Show fiGURING EffECT CT Of 01 BUTTE MERGER ON S ANACONDA COMPANY General Agreement That Coalition Gets Worst of the Deal Deal The eastern financial papers have been busy figuring out the effect of the Butte merger terms made by the Anaconda company and all al seem to agree that the Parrot company with wih probably the tue pool pool- 1001 est propel property ty gets the best bEst of the deal while Coalition Coalton one ono of the best of the properties concerned does doEs not fare very well veil wel According to present arrangements arran the he Coalition Coalton will wi not only turn Into the new Anaconda company its Is Red fled Metal and Alice Alce holdings but also its Is in n cash In exchange for Anaconda stock having laving a par value alue of about Commenting on the details of the giant merger the Boston News Bureau says sas It I Is officially stated that the output of Jf the company will wi be at least east pounds per annum and that this yearly early product can be made at ata a cost under 10 cents per pound Wo We assume that this output Is apportioned about as follows Pounds Boston and Montana Anaconda Butte and Boston Suite Butte Bute Coalition Coalton Washoe and Trenton Parrot Total The outstanding stock of the Anaconda Anacon Anacon- da company compan after all al the transfers have been Deen made upon the terms offered will wi he be shares Of this amount 3 shares will wi find their way Into the he treasury treasur of the Amalgamated Copper company as the holder of a majority of old Anaconda and a majority of the stocks of all al the subsidiary properties to be ac acquired ac- ac Butte Bute Coalition Coalton alone excepted In the latter littler company Amalgamated has hasan hasan an ownership of shares There will willi wi i remain emain In the treasury of the Anacon Anaconda a company therefore for fOI further needs 1780 shares hares Where Stock Is Were The following table presents in tabular tabular tabu- tabu lar ar form the distribution and location of the shares o of the new Anaconda compan company com corn pan pany Shares In the this treasury of the Amalgamated Amalgamated Amalgamated Amalga Amalga- mated Copper company Floating stock i g 1100 Remaining in Anaconda 00 Total Amalgamated therefore becomes the owner of 73 p per r cent ot of the tire outstanding Anaconda shares Inquiry into the earning power back baek backof of these shares would seem to indicate that the present 2 dividends on Anaco Anaconda da were ere well wel secured as lon long as copper does not decline below 13 cents per pel pound It I has been officially stated that the operating economies to b be effected by the merger will wi amount to per an an- num If I this prediction is confirmed by actual results It I would seem scent to foreshadow foreshadow foreshadow fore fore- shadow a net operating cost gold and silver reco recoveries eres credited to the copper account account of 9 cents per pound |