The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-06
ENGINEER FAVORS
BIG CONSOLIDATION
Nevada Consolidated Expert
Advises Stockholders to
Enter Merger.
PRESIDENT PHILLIPS
ALONE IN OPPOSITION
Nevada Interests Have Month
Yet in Which to Make
Exchange.

The ultimate consolidation Of the prop
erty and Interests of the Nevada Consoli-
dated company with those OF the Utah
Copper company and Its recently acquired
property, the Boston Consolidated. is
practically assured President Phillips
OF the Nevada being the only one who Is
now Offering any objection to the com
pleting Of the merger. AT the latest meet
Ing OF the Nevada directors. Mr. Phillips
was the only one TO hold out against
the consolidation. and with such opposl-
tion against him in his own corporation II
II not likely that his personal influence
Will amount TO much.
The News Bureau states that Pope
Yeatman. consulting engineer OF the Ne
vada Consolidated Copper company: has
submitted n report or the matter Of
merging with the Utah Copper company,
in which he advises stockholders OF the
former corporation TO exchange their
shares for those OF the Utah company
on the basis Of TWO and one-quarter Nc
vada Tor one OF Utah.
w. H.. Bennett. secretary OF the Ne
rada company. Will shortly send TO the
compapy's stockholders Mr.. Yeatman's
company, The stockholders have until
March 5 to make the exchange, and II
effected before this date will have the
privilege. as Utah stockholders, TO sub
scribe to one share OF new Utah stock for
each ten shares held. at $50 per share
$50 will be payable March 3. SO April l.
anu SlO may -.
Mr. Benefits notification concludes
Your attention is particularly called TO
the fact that the OFFER OF the Utah com
pany is made 10 each stockholder indi,
rldually and that il is entirely optional
with each stockholder to accept or reject
the offer"
The report OF Mr.. Yeatman says: 81
strongly advise the stockholders OF the
Nevada Consolidated Copper company 10
accept the offer OF the Utah Copper COM
pany. My chief reason for making this
recommendation lis that believe mat
after two years, during which time the
concentration OF the Utah company Is 10
be Increased from 5000 tons to 1900 tons
daily. and the Boston concentrator from
2150 tons to 5000 tons per day. and neceS-
sary advance stripping of overburdcn
and railway improvements made 70 In
sure delivery Of such increased tonnage
for the plants. the annual profits TO be
distributed per share Of Nevada Consoli-
dated stock exchanged will be very mate
rally greater than would he the ease II
the stockholders retained theiC Nevada
Consolidated stock and depended urCn
the profits CT mat company. and that
these Increased earnings viii extend over
much greater period OF time.
Plan of Division.
This takes into consideration an In
crease of the Utah conpany's capitaliza-
tion to 100000 shares with i par value
of $40 per share. The division Of the
stock proposed is as follows
Boston Consolidated. basis p
to / Observation-Disclosures. $40, 900
Nevada Consolidated basis
"a TO 1 .<-.......-p-,-,-.s.- $4,000
Utah Copper company 735s 900
To be offered pro rata for sub
Scrlptlon ..s,<...ss..,s '---.-so' Ioo,uOV
Issued capital -r-,..ss-.-.s,s-,. -:O9h Ny
u am Informed that the Utah company
has made the exchange with the Boston
company and now owns that property.
Il have kept closely in touch with the
operations OF tn. Utah company for the
last three years, during two years OF
which ! made frcqucn- Ead careful In
spections OF the property My assistants
and myself have gone very carefully over
the assay maps Of the Utah company.
probable future costs and profits, the
values and tonnage developed and pos
pany's conditions AMI compared both Of
the above properties with the Nevada
Consolidated hollil lss including mines,
smelter and railway.
After an exhaustive consideration OF
all these matters. including n comps risen
OF the earnings OF the Nevada Consoli-
dated with the earnings Of the other two
companies. and with those of the three.
in case the Utah company shall acquire
the stock, or a portion thereof. OF the
Nevada company. ] am clearly OF the
opinion that the proposed exchange OF
Nevada company's shares for those OF
the Utah company will be most advan-
tageous to those Nevada Consolidated
stockholders making exchange on the
fe rms prpDoSpd