Bisbee daily review., 1911-01-25
FORMAL ANNOUNCEMENT
 IF HE MERGER PLANS

Arizona Mining Company, and Su- perior and Pittsburg Copper Com
 pany:--Your directors have long considered that it would be to the mutual advantage of the stcckhold- CTS of both your Companies if a merger Of the assets of the two could be effected upon terms that would be fair 70 both
 The reasons for desiring such mer- ger are:
 1. To insure the most economical mining and reduction of the ores.
 The two properties are contiguous and the shafts so situated as to be Of mutual benefit in the development of the others property and mining of the ores. These ores should al ways be treated in the same smelter to insure the best ana most econom- teal results.
 IT. To conserve the properties and ore reserves by enabling the management to take the ores rom the most desirable parts of the prop critics without arbltary rule demand ing a certain production for each company.
 The ores of the Warren District are so variable that it is frequently desirable, to make the best smelt- ing mixture. to take a larger quanti- ty of ore from one or the other property than is desired to secure the product desired for such prop erty-at present each company has to produce its own ratio of ores to secure the proper mixture for it's smelting charge
 III To strengthen your standing in the mining and financial world and make your stock a safer and better investment and more desir. able collateral upon <hicb to sc cure loans.
 Tn Union there is strength The merged companies will have ample resources of all kinds, cash. sup plies, bullion, equipment and ore reserves to make the stock a very desirable investment
 ". Dividends depend upon the cost of copper. the. product, ard the selling price. We believe the merger Of the two companies will decrease the cost, the production can be main tained as at present. or ever in- creased. if the market will absorb it at a reasonable price, and your management feels certain that under all ordinary conditions regular div idends can be paid on the new stock from the beginning
 Your directors recognize the fact that an exact method cannot be found to fix the actual value of two mining properties. but they believe that if a merker is foi the benfit of our stockholders, as they think it Is, the basis of the merger must be according to the relative values of the properties as nearly as it can be ascertained by the means at our disposal. Thel therefore appointed a committee o the Board to take charge of the mat ter and formulate a plan. This com mittee secured the services of tw, eminent engineers, Messrs. l.. D Ricketts of Cananea, Mexico. an, James s. Douglas Of Douglas, Arizona whom they considered the mos competent to make the examination of your properties, on account O their acquaintance with the distric by actual contact with and expert ence in that and other districts il Arizona and Mexico
 Your Directors have known thes, gentlemen from the commencement Of our operations in the Bisbee Dis trict and have the utmost conf denee in their honesty, integrity an, judgment and recognize their DO culiar fitness for making this exam ination and giving an opinion oi the relative values of the proper ties of these companies.
 Messrs. Ricketts and Douglas wer, instructed by the committee t make independent examinations a far as practicable, but to join il the report giving their opinio of the relative values, including al assets and future prospects.
 These gentlemen with a corps O assistants spent nearly two month in examining the properties and ott CT assets of your companies, samI ling. assaying, studying the geolog and mineralogy, accounts, cos sheets, etc. and securing all avai able data of the operations in tn district from its discovery to tn date of their report. August 18th 1910
 This report was very careful considered by your Directors and majority of the Board visited you properties early in November [ make e personal inspection.
 Your directors. after careful cor sideration. therefore. propose tn merger of the two companies ol April 1st, 1911, under the following plan:
 l. That the organization Of th Calumet and Arizona Mining com