Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1907-11-09
SAYS GREENE-CAAANEA
N FINE CONDITION
Mine Never Looked So Well
and Copper Cost win Be
Reduced.

The following article taken from
Iron Ore viii be Interesting to a great
many Of the readers of this paper:
Iron Ore has frequently been asked
of late concerning the suits in law
started against Greene-Cananea, some
of our readers evidently thinking le-
gal troubles have been encountered.
There has been no action commenced
against the company from any source.
Threats have been made, according to
certain eastern authorities, btu the
rumors were probably circulated 10
still lower the price or the shares.
The short interest has heen very
active one, resorting to all sorts of
trickery to further help their side.
IF there are any dissatisfied hold
ers OF the old Greene Consolidated
company we do not know who they
are When Greene began tumbling
there were some who thought the
drop more sudden and severe than OF
some of the other copper shares, but
summed up Il appears TO be hurt no
more than many others. The reason
| for its uick shrinkage was largely
| due to the stand taken by the com
pany in letting out about 1900 men
and cutting production severely. Nat
I urally. this would have the result of
depressing the shares, but It was the
sort of treatment the market needed,
and if all the producers met the con-
dition so heroically it would be a good
thing for the copper industry.
/ We hear lot OF talk about the div
/ idend performances OF the old Greene
| company, the fair treatment of share
\ holders by Colonel Greene and a lot
( of other things that get into print in
! times like the present. From our
knowledge of the old company we are
! convinced that the dividends paid
may not have been the legitimate
earnings of the mining and smelling
| of the copper of the company. Greene
was a property with a history, and all
its doings were probably not made
public. The wonder to us is that ii
| did so well with SO much having TO be
| accomplished in its opening and
/ equipping. We believe it would have
been better business policy had Col
| onel Greene not paid dollar TO the
| shareholders. 1t would have been bet.
! ter wisdom to have ptu the money in.
| TO betterments. We understand there
were a lot of holders who were clam
oring for dividends, a. is the case N
all such enterprises. The ore depos-
| its were undoubtedly wonderful. but
| there wasn't the best kind of financial
| direction.
! The number of shares not convert
ed into those of the new company is
very small, not three per cent of the
| total capitalization of the Greene-Can-
| anea. We have talked with officers
of the latter organization who tell us
| they have had no notice of a suit, and
know nothing of one being commenc-
| ed. Suits against mining corporations
| are not infrequent and are often start
ed TO affect the price of stock, as wit
ness the one against the Black Noun
tain Mining company, which was be-
! gun for that purpose and so proved in
court by brokers who had been asked
to join in the game, but who had re-
fused.
The best attorneys in Mexico and
the states were engaged in the work
of looking after the legal points of
Greene-CaRanea and everything was
done in accordance with the Mexican
law as well as of the requirements OF
the states. The greatest care was
taken by the recent purchasers to
have every tract of land fully exam
med as to title. to have every feature
| OF the organization gone into thor
oughly, the working taking several
months to perform due to the I'm
mense proportions of the company's
possessions.
Everything has been done honestly
and as the law directs. The Greene
Cananea directorate have no fears of
suits in law, knowing their position is
sound and honest.
There will continue to be rumors
Of legal trouble, Of course, as we
know there are those who viii stoop
p 5s77II7T75 10 5IfTJIt tiTy
prize of the stock
Those who are advising the hold
ers of Greene Consolidated to pool
their stock and start suit are advis-
ing course that will be of no value
TO the holders of these shares. Such
an action might bring a little tempo
rary depression to the issue of Greene
Cananea, which is the object sought
Dy these gentlemen who advise trou-
bic, but the courts would not give
them any fayors over holders in
Greene-Cananea
The company is in excellent hands
ana guided by men familiar with the
mining business and who are conduct
ing affairs in legitimate way.
In the mines the task of develop
ment goes ahead vigorously. New
ground is being given attention. and
new ore bodies opened. The proper
ty never showed so well In ore as
| now. On the surface the betterments
are progressing steadily. There has
been no change in the policy of the
company other than the restricting
OF its output Of metal Il is preparing
for the better days to come and win
have one Of the greatest mining prop
critics to be found anywhere.
"Peopel who hold Greene-Cananea
shares need not worry over suits in
law against their company. Suits may
De started, as they are common
enough in all mining districts, but
there viii be no change in the org
anization, neither Will there be awards
FOR damages done the old holders.
The latter have been greatly benefit
ted and suit might be wen Just to
prove this point"