Weekly Arizona journal-miner., 1908-07-29
B|G TASK AHEAD FUR CANANEA
 COMPANY
Propose To Mine Hundred Million Pounds At
 10 Cents Cost

\ I.-patch from the Boston News Durcq. to the Bsbee Review says; After a smut down of eight months the Grc.., Cananea company has resumed the producing of copper. The closing down If this proeperty has kept about 3O.0uu.O .O00 pounds of copper from the market hut it was product that could not nave been produced at profit on l2l cent copper. IL toook some cour- apc ,o close down the Greene Cananea properties, discharge 10000 employees anu practically close up city of 2O,' GOO inhabitants, which took place when the Greene properties ceased producing. Immediately following this action. Dr. Rickctts set about to reconstruct the entire proposition, eliminate many of the ob lectionable features and build up new mining industry. The mines of the Greene Cananea Copper company are of enormous account but under years of insignificant mining, cave-ins and fires, the properties were not in position to meet requirements of the management as Co the tonnage of ore, which would cost sufficiently high prices to make unpro6table. The prop critics have been great wonders of the copper mining world, a mining area of 23i5 miles, having about forty miles of underground workings, with right main working shafts, the properties all connected by a private railroad system of eleven miles and thirty miles of wagon roads, with the concentrators, roasting plants, smelters, wnieh make that of the nearby Copper Queen and the Anaconda at Butte look small in comparison. Millions of dollars were recklessly expended, millions of tons of high grade ore gutted from the mines and millions paid in unearned divi' dends. This was the situation when Thomas F. Cole and John D. Ryan be. came interested in the Cananea. With n prospect of year of high-prieed cop per they could readjnst the Greene Con. solidated proposition in connection with the undeveloped Cananea Central and Cananea Dulutn, which they nc. quired, which would justify eapitali. zation of 2,500,000 shares of stock for the Greene Cananea company. In order to eliminate Colonel Green they will. ingly paid him $20 per share for his stock. Before they were able to bring about the desired changes, however, the panic came and with it the upset of the entire copper situation. In order to conserve the company's re. sources while the readjustment was taking place, tne properties were shut down and while the financial atmos. pherc was in process of clearing Dr. Ricketts and his stan took of their coats and set about to bring order out of chaos. They have succeeded. They have completely rebuilt the old smelter plants instead of building a new one as at first contemplated, have remodel. ed the concentrating mills, brought about many other improvements in the system of handling the ores, have open ed new mines and reopened old ones, and now that the word has been given to resume, the Cole.Ryan management will place the property on n producing basis of 50,00o,0OO pounds of copper per annum with less than half the number of men formerly employed. Dr. Ricketts expresses confidence in the ability to produce Cananea copper at ten cents per share sold. Phelps, Dodge and company, who have large in. vestments in the shares of this com. pany, likewise express belief in pr. Rickett's ability to do this. It is the present plan of the management to so operate the properties that eventually the Greene Cananea will produce 1O0,- 100000 pounds of copper per annum at cost of ten cents per pound, and when that time comes stockholders may again expect to receive dividends.
 
 Inauyprtispd tbinpa ara sold -aoma