The copper era., 1907-10-24
Greene Company Annual Report.

That the annual reports of the
Greene Consolidated Copper company
heretofor have included the accounts
of both the Greene Consolidated, a
holding company, and the Cananea
Consolidated Copper company, of
Mexico, an operating company, max
ing them appear as the report of the
Greene company has been made plain
to some minority stockholders OF the
Greene company by officials and
directors of the Greene Cauanea
Copper company
The only assets of the Greene Coz
solidated, according to Treasurer
Fraser, is the stock of the Cananea
Consolidated Copper company, d
Mexican corporation which operates
the Greene copper mines. The 81
per cent. of the Sierra Madre Land
& Lumber company stock, appearing
last year in the Greene report as an
asset of more than 100000, was
never in the Greene Consolidated
treasury; but rather in that of the
Furthermore the 100000 shares of
Cananea Central stock supposed to
have been held in the treasury of the
Greene Consolidated were virtually
the property of the Cananea Consoli-
dated which in turn was and is co.,
trolled by the Greene company.
Therefore, the Greene Consolidated
dividends have been subject to divi-
dends on the Cananea Consolidated
shares, which it owned and in turn
the disbursements when and if started
on Greene-Cananea shares will be de-
pendent upon dividends declared by
Greene Consolidated and Cananea
Central.
Before the annual meeting ad-
journed Treasurer Fraser told the
stockholders present that upon the
sumption by him of that office just
subsequent to the acquisition OF con-
troll by the Cole-Ryan management,
he Immediately inaugurated system
whereby the accounts of the Greene
Consolidated and Cananea CONSOLE
dated would be kept entirely separate
and distinct.
One attorney present asked what
disposition had been made of the
100000 shares of Cananea Central,
what price was received, and to
whom sold. He was told by Mr..
Fraser that they never stood in the
name of the Greene Consolidated,
but rather in that of the Cananea
Consolidated, and consequently the
question could not be answered at Il
Greene meeting. An endeavor to as
certain the disposition of the 81 per
cent. of the Lumber company stock
as d S7,OOO,OOO asset last year by the
Greene Consolidated report brought
forth the reply that the Cananea
Consolidated held this stock also, it
never having been the property of
the Greene Consolidated. Mr.. Fraser
also said that the Greene Consolidated
never owned the mines in Mexico,
but merely owned the Cananea Con-
solidated company. The present
officers of the latter corpora
tion are: Thos. F. Cole, president;
a. J. Campbell, treasurer; G. a. Dun
can, assistant treasurer.
a stakeholder who attempted to
discover who sells the copper pro-
duced by the Greene's operating
company was told that there is at
present litigation in connection with
the selling contract. The United
Metals Selling company is still
handling the company's output, al
though under a new contract the
American Metal company should
have received the disposition of this
output since the middle of the cur
rent year. 1t is interesting to note
that B. Hochschild, of the American
Metal company, appears on the books
of the Greene Consolidated Copper
company as the holder of 100 shares,
he not having as yet exchanged for
the Greene Cduanea certificates
Boston News Bureau.