Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1914-04-25
TO MEET ON SALE
Of COPPER WKS.
Stockholders of international
Co. to Meet May rs at
Special Session.
ANACONDA co. PROPOSITION
Raritan Plant Here is Termed
the Worlds Largest
Copper Refinery.
ANACONDA co. PROPOSITION

Sale OF the Raritan Copper Works,
the worlds greatest copper refinery
and other holdings of the giant In
tenationtl Smelling and Refining
Company to the Anaconda Copper
Mining Company, Will be taken up at
o special meeting of stockholders of
the International Company on May
26, next. They will then act upon
the proposition advanced by the An
aconda company to purchase all the
assets and business of the smelling
company, on the basis OF 3.3 shares
OF Anaconda for every one share of
the international company stock.
Details concerning the contemplated
purchase will be issued with notice
OF the meeting within the next few
days
The transaction involves approxi-
mately $4,000, 900, large portion
or which Is tied up In the smelling
plant here In event of the aceui-
sition, the Anaconda company will
be greatly benefited, mining author
tiles declare, as it will be able to re-
nne all OF Its own product, as we'll as
doing large custom business. The
issuance of 100000 shares OF Ana
conda stock will increase the COM
pany's dividend requirements at the
present rate of 50 per share a year
by $4,000. This, 1t is claimed.
however, Will be more than offset by
the earnings of the International
Smelling and Refining COMPANY.
which have been considerably In ex-
cess of $40 share since It's incorpo-
ration. In 1909 the International
concern earned 1886 per cent on its
outstanding capital of $1O,O00,0O0.
In 1910, 1t earned HOOP per cent;
In 1911. 1919 per cent, and in
1917, 11.O6 per cent. The earnings
for the past year have not yet been
made public, but it Is expected that
they will show considerably better
than 10 per cent earned on the
stock.
The purchase price of the Interna-
tlonal Company is approximately
~ ,220,000, figuring Anaconda at
S34 share. On the curb, the stock
of the International is 116 bid rep
resentlng market value OF the 100
o00 shares of approximately Sill
600, 900.
Under the terms OF purchase. the
Anaconda company will be required
TO issue approximately $50, 900
shares of its treasury stock for the
100000 shares of the stock of the
International Smelling & Refining
Company outstanding. This will in
crease the Anaconda's outstanding
capital from $10S,312,5OO to $116.-
562, 800.
The most important properties
that will fall to the Anaconda should
the deal go through, are the Raritan
Copper Works, the entire capitaI
stock of which is owned by the Inter
national. The Raritan company op-
crates the worlds largest copper re-
finery, its plant having a monthly
capacity OF from 35,000,00O to &c.
100000 pounds, or from 420, 900, 900
to 432,0O0,O00 pounds of refined
copper year. Other properties that
the Anaconda will acquire include
the copper smelling plant at Tooele,
Utah, and a lead smelter at the same
place and the railroad known as the
Tooele Valley railroad which runs
from the main line of the San Pedro
Los Angeles, & Salt Lake railroad to
the smelling plant, and lead smelt-
er at East Chicago, Ind The Inter
national company also is construct
ing q copper smelter in the South
west on land purchased from the
Miami Copper Company, which will
have a daily capacity for treating
about 5000 tons Of ore. 1t is ex-
pected that this plant will be com
pleted and in operation by the end
of the current year or early In 1915.