The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-12-07
DETAILS OF GA.
ANDS.&P. MERGER
CONSOLIDATION WILL BE CON-
PLETEp BEFORE APRIL l, 1911
&C. & A. STOCK M
CREASE.

At the conclusion OF joint meet
ing Of the boards OF directors OF The
calumet & Arizona Mining com
pany. and superior & Pitts5urg Cop
per company held in Chicago yester-
day. the directors authorized the fol-
lowing statement:
The boards a. directors of the Cal
umet 4 Arizona Mining company and
Superior & Pittsburg company have
had under consideration for several
months the ACCESSIBILITY of recon
mcnding 10 the stockholders of their
respective companies a basis of mer-
ger OF the two companies for mutual
advantage.
Acting under authority of the
boards "A committee engaged the serv-
ices of Or. L. ID. Ricketts, Of Cana
nea Mexico and James :. Douglas Of
Douglas, Ariz., to assist them I'm ar
irving at the relative statues Of the
properties. After receiving this re-
port showing a thorough examination
of the underground workings of both
companies, the equipments Of each
and all other assets 10 furnish the
basis of the relative present and fu-
turc values CT the property and assets
Of The two companies. the boards are
unanimous I'm recommending to the
stoc kholdcrS Of the two companies the
merger of the properties and assets of
the companies under the following
plan:
"Ist-The capital stock of the Calu-
met & Arizona Mining company to be
increased TO six hundred and hfty
thousand shares C65O.OOO) of par value
OF ten dollars $4,000 each giving
an authorized capital of six million,
five hundred Thousand dollars (S6,500,-
OOO)
"2nd-Oue share of the increased
capital stock Of Calumet & Arizona
Mining company to be exchanged for
three and one half (3h) shares Of
the present one million, five hundred
thousand shares q .50C.O O0) CT stock
Of the Superior & Pittsburg Copper
company now outstanding, provided
maiority of the stock Of Superior &
Pitts5urg Copper company is deposit
ed for exchange on or before April 1,
1911.
"Srd-In case a majority of stock of
Superior 4 Pittshurg Copper company
is 20 deposited for exchange on or
before April 1, 1871, the merger shall
DE completed but prior thereto a divi-
dend shall be declared to Superior &
Al ft,
aggregate 10 the aggregate amount q
dividends paid the stockholders of the
Calumet & Arizona Mining company,
between August 1910. and April L. 1911 n
as the estimate of relative values was
fixed as OF date about August 10. 1910
and such distribution is made mere |
~ for the purpose OF equalizing the |
relative statues as Of date Of merger /
April LIST. 1911"
The details Of the proposed merger |
between Calumet & Arizona and Su- |
perior & Pittsburs bring out some |
rather interesting figures. by the |
terms Of the merger Calumet q Arizo- /
ma absorss Superior & Pittsburg and /
the latter company will then lose its |
identity. There will be outstanding |
when all Superior & Pittsburg stock |
is deposited G2S,j71 shares Of a par !
value Of SO each.
As Superior & Pittsburg will dis |
burse an amount equivalent TO that /
paid 10y Calumet & Arizona, share
holders Of s. & =. will get a dividend /
in proportion 20 that paid by Calu
met & Arizona from August 1910 un-
I'll ATril 1911 the date set for the
merger. In other words IL Calumet
& Arizona next quarter pays "A divi-
dend Of 81 per share Superior & Pitts
burg shareholders will divide among
themselves a total Of 100000 or 26 2-3
cents per share on s. & p. stock. In |
addition the dividend paid G. & A.
last September will call |
FOR a like disbursement TO S. & =. |
shareholder, appointing 10 10 ID /
cents a share or a total to be dis5urs-
eel cf forty cents per share.
Calumet & Arizona Is at tho present |
rate OF curtailment earning slightly /
better than 5000. 900 per quarter SUI
perior & Pittssurg is said 10 be earn
ing at the rate Of 100000 monthly or
100000 each quarter. Combining its
earnings with Calumet Il Arizona the
total earned Dy the two companies
will d. 100000 every three months.
gum not sufficient 20 pay dividends
OF 81 per quarterly on the increased
capitalization Of Calumet g. Arizona. |
However, by slightly increasing pro-
6uction 1t would be possible 20 con
tinue the present rate Of dividends |
with copper holding around thirteen
cents per pound.
With Superior a. Pittsburg selling |
around S1S per share a valuation l.
placed on Calumet Il Arizona stock Of |
$i5 per share a readjustment of the |
selling prices of the two issues can be |
promptly expected. a. Minnear & |
Co.