The copper era and Morenci leader., 1922-06-02
REPORT 0F PHELPS
 DODGE TELLS OF DISTRICT PURCHASE

Under the terms of the merger re gently effected wherby .he properties of The Arizona Copper Go. Ltd, in this district, passed to the ownership of Phelps Dodge Corporation the Scotch company became one of the largest stockholders in Phelps Dodge Corporation. The ordinary share holders of the Arizona Copper Co Ltd this week received copy of the annual report of Phelps Dodge Corporation for the year 1921.
 Phelps Dodge Corporation is or ganized under the laws of the state of New York with capital stock, authorized and issued. of S50,000,O00.
 The directors at present are Geo. B. Agnew Cleveland H. Dodge, Ar .hur Curtis James, E. Hayward Fer ry, Mathew c. Fleming, Francis L Hine, George Notman, William Church Osborn. The officers of the New York corporation are Walter Douglas, President; Cleveland H. Dodge. Vice President; Arthur Curtis James, Vice President; E. Hayward Parry Vice President; George Notman, Secretary and Treasurer; A. T. Thomson, As sistant to the President; Chas. w. Parsons, Assistant Secretary; w K. Flora, Assistant Secretary; John MacNair. Comptroller; P. G. Beckett. General Manager
 The annual report is issued under date of March 23, 1922, and that DOT tion of the report dealing with affairs in this district says:
 It is very gratifying to me to be able to advise you that your com pany has acquired all the property of the Arizona Copper Company, Ltd, in the Clifton-Morenci District The mining claims of the Arizona Cop per Company, Ltd, originally acquired forty years ago, adjoined and inter- . locked with the claims of the Morenc1 Branch, the ore bodies in most cases eX ending from the property of one i company into the holdings of the other A vertical side-line agreement entered into many years ago removed the danger of apex litigation, but the physical difficulties, embarrassment, 1 and expense in the separate eXploita ! lion of these ore bodies and the bene- | ficiation of the ores brought about a i condition which it was obviously to the interest of both companies to re
 move if possible Negotiations have : therefore been in progress for some years towards {, consolidation or a
 purchase by one company of the holdings of the other A mutually
 satisfactory arrangement was arrived
 at last summer by which the Phelps i Dodge Corporation, in consideration of the turning over to the Arizona ! Copper Company, Ltd, of the 50,00O
 unissued shares of it's capital stock
 acquired all the assets and liabilities
 of tha5 company, including the Ari
 Q rT- fot,
 connects Clifton with the Southern
 Pacific at Lordsburg and the Fl Paso s& Southewestern System at Hachita
 This railroad your corporation sold
 to the Fl Paso & Southwestern Sys
 tenn for four and half million dol i lars in cash I addition to the very
 valuable mining properties which we have purchased, we have also acquired
 amongst the assets 4000-ton per day | concentrator, which is susceptible oi
 an increase to 5000 ions, and mo l dern smeltery with a capacity oI /; 5000, ,0O0 pounds of copper per month 1 The conditions of the transaction 1 provided that as long as 90%6 of the 1 50,000 shares was held en bloc, the
 Arizona Copper Company, Ltd, would l be entitled to one representative or l the Board of Directors of Phelps | Dodge Corporation
 1 Through the above transaction this company will be anabled to operate
 these mines at a minimum of ex l pense, and while large sums of money will eventually be required for the | economical development and benefi | cistion of the great tonnage of low
 grade ore existing, there is sufficient | of the higher grade ore to operate the l present concentrator and smelte' 1 facilities at a profit for many yeers