Bisbee daily review., 1906-12-25
Ii ERECT BIC SIMPLIFYING
 PLANT
6reene-Cananea Copper Com pany Has One Projected For Cananea Which Will Cost Five Million Dollars.

BOSTON-The board of directors of the Greene-Cananea Copper com pany, to be incorporated within the next few days in Duluth. Minn., for s50.000, 900. will be comprised of men whose names are well known to the copper and financial world.
 There will be but two members of the present Greene Consolidated Cop per company board who vii. serve in lie capacity for the new company. These are Colonel Greene and Myron Nj. Parker.
 The rest of the board will be made up as follows: John D. Ryan, Thomas F. Cole, Norman B. Ream, a director of the United States Steel Corpora ton and member of the executive com mittee, and also large stockholder in Brooklyn Rapid Transit. Cleveland H. Dodge of the Phelps-Dodge Co. and also a director of the Quincy Mining company, James Hoatson. John Cong don and W. A. Duncan.
 N. Y.-In a circular letter Colonel Greene says:
 Several plans were discussed for enlargement of plant, the best means for payment of which, was raising ad- ditional capital by 250,000 shares to be offered the stockholders of the Greene Consolidated Copper company pro rata at price of s25 share. In view of the present financial condition this was considered inadyisable.
 "A plan has been formulated by which 8 holding company, to be known as the Greene-Cananea Copper com pany, corporation under the laws of Minnesota with main offices at Duluth, would take over the stock of the Greene Consolidated and Cananea Central companies. The plan provides for issuance of 2.500,000 shares of the Greene-Cananea Copper company stock which has 9 par value of s20 per share.
 "I,500,000 shares of this stock is set aside for exchange with such stock holders of the Greene Consolidated Copper company as desire to exchange on the basis of one and half shares of the new company for one share Of Greene.
 "One million shares have been set aside for exchange with such stock holders of the Cananea Central as de- sire to exchange on the basis of 1000, GOO shares for the capital stock of the Cananea Central.
 stockholders of the Cananea Cen tral will take over and pay for in cash to the treasurer of the Green Con- solidated Copper company the 100000 shares of the Cananea Central stock held by the Greene Consolidated Cop per company. The price of s4,00O,0O0 cash has been paid in escrow to the Wells-Fargo Company bank Tn thls city, to be delivered to the treasurer of the Greene Consolidated Copper company upon the completion Of the organization of the Greene-Cananea Copper company and legal details necessary.
 "The entire issued stock in the Greene-Cananea Copper company will be used only for exchange for stock of the Greene and Cananea copper companies. None will be offered for sale to the public.
 "The organization of both Cananea , Central and Greene Consolidated Cop per will be maintained until all Of the capital stock of each company has been exchanged for stock Of the ou1id- ing company.
 sDirectors have made a very thor 1 onch examination of the recent de- ! yeiopments of Greene Consolidated property and also of the adjoining properties belonging to the Cananea Central. In view of the very large ore bodies that have been developed l during the past few months. the neces- sfty of increased reduction capacity | becomes more apparent
 Tentative plans and specifications l have been prepared looking to the erection of a new smelting plant to- gether with further increase of 4000 tons daily in concentrating capacity. | which will make total reduction ca pacity of about 10000 tons Of ore per 1 day. The estimated cost of improve !! nnents will be about s5.000, ,0o0."
 E. Y-Ratification of the sale Of | 200 900 shares of Cananea Central | stock to Thomas F. Cole and John D. l Ryan for ,$4.000,oo0 was by vote of 1 sixteen to one.