The copper era., 1910-01-13
ARIZONA MORENCI COMPANY
Recently ReOrganiZed and is Stronger
Than Ever.

During the past two months reor-
ganization of the Coppermines Com
pany of Arizona has been consum-
mated and through the efforts of Ex-
Senator Stephen w. Dorsey, there is
now interested in the company some
of the greatest capitalists and most
prominent business men of the United
States and England. In reorganizing
the company the name has been
changed to the Acknowledgement
Copper company, with a capitaliza-
tion of 100000 shares of the par
value of So each. A London syndi-
cate has purchased 100000 shares of
the capital stock of the company, on
which this syndicate will make pay
ments continuously up to the expira-
tion of the contract which is January
10, 1912. The balance of the treas
ury stock, 1,500,0 900 shares, is placed
in escrow with the Windsor Trust
company, of New York, until the ex-
piration of the contract, January Is,
1912, unless the syndicate should
elect to complete its contract at an
earlier date. Stockholders in the old
company will receive new stock in
exchange for their old stock at the
expiration of the contract with the
London syndicate.
In reorganizing five directors were
allowed for the foreign interests,
four of whom are among the most
prominent Scotch and English capital
lists. Hon. Robert J. Wynne,- ex-con-
sui general and ex- postmaster general
of the United States, has been elect
ed vice-president of the company
and will maintain a company office
in London. The company will be
represented in the United States by
ten directors, prominent among
whom are Mr.. Hole, of w. K. Coler &
Co., of New York; Allan Cameron, of
the Canadian Pacific railway; and
| Senator James B. McCreary. The
executive committee, under whore
direction the business of the COM
pany will be conducted, is composed
of Messrs. S. w. Dorsey, Hole and
McCreary. Mr.. Dorsey is chairman
of this committee. The reorganiza
ton of the company has placed it in
an unusually strong position fnan-
has already made its first payment
there is no doubt of rhe company be-
ing supplied with sufficient capital
to carry on it's development work at
the mines on much larger scale
than at the present date.
The Acknowledgement Copper com
pany owns 100 valuable claims, which
are scattered in groups extending all
over the Clifton-Morenci district and
in many instances its claims adjoin
] some of the greatest copper pro
ducers of the Shannon, Arizona and
Detroit copper companies. The COM
pany is now operating two 500-foot
! keystone churn drills, one of them
being located on the Celtic group
near Metcalf and the other ON the
Keystone group, near Coronado.
With Hon. Henry G. Catlin, of New
York, as consulting engineer, and j..
o. Baylor as superintendent, the
company is also equipped with con-
servative and experienced manage
ment at the mines. Mr.. Baylor has
years. and is thoroughly acquainted
with every foot of ground that the
company owns, hence his services are
/ valuable.
In an interview with Mr.. Dorsey
this week the ERA reporter was given
an insight of the difficulty under
which the Acknowledgement copper
company was forced to labor. 1t will
be remembered that almost imme-
diately after the company took hold
of the properties in this district the
panic and slump in copper took place
rendering it almost impossible to in
terest capital in mines. Thus for a
| long time Mr.. Dorsey was forced to
supply funds for the execution of
annual assessment work; and thus he
held on until copper conditions i'm
proved, and how he has succeeded in
placing his company in a substantial
financial condition. During the past
| few months the company has done a
considerable amount of development
work and local parties who are inter-
ested in the success of the company
and are familiar with the progress
being made, are more than well
pleased.