Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-15
BUY GREENE COPPER
THOMAS +. COLE AND JOHN d
RYAN GAIN MORE POWER.

NEW YORK, December 15.-Negotiations
were completed yesterday for the consol-
idation of the Greene Consolidated Copper
Company with the Cananea Central Cop
per Company. property controlled by
Thomas F. Cole and John d. Ryan. who.
as result of deal. will become the
dominating factors in the famous Greene
copper mine Both properties are located In
Mexico. Nearly 100000 Of new securi-
ties will be issued.
Although it is popularity supposed that as
4 result of the consolidation the Greene
Copper Company will pass under the con-
troll Of the Amalgamated Copper interests,
trade authorities who are familiar with the
Messrs. Ryan and Cole are now factors In
the copper mining industry as important as
the Amalgamated Copper Company. They
maintain close and harmonious relations
with the Standard Oil Copper Trust.
Ryan Is president of the Anaconda Cop
per Company, subsidiary company Of the
Amalgamated Copper Company, and Mr.
Cole is the head OF the mining department
Of the United States Steel Corporation.
Their official positions with these two COM
panies are insignificant, however. compared
with their explorations in the copper min
ing industry of the United States and Mex
leo. They achieved prominence in the
financial world by bringing about an end
to the protracted fight between the Heinzes
and the Copper Trust a year ago. and
thereby settled q dispute which had cost
both companies millions of dollars. They
formed syndicate which bought out the
HeinZes and turned the property over to
the Butte Coalition Company, which they
now control.
Less Than a Year Old.
The Cananea Central Copper Company
was formed less than year ago. 1t ac-
quired a copper prospect adjacent to the
Greene Consolidated Copper Company.
wn.ch has since turned out to be one Of
the most valuable undeveloped copper pros
poets in the world. 1t has capital stock
Of s6,0O0,000, of which only 100000 has
been paid in. Its Stock. with s. paid in,
SOLD yesterday at $40 a share.
The Greene Consolidated has a capital Of
100000 shares at $40 par. or SIC. coo
The stock jumped sharply from % to 81
yesterday and closed 1874.
It is planned to form a holding company,
which will exchange its stock for the shares
of the Cananea Central and the Greene
quotations of the two stocks yesterday. the
new company will have capital stock Of
$50, OO0, 600. In this company the Ryan-Cole
interests will be supreme.
Greene Not in Control.
Wall street noted that Col William C.
Greene, head of the Greene Consolidated,
who has had thorny path in Wall street
in his successive contests with Edwin
Hawley John w. Gates, z. H. Hartman
and scores of capitalists of lesser fame, will
drop the reins Of control Of the company
which bears his name.
It was announced that there will be no
underwriting and that the financial plan
when published will involve simple ex-
change of securities The details will be
announced today.
The new holding company will begin with
an output of 100000 pounds year. The
aggregate output of the Ryan-Cole COM
panies will then amount to at least $50, Co.,
COO pounds annually. The aggregate CAPT.
talization of the properties controlled by
the Ryan-Cole group has now market
value of about $3.50, 100000. The selling
value Of Amalgamated Copper is SITE, 25O,-
0N.
Since Mr. Cole and Mr.. Ryan began to
organize and develop copper properties they
have launched and developed the following:
Butte Coalition, North Butte, Superior and
Pittsburg. Calumet and Arizona, Cananea
Central and in the Lake Superior district.
the Keweenaw Copper Company and the
Hancock Consolidated. To this group will
be added the Greene Consolidated Copper.
Only three of these companies are in the
development stage.
Marked activity in Greene Copper stock
occurred yesterday on the curb. foreshad-
owing the termination of the deal. About
100000 shares of stock were dealt in during
the day. 3