The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-01-27
WILL INFLUENCE
WORLDS OUTPUT
Gigantic Copper Combination
May Have Capital of
Billion.
LOCAL CONSOLIDATION
= OFFICIALLY CLOSED
Merger of Butte Properties Is
Now Well Under
Way.

NEW YORK, Jan. 26.--Prcliminary
steps were taken today TO effect the
long -looked-for merger OF the principal
copper producers Of the country into
one gigantic corporation,
In Wall street another billion dollar
company was frequently mentioned, but
! the moro conservative believed final
capitalization would be closer to $780,
900 900
The Anaconda Copper Mining com
pany officially announced late -this
afternoon that the board of directors
Yesterday decided TO call special
meeting of stockholders in Anaconda,
Mont, on March %, to pass on. a pro.
posal TO increase the capital stock from
$50 100000 to $l50,000000 for Sthc
purpose of acquiring the property of
other companies located in theI Butte
district. -
The Amalgamatcd Copper company
owns % per cent of the Anaconda
stock.
Following the merger of the Butte
properties, which include the Amalga-
mated Copper company and its various
holdings-the Anaconda Copper com,
pany, Boston and Montana, Butte and
| Boston, Washoe. Trenton and other
subsidiaries-and the North Butte and
Butte Coalition, il is expected that the
new Anaconda, with its increased CAPT
| tai of Sl50.000 900, will merge with the
Guggenheim. Haggin and other copper
interests. The corporation thus formed
will control not only the copper output
of the United States. but will influence
! the copper market Of the world.
Shareholders representing nearly 90
! per cent of the Nevada Consolidated
| rendered their shares to the Utah Cop
per company, and received shares in
exchange for the same on tho basis of
one share of Utah for each two and
|, one quarter shares of Nevada delivered.
/ With the merger of the Butte proper
ties and the recent merger of the Gug
genhelm copper interests it is now eX
pected in financial circles that the
Butte and Guggenheim interests will
consolidate and tho result will be one
gigantic corporation controlling pTac-
tically the entire copper output of the
United States, and influencing the
| world 8 market.
Properties Included.
The merger of the Butte properties
will include the Amalgamated Copper
company Anaconda Copper company,
Boston and Montana: Butte and Boston.
Wasboe Trcuton and other subsidiaries
of the ANA lgamatcd copper companies;
the North Butte and the Butte Coali-
tion.
The Amalgamated formerly owned
about % per cent of the Anaconda
stock, but is believed to have greatly
increased its holdings since the merger
plan has been under way.
The Amalgamated owns all of the
stock OF the Boston and Montana and
Butte and London. The Butte Coalition
and North Butte properties arc regard
ed as ColeRyan properties.
In Wall street 1t is commonly under,
stood John d, Ryan will head the great
cr copper amalgamatIon, This anna! ga
nation Will include, it is said, the Gug-
genheim, Haggin and Cole-R Ryan prop
critics and the Amalgamated Copper
| interests. j. 2, Morgan & company will
promote the consolidation.
II was announced officially that
special meeting of the stockholders of
the Anaconda Mining company had
/ been called for March % TO vote upon
| n proposition TO increase the capital
stock Of the company from 100000
| 10 5000, 600 shares Of 80 par value,
Statement on Plans,
| Concerning the plan to merge the
various copper properties in The Butte
district the Ama lgamated Copper com.
peny in \ statement says:
The reasons for the proposed increase
| In stock involve consideration of diff
| cult and cpmpuCaled lrSdI questions 5S
| wcl as those relating to the economical
and efficient management Of busiucs<
| operations OF the different companies.
! What is known 6lc law of apex
| or the right to follow vein on its dip
| extra -latnrally beyond the surface lines
| OF mining claims prevails in Montana and
| has given rise To mgny perpleXing prob
| lens In connection with the operations
| In the Butte district
| Mining claims OF the Anaconda Copper
Mining company and OF the other COM
panies affected ny this plan all To-
| Gated within comparatively circum
closely and incXtriCably interlaced as to
| make almost impossible the segregation
OF ownership OF underground ore bodies.
! Some Of the operating features consld-
| cred in faVorinE the proposed tr5nsac-
| tlon are economies which will result from
| working all the mines in accordance with
| n general system Of development. thus re-
| lieylng owners from the necessity Of
| maintaining numerous expensive surface
and underground plants necessary under
present conditions OF separate owner
ship.
! The Anaconda company. because of It's
size and its location. is regarded the
logical company to become the purchaser
Of tho properties of the other companies
and tho step to call special meeting.
which WAS the first towards submitting
the matter to stockholders OF different
companies for their consideration.
II is not likely that All Of the Increase
of stock il authorized. win be used al
present for carrying out this plan,
UTAH COPPER RAISES
CAPITAL TO S25,oo0,ooo