Rensselaer Semi-Weekly Republican, Volume 38, Number 46, Rensselaer, Jasper County, 23 February 1906 — HEINZE LETS GO. [ARTICLE]

HEINZE LETS GO.

I, f 1 Transfer of Copper Mines Made <o Amalgamated Company. The seven years' war of the copper tnagri:ites’lST - Mon fans. which has ’’fined the courts w-ith lawsuits in which S4(X),000,000 was Involved, and which "has been one of the greatest fi:inn<lal struggles on record, came_to_an ehd _Tuesday,_The_ treaty of peace between F. Augustus Heinze, the spectacular. Amalgamated was the direct result of - -the- deals which have resulted in the formation of a giant copper and lead trust. The first, public act in this connection was the filing at Butte, Mont., Of papers by which all the mining ground held by Heinze, or the United Copper Company, the ownership of which is* in dispute, was transferred, to Thomas F. Cole as trustee. The transfer also includes the smelter of the Montana Ore Purchasing Company, a Heinze corporation. As to terms the United Copper Company receives $25,000,000, part cash and part stock, of the new company. The. proportion of cash is placed at $15,000,000 to $20,000,000. Under the new arrangement the United Copper output, which has been 40,000,000 pounds of refined copper a year, will be reduced to 12,000,000 or 15,000,000 pounds. The new company, starting with a production of 25,000,000 to 30,000,000 pounds, will increase that to some 75,000,000 pounds by opening up properties which have byon closed by injunction. F. Augustus Heinze entered the Montana copper field in 1895 as an engineer. • Ile .soon started a smelter and in a little while became a big factor in the copper field. Meantime Heinze got into trouble with his rivals over disputed territory, and lawsuits were started. In 1899 the famous Amalgamated company was organized. It was headed by Marcus Daly, who was backed bj-the Rockefellers,- H. H. Rogers, James Stillman and other Standard Oil financiers. Heinze fought the whole crowd, and his- -knowledge of local conditions gave him an immense advantage.