White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-05-25
G|ROUX MERGER
SEEMS ASSURED
CONSOLIDATED COPPER MINES
COMPANY INCORPORATED As
FIRST STEP IN COMBINATION
OF LOCAL MINING INTERESTS.

and the Coppermines interests which
has been announced periodically for
the past six years, has again become
a topic of general discussion, and de-
velopments of the past week appear
gotiations are actually under way
that will eventually bring about the
long-talked of combination of busi-
ness interests considered OF vital inn
. portance to the future of the ely
mining district.
Reports received yesterday through
the New York Ticker were to the ef-
feet that an initial move for the con-
solidation OF the Giroux and adjoin-
ing properties has tcen taken by the
incorporation of the Consolidated
Copper Mines company, under laws
of Delaware. With $4,000, 900 capital.
divided into 100000 shares par
value s.. rne ineorporators are J.
w Allen, who is associated in Of
fetal capacity with most of the So
called Cole-Ryan properties; j. b.
Cotton. of Duluth, who rs a director
of Giroux. and Edwin f. Gray. who
Jr., and who is the man who orig
inally developed the Nevada Consoli-
dated In Ely.
fro -. he na-
reau. conservative and reliable
financial authority" the properties to
go into the combination will be the
Coppermines Co. and the Chairman
Consolidated Copper Co. controlled
by w. ID. Thompson, and the Butte
& Ely Co, already controlled by the
Giroux Co
II is understood that the new com
panys capital stock will consist of
400,0 shares. par $50; the propos-
ed bonds will be convertible into
stock Giroux now has a capital of
100000 shares. par s..
In effeeting the merger Gironx
stockholders will be offered one
share of new stock for each ten now
held while Butte & Ely will go in at
1 for 25. Just how the Thompson
companies will fare has not yet been
learned.
Giroux reported 1921 900 tons
OF 2es and 6,599.000 tons of 1860
ore at the end of 1911. which
amount was not increased during
1912. When Coppermines Co, was
year, he estimated that II contained
500, 900 tons of 2laos copper ore.
Drills in the Butte & Ely ground cut
ore averaging from 1889 to 2.O1Pe
copper.
OF the 100000 Butte 4 Ely
shares. Groux acquired 24s.575
several years ago.
Under the proposed plan of ex-
change Giroux stockholders will be
allotted 10000 of the 100000
shares while 175.000 will care for
conversion of bonds. There will be
needed In addition 10000 shares to
take up the Butte & Ely stock. leav-
Tng available for the acquisition OF
Thompson properties $4,000 shares.
The syndicate headed by T. F.
Cole secured control OF Giroux six
years ago at $3.50 a share. AT the
same time w. b. Thompson sought
control and offered. II is understood,
$3.50 "A share notwithstanding
which fact the property was turned
over to the Cole-Ryan interests
No announcement has as yet been
made by either Giroux or Copper
mines interests. but 1t has long been
known that plans to this end were
being worked. II may be that a
number of details are not yet COM
pleted, and therefore the official an
nouncement may not be made public
for some time to come, but the In
formation as furnished by the News
Bureau is no doubt dependable.
The pending merger has revived
the predictions of a boom for Ely, by
the erection of smelling plant to
treat the ores of the combined prop
critics, the building of more railroads
in and into the district, and an In
flux of population that would of
course result. All these possibilities
4spell prosperity, but as yet are in the
embryo state and as to where the
smelter is to be erected and what
water rights may he utilized for pow
er purposes are the merest surmise,
and will be until the reorganization
Is effected and the enterprise financed