The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-07
COPPER HOLDING co.
TO Be DISSOLVED
Amalgamated, With $685.
$4,000 Of Stock, to Re-
lease Anaconda Holdings.
CASH FOR SHAREHOLDERS

The Amalgamated Copper Company.
with It's sl53.ss7,9oo Of outstanding
stock, the holding company In control OF
the Anaconda Copper Mining Company
through ownership OF a majority OF the
Anaconda stock. Is TO be dissolved the
day of the holding company has passed
and public opinion Is against 1t in the
opinion Of the directors Of the company.
Therefore the Anaconda is to be turned
over TO direct ownership Of the share
holders Of the Amalgamated.
The passing OF Amalgamated marks
the end OF one of the biggest OF the mold
ing company combinations which started
.b. period of constructive corporation
building on a large scale some nfteen
years ago. Other big holding COM
panies, notably the two railroad exam
ples of Rock Island and New Haven.
have collapsed of topheaviness. ANAL
gamated In in an entirely different POSI-
ton. ending its existence with dfstri-
button OF stocks OF its subsidiary and
cash 10 its stockholders. worth In the
total at closing market prices yesterday
Sl.2b over the closing price OF Its own
shares.
one of the reasons for the prospec-
tive dissolution, as stated yesterday oy
John u. Ryan. the president, In letter
to shareholders, is that the New Jersey
law OF 1918, the "sev\i sisters OK
woodrow Wilson, has rendered the right
Of the company to acquire stocks OF
other companies in addition to those al
ready held very doubtful and restrictive.
Amalgamated was organized in 1899
with an authorized capital stock OF
S75,Oo0,000, increased in 1901 to $1b0,-
100000 A result OF the dissolution will
be the saving OF 100000 year In In
come and other taxes to the property In
addition to a saving OF administration
expense.
on by the stockholders at the annual
meeting on June /. 1t Is accepted that
4. will be approved The arrangement
based on the market value OF the two
stocks. Anaconda and Amalgamated. IL
a simple one. There are 1.53s.s7a share:
Of Amalgamatcd. of par value OF 500
and 3.327.93, shares OF Anaconda
owned by Amalgamated of a par value
OF s25. Par values have been disre
garded in the distribution plan. Each
share OF Amalg amated is to receive II
dissolution two shares of Anaconda.
The remainder of Anaconda. owned b,
Amalgamated. something over 100000
shares, is to be offered to stockhold
ers of Amalgama:ed at par of s25. Il
the amount Of one share OF Anacond;
for every six shares of Amalgamated
The proceeds of this sale, after payinl
the 100000 OF net Indebtedness OF Anal
gamated. will be sufficient to distribute
To Amalsamated stockholders SO a shar
on completion of liquidation.
At closing market prices yesterday o
FAX for Aralsamated and 35h 70
Anaconda. shareholder OF Amalga
mated will receive in the distribution
S7050 in Anaconda stock. SO In cas-
and about sl.75 In rights to subscrib
to the remainder Of Anaconda stoc
held. This is a total Of about s75.25, o
31.25 more than the value of the Anal
gamated stock at closing yesterday.
Anaconda at the annual meeting o
May 10 will cut the number of Its share
in half and double its par value, wit
the result that each Amalgamated stock
holder Will get In the end one new shar
OF Anaconda. equivalent TO two of tn
old. for each Amalgamated share.