Bagdad

SEVERAL distinctions can rightfully be accorded the Bagdad enterprise. For one thing, it has the most romantic name among the Porphyry Coppers and this is said with all due deference to Copper Queen and Inspiration! Bagdad was one of the richest and most magnificent cities of the glamorous world of the Arabian Nights. The record does not say who was responsible for applying the name Bagdad to the company that in 191 1 took over the property of the Arizona-Nevada Copper Company; but whoever it was must have had visions (or at least hopes) of a fabulously profitable mine. So far as I know, Bagdad is the only Porphyry whose owners, or officials, ran afoul of the law because of alleged sins of omission or commission in vending shares of the company's stock. E. B. Bronson, of New York, had been interested in Bagdad since 1909; and, during the lean period of the 1930's he had, as president of the corporation, endeavored to raise needed funds by the sale of 140,000 shares of treasury stock. Some legal questions arose as to the need for registration under the Securities and Exchange Act; but, when Mr. Bronson finally filed a registration statement, the New York office of the Securities and Exchange Commission found 155 "deficiencies" in the document. According to the judge who later heard the criminal case against Bronson, no evidence was introduced to show that he had personally benefited "to the extent of one dollar." However, it was charged that the setup was such that he was in position to profit if he had wanted to! A somewhat quixotic position, it would seem. In any event, he was convicted, on highly technical