Bisbee daily review., 1906-06-03
|GREENE CONSOLIDATED
Reports From Boston That There Is Lack of Hanmo-
 ny in Management.
APRIL COSTS ARE
 13.49 CENTS PER POUND.

In view of the developments of the past two days at Cananea the follow ing from the Boston News Bureau re- garding Greene Consolidated is of in- terest at this time:
 Official statements of Greene Con- solidated Co. earnings would indicate no necessity for a reduction in the bi-monthly dividend of 40 cents per share which is due to be declared next Saturday.
 The Greene Go continues to output about 5,000,000 pounds of copper per month, Admitting, as rumored, that it's copper is costing it Is cents per pound and that on present copper market it is showing only a profit of cents per pound upon its present copper output. this would give net earnings of $250,OO0 per month of S500,O00 for two months. as compared with dividend requirements of $400, GOO every two months.
 Apparently everything is not harmo- nious in the Greene camp. Criticism is heard on every side. more especially as regards the purchase by the Greene Go. of the Sierra Madre Lumber Co. from Colonel Greene and his associa- ates for about $600,0O0 cash. It is claimed that this lumber property was never properly surveyed by independ- never properly surveyed it is a serious question what benefits the tireene Co. will derive from its purchase. Considerable selling of the stock yesterday from tIc press reports rom Bisbee that the Greene coLcession 1 covering IA square miles of mining ground in mortimer Sonora had been i thrown open to the public by the ex- | piration of the Greene agreements | with the state, although the reports
 stated tbat the Greene Co. had taken more than 5000 acres of the best lands
 of the concession
 It is understood tnat unde, this con-
 cession Colonel Greene had the right
 to make mineral surveys of this terri tory covering a period of two years,
 during which time he could take title
 to the property desired and abandon
 the balance.
 Why this report should be rcsponsi- r ble for reducing the stock market
 value of Greene shares by S2,O00,000
 in the last hour yesterday is not quite
 clear especially as the Greene Co has
 apparently kept out the best portions - of the concession. When this conces- 2 sion was obtained by Colonel Greene
 and turned over to the company the
 stock market did not reflect this val
 uable acquisition
 Greene stock is scattered from one y end of the country 10 the other, being held by about 1000 stockholders, and . under the circumstances liquidation is
 very easy to accomplish, as there is 2 no persistent buying of the stock from any one source to offset the selling } pressure.
 It is evident from the statement ot 5 Secretary Robbins of the Greene Con t Solidated Go. that the April sales of 2 5,917 900 pounds of copper were made , at cost of over 13.49c per pound : Mir. Robbins states that the April I net earnings were between $250,00C s and s3OO,0 and that the average . price received was 1S.59c. s Admitting that the profits were as s large as S300,0O0, the net profit pel c pound must have been only 5-1c, leav 5 ing the cost 13.49c.
 Of course it is possible that numerous k construction items were charged into It operating expenses which are not or e dinarily directly chargeable to the cost e of making copper. It was understood l. however, that when the company 0 some months ago sold 136,000 share! Of new stock at $25 per share, re Q turning the company $3,4OO,0O0, tha h this new money would take care 0 r all prospective construction charge s and leave a substantial working cap T. tai