The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-09-08

a fntNrHNN Ntflla issue was AANnNNtt
in Boston yesterday
Under the plan as outlined. the SUI
iperior a Boston company viii in
crease is authorized capital stock by
35oo00 shares. par $40. making It's
total authorized stock 650.000 shares
OF this stock 100000 wiz be offered
in exchange for the 81 100000 bonds
Of the Arizona Commercial company
A new bond issue OF $780, 900 viii be
issued. secured by a first mortage on
am the company's property. and these
bonds viii DE offered az par 10 Arizona
Commercial stockholders
The superior 4 Boston company
reserves the right to Withdraw the plan
unless accepted by IS DER cent ~ the
Arizona Commercial bond holders
within fifteen days after the special
shareholders meeting of the superior
q Boston company 10 act on the plan
at Globe Ariz.. September 80. Stock
transfer books viii be- closed Scptcm-
Der %, and win reopen October >
At the special meeting the number Of
directors viii be increased from five
10 nine
President Rice Of the superior &
Boston company says: THE combin-
alton Of the properties Of the Superior
< Boston Copper company and the
Arizona Commercial Copper company
possesses such marked and obvious
ADVANTAGES that IL has been the sub
ject Of much thought on the part OF the
directors and stockholders OF both
companies for some time. The con-
solidation OF two large mining prop
critics Immediately adjoining each
other and possessing many OF the
same mineral features in common. Of
fers great and striking advantages. Il
means increased acreage and ultimate
iy increased probable tonnage and IL
should. by saving duplication % shafts.
surface plants and overhead expenses.
mean great economies in operation
and increased efficiency Of adminlstra-
tion in the development, management
and future growth ~ Incorporates. and
therefore lower costs for the copper
produced and greater profits 20 the
stockholders.
The smeltcr belonging to Arizona
Commercial. while il cannot be run al
immediate profit n run solely by Ari- |
IONA Commercial and supplied solely |
with It's ores should ultimately be |
.ooperatcd successfully and prohtably |
when supplied with the ores Of the
combined properties The railroad Of |
the Arizona Commercial company or |
fers similar advantages to a CONSOLE !
dated company and viii Serve use
Iul purpose In tho opening and devel- |
Opmcnt Of a number Of claims Of each /
of the companies as well as afording /
transportation facilities for other
properties in this section of the camp.
These obvious advantages Of such |
combination nave not only occurred
20 the directors and stockholders of
both companies. but have also led TO
various negotiations between the Of /
ficials Of both companies for some
time These negotiations have AT last
ripened into "A complete plan which
offers all those benefits Of consolida- /,
ton suggested above and which also
presents the great advantage Of gem
erously financing the consolidated
company with over $500 600 cash.
This 100000 will permit Of an ag-
gressive campaign Of development
work calculated To open speedily the
ore bodies Of both the Arizona Com
mercial and the Superior & Boston
including the McGaw. Lime
stone and Gardner mines Of the Su-
perior & Boston and the Eureka and /
Copper Hill mines Of the Arizona i
Commercial. thus placing the CONSOLE
dated company in n position to pro-
ducc larger tonnage Of ore at an |,
earlier date and at a greater profit /
than would otherwise be possible for |,
either Of the companies operating |;
alone and with limited finances"
Superior Boston will hold a special
meeting in Globe September 30 10 act /
ON plans for absorbing Arizona Com /
mcrcial An assessment Of 30 cents
per share on the present outstanding l.
stock Of Superior d Boston Is also 10 !.
Doc called which will bring in $3.50
making the stock s. paid in per share.
and a bond issue Of 100000 Us 10 be
made drawing per cent, which viii
be lien on all properties. Superior
& Boston's capital IS 10 Doe increased
20 $4,000 shares, 10 be distributed as
follows Gherc being now $4,000
shares unissucd IN the treasury and
2G5.O00 outstanding)
To retire Arizona Commercial 81
100000 bonds 600 shares for each $500
hond) 100000.
Bonus with new bond Issue. 10000. |
For conversion or new bonds into |
stock ultimately, 100 1000.
To be- retained IN the treasury 5000. |
Full paid (&lO stock already out
standing, $1,000.
Part paid Cs5 after proposed assess-
monD stock already outstanding. $50 |
600 l,r,
Total. GO. 600.
Stock already outstanding 265.OOO.
stock now IN treasury. $4,000.
Stock 10 be increased. 1000
Total. $4,000.
The new bond issue will be- offered |
to Arizona Commercial stockholders. |