The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1908-02-06
GREENE CONSOLIDATED
COPPER COMPANY.
A Statement Of Its Finances How $4.-
100000 Cash Has Been Expended.

There is in course of preparation
for the stockholders of the Greene
Consolidated company to be presented
at the adjourned annual meeting in
March, report of operations up tc
J December 81, 1907. AS the company's
fiscal year has been changed to end
with the calendar year rather thar
on July 81, the report will cover q
period of seventeen months.
Some of the figures we are in d
position to forecast. The company
had in its treasury on January 2, 1908,
1854, 754 in cash as compared with
S54 ,053 in cash on February IA, 1907,
the day when the present manage
ment was installed.
The "a, 100000 in cash for the $780,
900 shares of Cananea Central stock
which the Greene Consolidated had
in its treasury, was turned into the
latter's treasury four days later, on
February Is.
The 81 per cent. of the stock of
the Sierra Madre Land & Lumber
Co.. which carried with 1t control,
and which Colonel Greene had always
declared a most valuable asset of
the copper company, was sold for
g, 900, 900 on deferred payments, with
10 per cent. of the entire capital
stock of the company as collateral.
1t is understood that the certificates
of the lumber company are now in
the vault of the Greene Consolidated
Copper company.
When the sale of the lumber COM
pany's stock was negotiated, that
company, it is understood, owed the
copper company about 81 ,45O, 900, and
one condition of the sale provided
that this debt was to be paid; 81, ,l50,-
900 was exactly paid in cash.
The original contract existing be-
tween the copper company and the
lumber company which provided that
the former should buy each year
from the latter $1,000, 900 of lumber
was cancelled and a new one formu-
lated whereby the lumber company
sold at the prevailing market price
to the copper company the latter's
requirements.
There are still outstanding about
II, 900 shares of Greene Consolidated
are in the names of approximately
5000 persons. OF the minority STOCK
holders, the largest is F. w. Taylor,
of Philadelphia, who, with $500
shares to his credit, is desirous of as
certaining, in conjunction with other
holders, certain transactions which
have never heretofore been explained.
The minority interests claim that
in the last annual report of the COM
pany, great stress was laid on the
possession in its treasury of 200, 900
shares of Cananea Central stock, yet
this stock was sold at par, $40, to d
syndicate. Furthermore, the lumber
property was considered by the gen.
eral manager, David Cole, in his re-
port, of great value to the copper
company, yet the new management
Immediately sold the control to Colo
mel Greene for 81, 900, 900, whereas the
stock was carried. on the copper COM
pany's books at a value in excess of
81, ,OJO,O 900.
Before it ceased operations the
Greene, it is understood, was turning
out copper which cost it Is cents a
pound to produce. Through the
action early last year of the United
Metals Selling Co. in refusing to meet
the cuts of its competitors in selling
copper, the Greene company had an
accumulation at one time of approxi-
mately $4,000, 600 pounds, but this has
been reduced quite materially.
The company now has in cash and
copper approximately 100000 OF
this amount, $3.50, 900 is held in New
York, and $4,000 in Cananea. A
summary of the compauy's finances
during the past year may be CLEANED
from the following:
Cash reed Col Greene 81 per cent.
lumber stock. k........................$ 81 600, 900
Cash reed from 2OOOOO shares Cananea
Central -..--. .-..---.-.--. ...... -.-- 4OOnOOO
Total ........................... 600 600
Debts paid ............. ......-..-..... $4,000
Balance OBSERVATION-DISCLOSURES. $500. 600
CrDDlias f1oIud;no nOO