Phelps Dodge Corp - 50 PiecesInv# WW1030
Male figure seated above a huge factory open pit mine scene by American Bank Note. Blue and green. 50 pieces.
PHELPS DODGE CORPORATION
Office: 99 John St., New York.
Officers: Walter Douglas, pres.; Cleveland H. Dodge, Arthur Curtiss James, Jas. McLean, v. p.'s; preceding, with Dr. James Douglas, chm.; Geo.B. Agnew, Francis L. Hine, Wm. Church Osborn and E. Hayward Ferry, directors; Geo. Notman, sec.-treas.; A. T. Thomson, ast. to pres. and comptroller; S. W. French, gen. mgr.; A. V. Dye, asst. gen. mgr.; J. Millarcl Jones, British agent. .
Phelps Dodge Corporation assumed all the assets and liabilities on April 1, 1917, of Phelps, Dodge & Co., Inc. and continued the business of the former company with the same Board of Directors and official staff. It is proposed to dissolve Phelps, Dodge & Co., Inc., and to distribute stock of the new corporation, share for share, to stockholders of the old corporation.
Phelps, Dodge & Co., Inc. was the holding company for its subsidiary companies. Under the new plan the name of the Copper Queen Cons. Mining Co. was changed to the Phelps Dodge Corporation, its capital stock increased and the properties of the Detroit Copper Mining Co., the Burro Mountain Copper Co. and the Stag Canon Fuel Co. were transferred to it, also the stocks of the Moctczuma Copper Co., Bunker Hill Mines Co. and the Phelps Dodge Mercantile Co., together with the remaining assets of Phelps, Dodge & Co., Inc. This gives direct ownership and operation by a single company. The former companies are known as branches with the exception of the Moctezuma Copper Co. and the Bunker Hill Mines Co.
Phelps, Dodge & Co., Inc. was organized as the successor of the firm of Phelps, Dodge & Co., which had a history of nearly a century, its fo'under, Wm. Earle Dodge, having been one'of the great pioneer merchants of America and a noted philanthropist.
Inc. Aug., 1885, in New York. Cap., $2,000,000; shares $10; increased to $50,000,000 in March, 1917; $45,000,000 of which is now outstanding having been exchanged share for share for stock of Phelps, Dodge & Co- incorporated. Dec. 14, 1908, in New York with capital stock: authorized, $50,000,000; outstanding, $15,000,000; shares $100. The capital stock was issued for the purchase of the entire stock of the Copper Queen Consolidated Mining Co., at $135 for each $10 share, $27,000,000; Moctezuma Copper Co., at $307 9/13 for each $100 share, $8,000,000; Detroit Copper Mining Co. of Arizona, at $150 for each $25 share, $6,000,000; Stag Canon uel Co., at 800 for each $10(1 share, $4.000,000; held for future issue $5,000.000; total, $50,000,000. Stock listed on New York Stock Exchange. Annual meeting, first Tuesday after first Monday in April, at 9!) John St., New York. Books close 10 days before and reopen day after annual meeting. Stock transferred at office of the company. Farmers' Loan & Trust Co., New York, registrar. Comparative General Balance Sheet: Assetsâ€” Propertv & Equip. Deferred Cash Other Current Total
1910 $39,268.558 $2,703.213 $7.740,519 $15,735.012 $00.513.003
1915 38.550,942 (a) 2,130,583 5,889,305 11,375.526 57,!H6,a56
1914 49,392.281 264,076 4,891,697 4,687,999 59.236,053
Liabilitiesâ€” Capital Stock Current Surplus Total
1916 $45,000,000 $5,826,777 $15,087,126 (b) $60,513,903
1915 45.000,000 4.008.492 8,337,864 (b) 57,946,350
1914 45,000,000 7,224,944 7,011,109 59,236,053
(a) After deducting $6,853.466 for depletion of ore and coal and $4,850,- 854 for depreciation, (b) Balance Dec. 31, 1915, $8.337,863; earnings for 1916, $24,030,904; deduct ore depletion and plant depreciation, $2,056,642; and dividends, $14,625,000.
Earnings: $0,025,740 in 1909; $9,099,910 in 1910; $7,283,509 in 1911; $10,411,535 in 1912; $9,581,494 in 1913; $0,891,051 in 1914; $10,981.512 in 1915; $24,030,904 in 1916.
Dividends: company pays a regular quarterly dividend pf $2.50 per share and al?o extra dividends; these were $2 each per share in 1909. 1010, 1911; $5 in 1912; $6.00 in 1913; $4 in 1914; $10 in 1915; $22.50 in 1910; $20 to Oct., 1917. Total dividends to July, 1917, $60,590.527.
Company controls through personal holdings of its officers, the Old Dominion Co., Old Dominion Copper Mining & Smelting Co., United Globe Mines and Commercial Mining Co. Members of the old firm also control the El Paso & Southwestern railway, a road that, while built originally as, an outlet for the Copper Queen mine, has expanded steadily and bids fair to develop eventually into a transcontinental trunk line. The same interests are very large shareholders in the Rock Island and Great Northern railways.
The company controls, some of the richest and most productive copper mines in existence, all able to make copper at unusually low costs, as is evidenced by the great increase in dividends of subsidiaries in 1910 over 1909, in a year when decreased dividends were the rule with a great majority of the large copper producers of the world.
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