The copper era., 1902-11-27
The Greene COnpany's Annual
 Statement.
Cananea Herald.

Cananea Herald.
 The annual report of the Greene Consolidated Copper company is re- i ceiving considerable attention at the hands of mining and financial journals and an article of criticism published in a recent issue of the United States h. vestor is being much quoted.
 Among the assets, for example, is an item which reads "Advances to Cana nea Consolidated Copper company s6,. 200, 02O.55. II seems to us that this is clear enough statement of fact. It is no secret thatss<e Greene company has loaned large sums of money to the Cananea company for the development Of it's properties here, and we have not the slightest reason to doubt that the figures given above represent the total Of such advances.
 The Investor asks: Do the Cananea Consolidated Copper company owe the Greene Consolidated Copper company S6, POO, 020. .55, and if so, do the Greene Consolidated Copper company propose to collect the money 50 as to make their balance sheet balance, or is it simply book keeping asset?' The balance sheet says plainly enough that the Cananea company owe the Greene company the amount | named-we do not see how it could be any more explicit on that point, nor do We see why as a plain statement of fact it should be questioned. As to the collection of the indebtedness, we are of the opinion that such matters may be safely left with the directors of the Greene company. We do not believe they are loaning money according to the scriptural plan, Hoping for noth ing again "-not in that amount at any rate; and from our knowledge of Cana nea we believe the asset to be a good one.
 Another thing which seems clear to us from the statement is that the total indebtedness of the Greene company is $1, I24. 645.91 instead of upwards of three million dollars as the Investor makes it. All the other liabilities given in the balance sheet are capital accounts.
 In closing paragraph the writer in the Investor asks, referring to the ex- ed July 31, l9U2:
 ''If that is the way they started out, how much may We expect them to spend during the next sixteen months, and where are the dividends coming frOm?" The question is a ridiculous one, coming from such d source. Any man of ordinary intelligence must know that to develope d property like this to the paying point costs mint of money. The sixteen months referred to cover probably the most active part of the period of construction and de- velopment; and that the expenditures of the future nust continue at the same ratio as during the investment period, is certainly very illogical de- duction.
 A man who has made a very careful study of affairs in Cananea, who is in d position to know great deal about the results of the company's operations and who is withal entirely disinterest- ed, has this to say:
 "No one who has been here any length of time with his eyes open can fail to be impressed with the lnagniti- cent development of Canauea. That so much has been done in so short time is truly wonderful; and when one realizes how well it has all been done the wonder grows.
 The ability of the men who have promoted the enterprise is shown in what they have Gccom plished; and their faith in its sature is. also shown by the character of the work done there is little temporary work and not one bit of sham but everything has been done with the future in view.
 The company is now on a paying basis-that is afs-eetebiished fact; but I~believe that the results of the future will show that, relatively, the profits of the present are only a beginning.
 
 here. The company has great possi- bilities and is officered by men possess ed of the requiste brains and energy to make the most of its every resource and every opportunity.
 Naturally there are some leaks, some high costs as the outset of every en- terprise of the size and character of this one, the management is too occu- pied with the broad plan to give at- tentions to minor details; but that day passed here wit the beginning of the production of copper, and the leaks have been stopped. In my judgment the immediate future will see produc- tion increased, costs reduced, unprofit- able branches of the business made profitable or else cut of, profitable branches stimulated to greater produc- tiveness, organization perfected and the whole great machine regulated to its maximum efficiency