Bisbee daily review., 1906-07-29
r1|NES. SHELTERS 2 MARkETSi

washoe and Boston & Montana re- duction plants is completed, the com pany should be able to earn per cent with copper selling at 13 to IF 1-2 cents, and this is lower than the average price of the past 20 to 30 years.
 Greene Consolidated directors may or may not declare the usual dividend at their coming bi-monthly meeting. If the disbursement is predicted on the actual net earnings during the months of June and July, neither past nor future profits being taken into ac- count. there will probably be reduc- tion in the rate. Should there be cut in the dividend. however. 1t will be occasioned by losses in earnings arising from the recent unavoidable strike and riot and it will not in any way reflect upon the character of the company's present management or the extent, grade or value of its ore re- sources. It seems to. me, however. that the directors action should be shaped by a comparison of net earn- ings from the. beginning of the year "ltu luc ul PehN- There would be as much reason for in creasing dividends on the result of |one prosperous month, certainly, as for cutting them down on one poor month
 I have recommended the purchase of Greene Consolidated stock because of the fact that the company has be- fore it great opportunities for in- creased earnings and dividends. If the equipment of the property was completed and up to date, the man.
 agement perfect an dlll problems of | economy solved, the stock would un- doubtedly be selling for three times it's present price. I believed the stock desirable investment because it was paying a large return on the highest | market price at which it ever sold. and | because the management had we'll un- derway the work of remodeling the
 plant. changing the system of mining
 and handling and treating the ore with the end in view of reducing the cost
 of copper produced al least 4 cents per
 pound. The saving from this cost re- ! duction alone will supply the S2,4OO,-
 009 annually required to pay present dividends, even with copper selling at
 If cents per pound.
 | There is absolutely no basis for the
 rumors of decreasing ore values, ex- lhaustion of high grade ore, etc,
 Everybody knows that the company
 produced owed G0.000,000 pounds of copper last year, and know that the gross annual capacity of its plant was
 then only about 100000 tons of ore.
 Therefore, the ore handled must have yielded an average of 50 pounds of copper to the ton after all mill and Ismelter losses. Every copper mining man knows that milling ore of this igrade is exceedingly desirable and lvaluable.
 The Greens "bad management can be made plain in a few words
 too much manual labor. When I wis lited the property, $500 men were em' lployed in all departments. whereas l3,600 tons of ore daily should he handled readily by 5000 men. The illumination of this surplus labor lforce was already underway and ap- Iparently this had much to do with tbringing about the riot It is de, lclared that the leareds of the strikers Icomplained to Governor Yzabal that Ithe Greene company was installing
 labor saving machinery which would throw thousands of them out of em lployment. This. they felt, was excuse
 enough for their belligerent attitude
 I belive that the known copper de. lposits in the Greene pSoperty are lworth s50,000, 900, and that they will
 ultimately pay that amount in profits If I am right, the stock is an excel
 lent purchase at anything under 8; Iper sbare-change or no change in dividend rate.