe for
the Boston interests TO deal with the
Utah Copper company.
y wcll-known stockholder Of the BoS-
ton Consolidated company expressed
himself Saturday afternoon In the above
manner in regard TO the rumored deal
between these two big Bingham cop
per propositions. One brokerage hrm
of New York especially Is extremely
outspoken relative to a merger or coall-
tion Of some sort, and the West ls SIT
ting up and taking notice, especially
the Boston Consolidated stockholders.
"'When the Boston Consolidated com
pany was haressed for funds several
months ago, and when the mill was un-
finished and the mine conditions We're
consequently unfavorable on account OF
lack of proper funds, then some sort
of proposition for merging might have
been timely and welcomed by everyone.
But now that the Boston company Is
out OF the woods. now that Its null Is
operating splendidly. and now that the
company is making a profit by way OF
thnsc nor the time
for such scheme,
''I take it that the ore bodies or the
Boston Consolidated and Utah Copper
companies are so much alike IN char
acter that it is merely a question of
the essential capital invested and of the
daily capacity of the milling facilities
of each concern to treat the resources,
Now our idea is simply this: Why
should the Boston Consolidated people
rush wildly into some sort Of merger
when by biding their time, by lncreas-
ing the capacity Of their milling plant,
they would bring the earning capacity
Of the Boston company up to par with
the Utah Copper company? AS con-
sequence of this, better terms for all
tie ST ockholders of the Boston company
will he positive.
"Piace the basis of merger on that
OF actual merit and possibilities, but
price of the two stocks. as is being done
as far as I can see. The disparity of
the two stocks Is not justified by actual
conditions, and surely this would be all
the more the case should the Boston
increase its earning capacity as 1T
should do. Bring the Boston to its
maximum of accomplishment, then You
can talk mergers with other organiza-
tions.
"We lave heard nothing but rumors
ont West about this merger or what
eve: the deal may be. We stockholders
have never been informed of what is
being done. But we smaller stockhold-
ers are Just as kGenly interested in the
Boston company as the heavy fellows
who arc GicNerinG on this deal, and we
would put up determined fight against
Il deal based on the market value of
the two stocks instead OF on their ac-
tual earning capacity. We look to the
fairness Of Mr.. Newhouse to protect us
in this matter