Bisbee daily review., 1919-05-04
BARNEY COPPER
 COMPANY WILL
 BE REORGAN|zED
To Combine With Porphyry Company at Meeting
 in Globe June 2

A special meeting of the stock holders of the Barney Copper com pany will be held June 2, 1919, in Globe, for the purpose of taking ac- tion respecting proposal to amend the articles of incorporation of the company in the following particulars: First, by changing the name of the company from Barney Copper com pany to Porphyry Consolidated Cop per company, and second, by chang ing the capital stock from $5,000,000 dividend into 100000 shares of the par value of $500 each, to 500,000 shares of the par value of $1.00 each.
 The further purpose of the special meeting is to effect a consolidation of the Barney and Porphyry Copper company, as explained in the letter accompanying the notice to stock holders of which the following is a copy:
 To the Stockholders of Barney Cop.
 per company:
 Enclosed herewith is notice of a special meeting of the stockholders of the company to be held at Globe, Arizona, on June 2, 1919.
 Since the formation of the Porphy- " Copper company, which as you know, acquired the Philadelphia group of claims and the easterly portion of the Barney group, the exploratory work within the Barney iPorphyry group and it's accompanying disclos- ures of ore have advanced to the point where more active development of the properties on larger scale is both justified and desirable. To finance for this program the company should have available for sale a larger amount of treasury stock, and to ac- complish that result it has been pro- posed that reorganization be made of this company and of Porphyry cop per company Gin which this company owns somewhat more than half of the authorized capital stock.)
 Taking into account this company's stock interest in Porphyry Copper company and the relative values ot the properties of the two companies, it appears that the respective values of the shares of the two companies are represented approximately by 2.15 shares of Barney Copper company of a given par value to one share of Porphyry Copper company of the same par value. Barney Copper com pany has a capitalization of 100000 shares of $500 each, and Porphyry Copper company a capitalization of 1,50O,000 shares of $1.00 each. The reorganized company would have a capitalization of 5,000,000 shares of $10O each, the name of the reorgan- ized company being Porphyry Con solidated Copper company. In main taining the relative values of the stock of the two companies it is con templated that each share of stock of this company shall be exchanged for 31a shares of stock of the reor- ganized company, and that each share of stock of Porphyry Copper company shall be exchanged for 1 5-S shares. The exchange. .on this basis will leave somewhat more than 100000 shares in the treasury that can be sold for development purposes. The plan has the approval of the holders of more than two-thirds of the outstanding stock of Barney Copper company and we believe that the reorganization will result to the advantage of the stock holders.
 You are urged to be present at the meeting referred to, but if you are unable to attend. please execute and return the enclosed proxy.
 J. D. COPLEN, President.
 K. w. HOLBERT, Secretary.