Bisbee daily review., 1904-03-17
Statement Made
 President Greene
REFERS TO CRITICISMS MADE iN
 THE PRESS.
Says That He Has Not Been Treated Fairly, and Denies That Money Has Been unwiseIy epent-comment and Interview From Boston News Bu- reau.

whereby certain interests in the com pany oesi ed the issue of s2,S00, 900 i convertible bonds but were defeated | in their efforts by Colonel Greene and 1 his associates. who succeeded after a contest in defeating the bond project and issuilg, in place of bonds, IA 900 | shares of new stock to stockholders at s10 q share, it is understood that the resignations of Directors F. A. Ray Barnard M Maruch. John W. Gates and L. c. Weir were requested. but re fused. as they were elected for a year from last October.
 These resignations were requested because it was found that the stock owned by these gentlemen had been sold, and they were persona non grata with the Greene management. The books show that whereas John w. Gates at one time had 22,000 shares of stock in his name. he now has but 1000 shares. and that his clique, which apparently has been working | for the control of the Greene proper ty. had sold a total of S0,000 shares of stock in an apparent effort to force a decline in the price of the stock, dis credit the company and acquire con trol. The only end that has apparent ly been accomplished has been to cause a decline in the stock from s17 to s1e.
 At the special meeting of the stock holoers at which it was voted to in- crease the capital by 1000 shares, 66 per cent of the 720. 1000 shares were voted in favor. but proxies providing for 5000 additional shares were re- ceived by the management too late to be voted.
 The now famous Parish report, which was ordered made by the execu- tive committee at meeting when Messrs. Ray, Hawley. Gates. and Bur chard were in the majority. cost the company s11 coo, and although there is conclusive evidence that certain of the above members of the executive committee had advance information of the result Of the Parish examination two months ago, the company was furnished with a copy of the report only a week before the special stock holders meeting and then received but carbon copy of it, the original going to MT Hawley.
 The Greene interests are now in absolute control of the property and although 1t is unfortunate that the board of directors is not working in thorough harmony, Colonel Greene has a majority of the directors with him and is devoting every energy toward cial position.
 Colonel Greene left for Mexico last week to visit the property. Before leaving, he said to representative of the Boston News Bureau:
 My management has been the sub ject of considerable criticism in the press because of the heavy expendi- ture of money, but I don't think l have been treated fairly. It has been charged that we have spent money like drunken sailors but this charge can not be sustained. The Amalga- mated company spent $7,00o.o00 in building its Washoe plant at Butte, which has a capacity of about 8,000,- 900 pounds of fine copper per month We have spent $4.o00, 900 in erecting at Cananea a plant capable Of treating 9,oo0, 900 pounds of copper per month. yet we are called extravagant In three years we have opened up twen- .ty miles of tunnels in our property, and have brought it up to a produc- tion at the rate of about 5000, 900 pounds per month. There has .nev- CT been a record equal to this in the history of copper mining. .-- .s-
 T think the speed with which we have done our work has worked for lower costs. rather than otherwise. We have endeavored to make every cent count, but in building upon the magnitude that we have. there has necessarily had to be a heavy expend- iture of money and possibly some un- necessary expenditure. We now have a plant practically completed, however, which can turn out 5000 wy PcoAuo OA SoppCf pCi mOulu, ei- though I do not anticipate that we will have euch a production. Six million pounds per month is what we have been working for Tn a plant the size of ours you always have to make allowances for part of the plant being out of commission.
 The Greene company had a float ing debt of but $1.4o0. 600. but one half of that was bookkeeping entries With the 114.00o shares of ne wstock issued at $1o we win pay on our float ing debt and leave $7o0.o0o cash in the treasury as additional working capital. As our construction work is now about closed under the able di- rection of Dr. Ricketts of the Phelps- Dodge stan. ve are getting in posi-