The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-12-01
MERGER PLANS ARE
STILL UNDER WAY
Big Consolidation Will in No
Way Conflict With the
Law.
DETAILS EXPECTED
IN TWO WEEKS
Standard Oil Decision Has NO
Real Effect on Copper
Deal.

The negotiations for the formation
OF the great merger in the copper IN
dustry proceeded this week without IN
terruptiou, says Mining Financial
News. Some apprehension was expert
enced earlier in the week over the prob
ability that the decision in tho federal
court of the Missouri district order,
ing the dissolution of the Standard olI
company as an illegal corporation oper
ating i'm restraint Of trade, might cause
an abandonment of the plans for the
organization of great corporation
dominating the copper industry. I'm I'm
this account copper shares on both tic
inside and outside markets experienced
pronounced recession. This appre'
hension was without warrant. very
early in the week the sponsors for the
copper merger project announced that
they were proceeding without regard 70
the federal decision in the Standard OH
case and that their plans would be con-
summated without delay.
Will Not Violate Law,
Ii has been stated upon authority
that the directors had carefully ln-
ouired into the legal phases of the
matter and had deoreed that there
would be no violation of the interstate
commerce laws in the organization OF
the proposed copper trust. In this
matter j. Pierpont Morgan. who is ar
ranging the details. is evidently carry
ing i'll mind the same principle on
which he proceeded in the case OF the
formation OF the steel trust In that
case, while organizing great dominant
corporation. he left existent large IN
dependent interest in the same indus
try. and the result has been that the
steel trust has never been assailcd IN
the courts on ground similar 10 those
upon which the Standard Oil has been
attacked The proposed copper merger
will. therefore. proceed without inter
ruption.
Buying of Copper.
The feature Of the week in connec-
tion with this proposed merger was
heavy buying for the control of Utah
Copper and the agreement for the alb
sorption bv Utah Copper of Boston
Consolidated. The Guggenheim inter
asts, who agreed TO deliver the Utah
Copper to the merger, found themselves
che owners of only about 100000
sharcs OF the stock, or less than a ma
iority The Jaetling, Mcneil and Pen
rose interests, which owned about the
same amount Of Utah Copper stock as
the Guggenheims, were averse to turn
ing the property over TO the merger on
the proposed basis. Between these two
Interests warfare of buying for con
trol developed and the price OF Utah
Copper was advanced about 50 a share.
Ii is believed that the Guggenheims
won out in the contest, rs Utah Copper
is still figuring prominently in the mer-
ger project.
Definite News Soon.
The buying of Boston Consolidated
by Utah Copper was a sequel to the
natural conditions prevailing at the
property which makes the ownership of
Boston Consolidated by the Utah Cop
per imperative. 1t is understood that
Utah Copper will absorb Boston Consol,
idated on the basis of one share OF
Utah Copper for two and. one-half
shares of Boston Consolidated, giving
to the latter stock value of about
S25 per share. On the strength of this
deal Boston Consolidated advanced to
sales above S2l per share. II is prom
ised that definite news regarding the
merger Will be forthcoming within the
next two or three weeks.