Bisbee daily review., 1905-09-24
new$ of t11ining, Stocks and fl1arket$
GREENE CONSOLIDATED IS
 GIVEN GOOD SEND OFF
FAVoRAeLY REGARDED BY THE
 PHELPS-DODGE EXPERTS.
No Lenger a Question of Ore Supply
 That Bothers Management, But One of Economy of Gigantic Operations.


 The following concerning the Greene Consolidated appeared in the last Walker letter to the Boston Commer- cial
 Greene Consolidated is very favor ably regarded by the experts in the employ of Phelps, Dodge X Co. This is proved by the fact that practically every western mining man who comes in direct contact with these experts is either holder of the stock or is plan ming to buy some on the first reaction. One of the engineers of the firm named is telling his friends that the Greene undoubtedly owns one of the world $ greatest copper deposits. While there seems to be good basis for the belief that Phelps, Dodge & Co. have added considerably to the 15,000 share block of Greene stock which they purchased around s10 a share it cannot be stated positively that such is the case.
 ''Tne property of the Greene Consol sion of surprises to the mining profes- sion as those occasioned by the at one time unexpected richness of the United Verde, or by the wealth of ore opened in a supposedly barren portion of the Bisbee district by the Calumet x Ari- Zona company. The Greene property had been known to copper mining in terests for many years, and the expert report sthat have condemned it would fill volumes. Several attempts were made 10 work the property before the ownership passed to Colonel Greene and associates, and everybody was con vinced that it was comparatively worthless. There were many things about the manner in which the com pany's stock was disposed of that called out severe criticism, and the early operations of the mine and the shelter were not wholly of charae- ter to inspire confidence
 Even after development work had opened up the property and disclosed dated has furnished as great a success a large amount of ore it was difficult to find a mining engineer of standing who would give it his unqualified en- dOrsement, and at least one wrote a report at this stage most severely con demning it. Continued operations and developments have now fully demon strated the property's worth, however, and the management has meanwhile
 
 a question of ore supply that bothers the management, but wholly one of economy of operations. Greene cop per costs more than 10 cents per pound, and the problem is to reduce the cost to 8 cents. The best mining who have looked into the Greene proposition believe that such reduction in cost can, and eventually will, be accomplished.
 At present Greene Consolidated is making about 5,500,00 pounds of fine copper monthly and selling it for bet ter than 16 cents per pound. Its net profit is a little more than $3000UJ monthly, or at the rate of more than $4 per share annually. This means fully 1G per cent on the present sell ing price of it's stock.
 There are three things, however, that have stood in the way of an ad- vance in the price of the stock Tor some time past, and they are: First, the severe public arraignment of Col onel Greene by some of his former as sociates for the part he took in the promotion of the Greene Gold com pany, his continued endorsement and defense of that company and the pay ment of dividends on it's stock. It is declared by many, and evidently be- lieved by more, that the Greene Gold property is absolutely worthless. Sec ond. il is quite generally understood that the Greene Consolidated Copper company is now paying out in divi- dends approximately all of its current earnings in excess of its construction account, and from this it is inferred that the first slight decline in the price of the metal W.. be followed by a reduction in it's dividend rate. Third, tips have been industriously circulated in Boston and New I ork for two or three months past to sell Greene Con solidated stock for a decline to about $15 per share and then buy it for a big advance. It has been explained that this decline would be brought about to shake out a very large inter- est and make possible a change of management.
 ''1he way the market has acted dur ing the past three months has carried conviction to the closest observers that the circulators of the tip represent someone who has been steadily accu- mulating the stock; and now 1t begins to look as though the best policy to fol low is to disregard all of the factors that have been depressing the price and buy Greene stock at the market 1 believe the stock will prove to be an excellent purchase at around $25 i per share"