Weekly journal-miner., 1917-03-28
INTERESTS ID BE l. GROUPED UNDER ONE HEAD
REORGANIZATION OF IN THERMAL MACHINERY OF PHELPS DODGE & CO. TAKING PLACE; NEW COMPANY TO SUCCEED.
(From Sundays OaIIy)

I he increase Tn the capitalization Ot the Copper Queen Consolidated Min ing Company from $2,00O,000 to ESQ., 100000 is said by the officials and counsel of the company to be merely step in the reorganization of the in ternal machinery of the big Phelps Dodge organization. It is believed, however that the move is the first to- ward the eventual retirement of the present Phelps Dodge & Co.,, Incor- porated, stock, on a share for share basis for a new Phelps Dodge Corpo- ration issue.
 The parent company has S45, ,0O0,- 000 stock outstanding out of S50,000,- 900 authorized. The Copper Queen is the principal subsidiary of Phelps, Dodge & Co, Incorporated, and this corporation will pass out of existence after the Copper Queen has taken over the stocks of the other subsidi- aries of the Phelps Dodge organiza- ton. Having then become the prin- cipal and only important subsidiar, of Phelps, Dodge & Co.,, Incorporat- ed, the Copper Queen will change its name to Phelps Dodge Corporation, and the outstanding stock of the par ent company will be called in. After the substitution the present holding company will virtually cease to exist and its affairs will be wound up as rapidly as possible in order to permit of dissolution. It is also intimatcd that the Copper Queen, when it changes its name, will alter its par value to S25 in order that its market quotation will De low enough to place 1t among the trading favoritcS. At present Phelps, Dodge & Co.,, Incor- porated, stock would sell probably below what it would command if it's market were an active one and its fi- nancial position a matter of interest to traders and investors. On Sl00 par value 1t pays Sl0 year regularly, to- gether with various extras, but while listed on the Stock Exchange the records show no transactions in more than year. Its last price was well above what the average trader con siders attractive and the infrcqucncy of its transactions ncccssitateS the putting up of liberal margins. Many stock houses will buy 1t outright only. 4 reduction in the par value of the stock would place its market within the purvicw of traders and with the copper stocks likely to occupy the center of the stage for some months, if not years, the wisdom of reducing the par value so as to increase the stocks trading attractivcncss is ap- parent IL is not likely, however, that definite steps will be taken for few weeks towards assembling the vari. ous subsidiaries under the Copper Queen management and two or three months may be required to complete the internal reorganization started on Tuesday.
 Inspiration, like other copper com panies that are cndeavoring to i'm crease their production, is finding out that the demand for steel of all kinds is making it difficult to carry out plans for improvements. Orders for machinery arc delayed many months and manufacturers of mining machin- cry are away behind on their orders. Inspiration has been unable to equip its two proposed additional units and it therefore still kept from fulfilling that part of its program which called for an increase in milling facilities from Is to 20 sections. Handling l6,- 900 and sometimes l7,0O tons of ore daily, Inspiration continues to give an excellent account of itself Cold weather had some effect on metal lurgical results in Notation treatment owing to freezing of water Next Winter this will be overcome, if pos. siblc, in the use of warm water, heat ed from exhaust steam pipes. Since December Inspiration has been run ming through ore which has been lean in comparison with the average grade of the mine. This has been reflected in smaller copper output. When this top orc encountered in sluicing opcr- atiOns has been removed production will once more come from material of d higher copper content and more nearly in line with the mine average.
 Recent wage advances 10 the min CTS of the Jerome section, made in conformity with the advance in the average price of copper per pound during February, will raise the mine 'a'- ~oil of that section to above T00,- eco ;hiS month.
 The output of copper for March will be in excess of 100000 pounds. At an average price of ? cents per pound, this output will have d value of about $2,700,000. Twenty-Five min ing properties are undergoing devcl- opmcnt there. and within few weeks about dozen other properties will again be operative. BARE POSSESSION