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Show W THE SPLEEN OF THE COLONEL AND THE COURT OF COMMON SENSE H A noticeable decline In the price of copper fl . stocks on the eastern exchanges has occurred B within the last ten days. Utah Copper has been H! the principal sufferer. It was at first supposed V that the general weakness of the New York stock M market was responsible for the decline, but on m Monday a more tangible cause appeared. The H cause was Col. B. A. Wall, of Salt Lake City. m Failing to impress the capitalists by his damage H suit instituted in the Utah courts, the Colonel has H carried the war into Africa, otherwise the federal B courts of the eastern jurisdiction. From a Tren- H ton, N. J., judge he secured an injunction re- H straining the Utah Copper from going ahead with H the merger plans that were to be perfected at a H special meeting of stockholders on January 17. H The complaint on which the restraining order H was issued was made by Col. Wall and Charles H W. Graham, as Utah Copper stockholders. Among H other grounds the document set forth that the Hi proposed merger of the Utah Copper, Boston Uon- Hj solidated and Neva Consolidated would be a H violation of the Sherman anti-trust law, and that H the offer of Utah Copper stock in exchange for H Nevada Consolidated would be derogatory to the H rights of Utah Copper stockholders unless the H latter were first given a chance to subscribe for H the additional shares. The injunction is tem- M porary, and argument on a motion to make it H permanent will bo heard on January 24. The H special meeting of Utah Copper shareholders was H called to consider a pioposal to increase the cap- Hi ital stock of the company from $7,500,000 to $26,- H, 000,000 and to offer Utah Copper stock in ex- H change for Boston Consolidated on the basis of H one for 2 and for Nevada Consolidated on the H basis of one for 2. The understanding was that H every holder of ten shares of Utah Copper was m to be given the privilege of subscribing for one H new share at $50. As the injunction made it II- H, legal to vote on these proposals, the special M meeting was postponed until January 25, the day B after the argument on the injunction, which the B Utah Copper attorneys expect to be dissolved. H m It is difficult to say what view the eastern B courts will take of the arguments advanced by B Col. Wall. There is, however, no question of the B verdict of the court of common sense. The alle- B gation that a merger of the Utah Copper and B Boston Consolidated, even with the Nevada Con- B solidated included, would constitute a comblna- B tion In restraint of trade appears laughable to B those who know anything of copper mining con- B ditions. Col. Wall himself must have smiled B when he suggested it. Instead of restraining B "trade," otherwise copper production, the prin- B cipal object of the Utah-Boston consolidation is B to increase production by making available for B commerce a vast tonnage of ore along the Imagl- fl nary line which separates the adjoining proper- B ties. Compulsory separation of the two com- B panles would constitute a real restraint of trade B by preventing the mining of ore along the boun- B dary and increasing the cost of handling ore B whose removal was not inhibited by a conflict of P territorial rights. There has never been the least B doubt as to the benefit that would accrue both B to the Utah Copper and the Boston Consolidated B' by the obliteration of the theoretical mark that B divides them. For eight years this end has been B pursued by both companies. Differences as to B the apportionment of new stock always stood in B the way until last month, when, after infinite la- Wm bor, a valuation was agreed upon as fair and LM equitable. It is this hard-won victory over self- B lsh interests that Col. Wall seeks to negative by B his hectoring suit. H B When Col. Wall made the claim that the Utah B Copper had taken some million dollars irom one I w of his properties and demanded compensation, he was well within his rights. Even those who doubted the extent of the alleged depredations admitted that he had taken the proper com ho to adjust his grl j,nces. The remainder of his campaign, cam-paign, however, can be characterized as uotning more than a manifestation of spleen and spite. His elaborate attempt to make it appear that a receivership re-ceivership and an injunction against the payment of further dividends were necessary to safeguard the solvency of the Utah Copper, deceived no one. In the present action in New York there is not even the pretense of a legitimate personal interest. Col. Wall will gain nothing as a Utah Copper shareholder, for he sold virtually ms entire en-tire interest therein with a great flourish of trumpets, trum-pets, five years ago. As a stockholder in Boston Consolidated he would actually suffer from the maintenance of the anti-merger injunction, smce the Boston will be a more valuable property when joined with its neighbor than it is alone. Those who have Worked to bring about the merger are naturally Indignant at this gratuitous mterier-ence, mterier-ence, and the best friends of Col. Wall make no secret of their regret that he sees fit to embitter his declining years and misuse his great wealth and high abilities In gratifying a senseless grudge, Instead of devoting his talents to more worthy objects. f j . Taking" advantage of advance Information concerning con-cerning the filing of a $6,000,000 trespass suit against the Columbus Consolidated, a coterie of traders, names unknown, started a bear raid on the popular Alta share and beat It down below 95 cents. The movement was not conspicuous for its success. Instead of dropping out of sight when the news of the suit was published, Columbus Colum-bus actually grew stronger. Officers of the Columbus Co-lumbus say that the suit of Hugo llettlch, who claims that his Frederic, Crown Prince and Dawes properties have been looted, Is based on a misapprehension, mis-apprehension, and will be dismissed when the plaintiff examines the Columbus workings. The Columbus is earning about $1,500 a day from its ore shipments. The weather has been remarkably remark-ably good to Alta, the roads remaining open longer long-er than during any other winter of recent years. It Is hardly woi th while to speak for or against the new Nevada-Idaho gold camp, Jarbrldge. There will be a big rush to the district In the spring regaidless of the exhortations of the newspapers.. The familiar townsite boom; the rich returns on ham and eggs; the big profits on low grade cots and beds, and, It Is to be feared, the fatal desert pneumonia, will be witnessed. If the development of paying mines were only as sure as the other phenomenon, no one would hesitate hesi-tate to advise the adventurous miner to join the stampede. But the mineral resources of Jarbrldge are still an unknown quantity. Ja one pretends to have made "more than a surface examination of the district and the substance of that reading is that the veins are low grade propositions and that the oie will be refractory, calling for cyanld-lng cyanld-lng or chlorlnation processes In Its treatment. With this knowledge it is not difficult to forecast fore-cast the future, even if the mineral deposits are as extensive as the boomers assert, wiien the country is all staked, by poor men chiefly, we shall hear the pressing appeal for capital capital capi-tal to open up tonnage, capital to build mills, capital capi-tal to transport supplies. While capital is deliberating de-liberating in its conservative way, potential millionaires mil-lionaires will be going about with their toes sticking stick-ing through their boots, and th- hole camp will suffer from the sickness knovn as "nope deferred." de-ferred." Jarbridge may make good; everyone In Utah hopes for the best. |