Salt Lake Tribune | 1915-11-18 | Page 10 | Kennecott to Takeover Copper Stocks

KEMEEflTT TO TAKE OVER COPPER STOCKS; i j Guggenheim Exploration to Dissolve; Announcement Causes Slight Recession, NEW YORK, NoV. 17. The Guggenheim Guggen-heim Exploration company, which is a holding company for some of the more , impo riant interests represented hy the Gupgenheims In their various mining operations, op-erations, is to dissolve, according to announcement an-nouncement made todn.y. The Kennecott corporation, in which the Guggenheims and J. P. Morgnn & Co. are eaid lo have large hoklings, will taks over the hoMins of the Guggenheim , Exploration company in T'tah Copper, giving giv-ing its own stock in e-chanc:e. Guggenheim Kxplorat ion will dislrihute to Its shareholders their pn rala sliare of hokllnsa of Ray Consolidated, Chi no, American Smeltinc: A- P.eflninc: common and Yukon (J-old stocks. In addition, e;ich shareholder of Guggenheim Exploration will receive the option of accepting $37 : cash for each share of the new Kenne- : cou stock. The Guggenheim F'xplom tion company 1 Is a New Jersey corporation and was organized or-ganized as a holding company, with stock interests in various mines and mining, properties in Alaska, Canada and the United State?, including chiefly Utah Cop- ; per, Chino Copper. Ray Consolidated Cop- j per. Yukon Gold, and American Smelling & Refining company. The capitalization of the Guggenheim Exploration company Is ?22,000.000 and the par .value of the stork is $2o. Guggenheim Kxplorn tion pold nt the high record price of 73 H on the stock exchange ex-change yesterday- and, with other issues of the same group, has been a market leader. This afternoon, on announepment of thp. proposed dissolution of the company, that stock, as well as most other copper issues, is-sues, declined moderately.