Arizona republican., 1911-02-15
Copper Consolidation.

Whether or not in the final round up the big copper producing interests are to be brought together into one giant consolidation" said the Boston News Bureau recently, "the cents of the past two years would certainly give adequate basis for such a prophecy. "The consolidation now expressing the attention of copper interests is that which is being attempted by Calumet & Hecla. In the Bigelow litigation two years ago it was stated. and the asser- ton was frequently reiterated. that in buying into other Lake Superior min- ing properties Calumet & Hecla had no thought of consolidating them. Since coming into operating possession of these smaller mines, however, it is very clear to the controlling interests that the largest measure of prosperity for each individual property lies in a mer- ger into one big unit
 From an economic standpoint such a consolidation is clearly justified. but the speculative holder of the subsidiary shares naturally finds much to criticize and claims that he cannot rightfully be coerced, even by a 60 per cent vote of the shareholders. to forfeit all the speculative possibilities of his property.
 Incidentally, it is surprising to know that last year several companies which it is proposed to embrace in the Calu- met & Hecla merger produced 40.OOO,- 900 pounds of cOpper-or about 30 per cent of the combined production of all the mines-from which not a penny of profit was derived. This copper ought never to have been extracted. It prob ably will not be under consolidated ownership unless it can be sold for something more than the cost of pro- ductlon-
 During the past two years there have been consultations in the copper producing field involving 77O,OOO. .OOO pounds of annual output. The first of these consultations was that of the Copper Queen. Moctezuma and Detroit Copper companies, long owned and op- erated exclusively by Phelps. Dodge & Co, into one organization known as Phelps. Dodge & Co. Incorporated. The shares of this $50,0OO,O0 consolidation were listed on the New York stock ex- change. Last year the combined out put of these properties. including the custom output of the Douglas shelter, was approximately 135.OOO pounds
 Tn the early part of 1910 tine Ana conda Mining company increased its capital from 100000 to 4.22O, ,O0O shares for the purpose of absorbing various Butte properties in which the Amalga- mated Copper company and affiliated interests had a dominating control. In 1909 these companies produced 292, ,OOO.- 900 pounds of copper, 9,S37, ,000 ounces of silver and 5000 ounces of gold.
 Tn January, 1910, the Utah Copper company acquired ownership of the en- tire capital stock of the Boston Con- solidated Mining company A little later it secured slightly over a majority of the outstanding capital of the Ne vada Consolidated company, giving it dominating voice in it's management. The Utah Copper company therefore in 1910 had an equity in 122,0O0 pounds of copper output
 Another consolidation, small in com parlson with those which preceded it, involves the merger of the Superior & Pittsburg and Calumet & Arizona prop critics, operating in Bisbee Arizona. These two mines produced last year a total of 54,000,000 pounds of copper and stockholders of the Superior x Pitts burg are now asked to accept new Calumet & Arizona shares on a basis which has been agreed upon by the ai- rectors of the two companies"
 Alaska Copper
 On or about March 18th, the first train load of high grade copper ore will leave Kennecott, Alaska, over the new Copper River & North western railroad. billed direct to the big smelting plant at Tacoma. on Puget Sound, and then will be in augurated steady stream of traffic which will mean the first big out put of the red metal from Alaska, this wonderful mineral store house. From 1878 to 1911 over S1s4,000,O00 has been the grand total valuation of the Alaska mineral output. of which copper is repre- sented by only s5,OO0,0O Now each years total will show quite a different result and it is confi- dently expected that copper from Alaska will soon be referred to as