The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-20
PHELPS, DODGE & co.
ASSETS DISCLOSED
Appraisal Of Van Ripper Estate
Recites History Of Most
Closely Held Stock.
INSIDERS OWN 90 PER CENT.
7,347 Shares Of Total Capital
Of $+5, 100000 Valued at
$3.50 Each.

An appraisal filed Yesterday Of the 90.
tate OF Mrs. Fanny Van Week Van Ripper
who died on September 12. 1919 and was
daughter OF Joseph Van Week. one Of
the original members OF Phelps. Dodge
4 Co. discioses the value of all the prop
erty owned by Phelps. Dodge 4 Co.
Mrs. Van Ripers share In the corpora.
ton consisted Of 7.S47 shares. which
were appraised at $3.50 a share. or
total Of sl.322.4so. The Van Ripper es-
tate considered that tll2 share. or II
total of ss22,s6s. was "A sufficient valua-
ton for the stock.
Transfer Tax Appraiser John " Coggey
had more difficulty in determining the
value Of the Phelps, Dodge & Co. STOCK
than Of any other stock In a long time.
for the chief reason that II Is probably
the most closely held SECURITY in the
country. considering that 100000 900 IN
stock Is outstanding. Until few years
ago. nearly every share was held either
by the surviving members of the firm OF
Phelps. Dodge 4 Co. or by legatees OF
deceased members.
The surviving partners then contrib
uted 10000 shares of stock to be sold
to employees above n certain grade. with
three years In which to pay. The only
dealings on the exchange within the last
two years were one OF twenty shares.
which sold at s212. and another Of 100
shares. which sold for S2l5.
In spite Of the figures at which those
two lots sold n half dozen OF the leading
members OF the Stock Exchange. includ-
ing an ex-president OF the exchange. tes-
tilted In behalf of the estate that n price
OF $40 to sac was sufficient because
II would be almost impossible to sell the
block OF 7.341 shares on the exchange at
any price on account OF the small demand
- utsA a II a..
OF Is per cent In 1912.
Son Gets Entire Estate.
There is no likelihood that the Van
Ripper holdings will he offered. because
Mrs. Van RiIer left her entire estate to
her son. Kenneth Bradford Van Ripper Of
l75 West Seventy-second street. with the
provision that II is 10 be held In trust
until he is 80. when he gets Il all. He
receives $4,000 income until he Is Is.
and then all the income. The decedent di-
rected that the executors hold all the
Phelps. Dodge stock and that II the law
permits II the income be invested In
the Phelps, Dodge interests.
George hoffman. secretary OF Phelps,
Dodge & Co. testified that the company
issued $4,000. 900 capital stock In 1908
for the purpose OF taking over four min
ing comprehensive Copper Queen Cor
soiidated. Moctezuna Copper Company
and the Detroit Copper Company. and the
Stag Canon Fuel Company. a coal min
ing concern. None of these stocks was
ever listed or traded in on the exchange.
Mr.. hoffman said.
Only 10 Per Cent. IL Ost.
All the stock except 10 per sent. OF the
Copper Queen Consolidated II owned by
James Douglas. now president OF Phelps.
Dodge 4 Co. and OF all the Other CON-
pani.s and Icy the surviving embers OF
the arm and the legat.es Of deceased
members The members from 1879 to
1905. when the firm dissolved and the
corporation was formed. we're william
Earl Dodge. who died In 1908. d. Willis
James, who died in 1907. and Joseph Van
Week. who died in 1903, leaving Cleve-
land II. Dodge. Arthur Curtiss James and
James Mclean as surviving members.
Mr.. hoffman said that the S45 900. 900
OF Phelps. Dodge CO. stock was ex-
changed for total net assets OF the ether
1 four comosnits having an appraised value
/ OF Sss. 902.6l9. The $4,000. 900 par value
Of Copper Queen stock was taken at n
valuation OF s27. 200 900. the 100000 OF
, Moctezuma stock at $4,000. 900. the $1,000
900 OF Detroit Mining stock at $4,000. 900
/ and 100000 Stag Canon at -. 000, 900,
which the assets of the four companies
, showed to be the actual alue OF the
stock.
Since then the STAG Canyon capital
! stock has been increased S2.500,6 600. all OF
| which was taken by Phelps. Dodge & Co.
and the Burro Mountain Company. which
/ had never worked its property. was
| bought by Phelps. Dodge 4 Co. for e3.-
| $4,000
The balance sheet OF the company OF
December 81. 1911. showed the following
Cash. S2.692s2l: accounts receivable,
| 81 404.636: bonds. $4,000. and stocks,
$40, 700 900. making n total Of $53.S7s,5ls
| Its income for that year was S7.2s3 sos.
The income for 1912 was $l0.4il,535. o.
| which SO O05 45s was dividends on stocks
% its subsidiaries and $4o6.077 commits.
s!ons on the sale OF copper
Mrs Van Riper's total estate was APP
praised at s2.0ts,oo0. OF which $2.Oll.73,
| was In securities.