New-York tribune., 1910-01-27
COPPER MERGER ON
ANACONDA co. TO BUY.
Plans to acquire Cole-Ryan
Properties IN Butte District.

TTOp6TlcS IN Butte O1SLf1Ct.
Steps looking to the consolidation of the
Anaconda and Cole-Ryan copper properties
in the Butte district were taken at meet
ing of the directors of the Anaconda Cop
per Company, held on Tuesday. when 1t
was decided to call a special meeting of
the stockholders of the company on March
q TO vote upon proposition to increase
the capital stock of the company from
$Soooo.ooo. the present authorized amount, to
sl5o. 900. for the purpose of acquiring the
property of other companies in the Butte
district
Official announcement of this action by
the directors was made yesterday, and fol-
lowing, as it did, so closely upon the mer-
ger of the Utah Copper, the Boston Con-
solidated Copper and the Nevada Consoli-
dated Copper companies. the proposed con-
solidation of the Butte copper companies
was regarded in copper circles as pre-
liminary step to the merger of these con-
Germs with the Guggenheim properties
rumors of which have been in circulation
for some time
The names of the companies to be taken
over were not made public in the official
statement OF the plan, which was given
out coincident with the announcement of
stated that the mining claims OF the Ana
conda company and Of the other companies
to be acquired were all located upon the
Butte hill. within a comparatively circum-
scribed area. 1T is understood, however,
that. in addition to the subsidiary COM
panies of the Anaconda Copper Company,
the properties 1t is proposed to acquire IN
clude the Butte Coalition Mining Company
and the North Butte Mining Company, con-
trolled by the Cole-Ryan interests. The
former has an authorized capital of sl5,-
100000, the par value of the shares being
SIS. 1t owns a majority of the stock OF the
Alice Gold and Silver Mining Company, a
$4,000, 600 corporation owning mines in the
Butte district
The company was incorporated under the
laws of New Jersey in February. 1906, to
acquire the capital stock of the Red Metals
Mining Company. an operating company.
The North Butte Company has an author
lied capital of 100000. Of which s6,Ooo.-
GOO is outstanding. The par value of its
stock is also SIS. This company was in
corporated in April. 1905, in Minnesota It's
properties are located in Silver Bow
County, Butte, Mont, adjoining the Ana
conda and Boston and Montana. In addi-
ton to these properties. it was said in
wei informed quarters some Of the sub
sidiary companies of the Anlalgamated
Copper Company, such as the Boston and
Montana Consolidated Copper and Silver
Mining Company, the Butte and Boston Con-
solidated Mining Company and the Parrot
Silver and Copper Company. would prob
ably be taken over.
According to the official statement the
principal reason for the proposed consoli-
dalton of the various companies located
upon Butte Hills is to do away with the
many perplexing problems in connection
with operation which are constantly arising
among companies SO contiguous and closely
interlaced as those 1t is proposed to merge.
when operated as independent properties
owing 10 the fact that the law of the apex,
or the right to follow a vein on its dip ex-
ternally Beyond the surface line of min
ing claim prevails in Montana It was this
law which was chiefly responsible for the
protracted and costly litigation between the
Amalgamated and Heinze interests in the
Butte district several years ago.
The companies located upon Butte Hill
were so closely interlaced, the statement
said. as to make almost impossible the
segregation Of the ownership of underground
ore bodies. In addition to overcoming this
difficulty. It was pointed out, many econo-
mics in operation would result from work
ing all the mines in accordance with a gen
eral system of ventilation, drainage and de-
velopment. The Anaconda company, il was
added, because Of its size and the fact that
its properties were so located that some of
its contiguous areas were owned by other
companies. was regarded as the logical COM
pany to become the purchaser of the prop
critics of the other companies in the dis
triet.
I-orro +iN,, ~,
stockholders of the Utah Copper Company
on Tuesday night of the taking over by
that company of the Boston Consolidated
Copper and Nevada Consolidated Copper
companies. the directors of the company
held a meeting yesterday at which the
membership of the board was increased
from nine to fifteen. The following new
members were elected: Daniel Guggenheim,
Murray Guggenheim, S. r. Guggenhein1,
?. A. Schirmer. Ernst Thalmann, Eugene
Meyer, jr, and Thomas W. Lamont These
men, with the following constitute the new
board: c. NJ MacNeill. Spencer Penrose,
Q. c. Jackiing, Charles Hayden. w B.
Thompson, S. ~. Eccles j II. Hammond
and K. K. McLaren. J. D. Hawkins re
Subsequently the board voted TO offer to
stockholders OF record on January 81 the
rgh5 to 10 @ ong sare t 6a " of f'9G6 "6
stock held. This calls for an issue of
s3.675.oo9 new stock. which has been en- under i1r
ers receiving a commission of per cent.
The time allowed for the conversion Of
the Nevada Consolidated stock expires on
March s. The Nevada stockholders making
the exchange before that date receive the
right to subscribe for one snare of the
new Utah stock at $50 for each ten shares
OF Utah stock received in exchange for
Nevada stock. More than 50 per cent of
the Nevada stockholders had already con-
sented TO the exchange. it was said yes
terday.
The Utah Copper. Boston CONSOLIDATED
Copper and Nevada Consolidated Copper
cornpanies will have a combined producing
capacity of 20O.o0Oooo pounds Of copper
year at a production cost of about eight
cents a Mound The combination involves
about 500 900, ,000 and is regarded the
first step toward the long -talked-of merger
of the Guggenheim and Amalgamateo
Cole-Ryan properties.