The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-11-25
UTAH COPPER HAS
TAKEN NO ACTION
While Deal May Be Pending,
Company Has Not Civ
en- Sanction.

When the consolidation of Utah Copper
and Boston Consolidated shall nave been
finally accomplished, If II is accom-
plished, and the greater merger OF cop
per companies shall have been pulled
through, some light may be thrown upon
methods of carrying Ola large mining deals
methods which are now matter OF
considerable mystery to the layman.
Action OF the stock markets shows that
the highest eastern authorities accept alb
sOlutely the claim that the deal Tor con-
sohdation of Utah Copper and Boston
Consolidated, upon the basis OF eXchang-
ing one share of Utah copper steck for
two and a half shares Of Boston Consoh-
dated stock, is virtually closed. And yet
no official action has ever been taken by
the board of directors or by any official
of the Utah Copper company sancuoning
any sort Of deal for consolidation or even
recognizing that such deal was pending.
Such is the statement made yesterday
by d. c. Jackling, vice president and gen.
eral manager of the Utah Copper com
pany.
Conducted by Individuals.
Il have heard, as have others who have
read the newspapers" said Mr.. Jackling,
''that such a deal was pending. Assum-
ing that is true, the deal Is being con-
Quoted BY individuals-not by officials. as
such, nor even by accredited representa-
tives of the Utah Copper company. No
action, in any form, has ever been taken
by the companys board OF directors haV-
ing any bearing upon such deal.
Mr.. Jackling does not say, of course,
that a merger Of Utah Copper and BOs-
ton Consolidated is unlikely to be accom-
plished. No more does he say that Utah
Copper may not be included in the pro-
posed greater merger OF copper COM
panies. His position is simply that no
official action in relation to either matter
has been taken by his company, and,
Therefore, there is nothing to be said in
an official way. And, likewise, in the alb
sencs of such action he could with as lit
tie propriety have anything to say as an
individual.
The only inference to be taken is that
the deal for consolidation OF the two Utah
companies must be in the hands of iudi-
viduals who are closely enough identified
with those who control the two companies
TO gain assurance Of what terms would
be acceptable to each when the time does
come for official action-for Samuel New
house is just as reticent concerning the
part Boston Consolidated may be taking
IN the deal as is Mr.. Jackling concerning
the attitude OF Utah Copper.
New Stock Issue Necessary.
Before the deal is finally consummated
1t will be necessary not only for the
stockholders Of both companies to ratify
the proposition. but II VIII be necessary
for those Of Utah Copper to vote a new
issue of stock to be exchanged for the
stock Of the Boston Consolidated com
pany.
That the ratio of two and half shares
70 one is the basis OF exchange agreed upon
IS indicated by the report, which appears
20 have good foundation, that a large
holder of Boston Consolidated was recent
~ offered S25 share for 10000 shares of
his stock, as well as by the advance Of
the stock yesterday on the eastern mar
ket to above 81 a share
That the proposed consolidation, upon
IN equitable basis, would be a good thing
Tor both companies, whose estates cover
the same great bodies Of porphyry ore,
goes without saying.