Bisbee daily review., 1906-02-14
ONE OUT OF 5000
 OBJECTED TO INCREASE
COL. GREENE WRITES TO STOCK
 HOLDER WHO OBJECTED.
Company Has On Hand in Cash and Supplies Over Four Million Dollars.
 Csnanea Compared to Butte.

President w. c. Greene of the
 Greene Consolidated Copper company
 has addressed lengthy communica-
 tion to the only stockbolder out of total of 5000, objecting' to the in crease in the capital stock of the
 Greene company. President Greene,
 after telling the stockholder that his letter of objection was written under
 misapprehension as to the reasons
 for the increase, says in part:
 The treasury stock of the three preceding increases has averaged the
 company a price of s21.54 per share.
 Our plant at present has capacity of 5000 tons a day. We have been.
 and expect to continue, upon a divi- den basis of f per cent every sixty days, or per cent per month, as originally promised. During the past 1 few months our developments at the
 mines of the company at Cananea have disclosed enormously large bod ies of ore running from 2 to 4 per cent in copper, and carrying large sul- phur contents
 The gradual increase of the com pany's business, together with the un. expectedly large development of sul- phide ores, have accentuated the ne cessity of further capital. We have now in excess of s4,400,000 worth of 1 copper unsettled for. The company s mercantile sales aggregate $4,000, 900
 per year. It owns and operates an electric lighting plant, water plant, ice plant, railway service, etc, for supplying the wants of a town of 23,- GOO people which is now at Cananea. This all requires large and constantly increasing capital. With the proposed increase. the condition of the com pany will be practically this:
 We have on hand in cash, equities | in copper sold but undelivered, mer- cbandise in stock, fuel, etc, about S4 100000. With the proceeds of the
 present issue, in addition to that, we | would have s3,400, 900 in cash. The
 company owns 4S6,000 acres of land,
 which, while purchased by the com
 pany several years past at very low Frice, could today be sold for from $5
 to s6 per acre, a valuation of approxi-
 mately 8 900 900 for its landed hold ings. It owns a large proportion of
 the townsite of the city of Cananea
 and other town property which today
 is worth at least s2,000,000. It has invested in plants, etc, at Cananea,
 approximately s12,00o,Oe0. So that the company with a capitalization
 of par value of s1O,000, 900 and market
 value of 5,000, 900, has assets inde- pendent of its mining property of more than the present market value of the capitalization of S25,0G0, 900.
 This is entirely in excess of it's mines. When you take into consideration the fact that the mineral holdings at
 Cananea, Mexico, owned by the com
 pany have three times the area of
 the entire camp of Butte, including all
 of the Amalgamated, Boston & Mon- ! tsna, Heinze, Clark, North Butte and
 Coram properties, which today rep
 resent a market value of more than
 s300, 900 900. together with the added
 fact that the deposits at Cananea ex-
 ceed in richness and value the entire
 camp of Butte, and that we have act
 ually in sight today i'll net profits from the mines in excess of the cost
 of extraction and reduction of its ores
 nore than s100, ,000, 900 in values, the
 proposed increased capitalization to
 $10 ,000, 900 would appear absurdly low