Bisbee daily review., 1908-02-16

necessary to increase the supplies merchandise in store, etc, to S2,50O, 900. To accomplish this $i,500,00o was used, thus reducing the com pany's cash surplus to $1,300,000.
 During the last year of it's opera. tions. ending last July, the company produced something more than 40, 100000 pounds of copper at cost, i1' cluding all construction and other ex penses, of IS cents per pound. These figures of cost are said to have Deefi endorsed recently by the present management of the Creme Consoli- dated copper company, altrough 1t is declared that expert accountants who examined the books of the company last August endorsed the cost sheer of the former management, which was about 13 cents per pound.
 About one-half of the 4U,000, 900 pounds of copper was sold at an ar- craze of 21 cents, and the remainder was carried down in the slump and the greater portion of 1t sold at ap- proximately 13 to Ii cents, altrough the company still retains a few mil lion pounds which undoubtedly will
 
 It is figured the company lost aoouu s50G.000 on the shrinkage in the val ua of it's copper. thus further reduc- ing its cash surplus to about $700, 900.
 The quick assets of the Greene Con solidated may be summarized at pres ent as follows: Cash and equity f1 unsold copper, s1,400,000; supplies, merchandise. etc, S2,5Oo,00O; notes of the Sierra Madre Land & Lumber Co, S2I50,000. making total of s6,050,- 900.
 Through it's ownership cr the Greene Consolidated company these assets may properly be figured as pe- longing to the Greene-Cananea com pany. In addition to this, there is in the treasury of the Cananea Central company between s.500,000 and s2,- 100000 in cash and treasury stock. which makes a total of at least ST. 500,000, or about s5.50O,000, with the notes of the Sierra Madre Land & Lumber Go. ecluded.
 At the time the operations were discontinued the cost of making cop per had been reduced to 1885 cents per pound not including, and 14,5s tn- cluding construction. This result was obtained on the treatment of ore which yielded an average of 2.376 per cent, or about AS pounds of copper to the ton. Excluding construction, the gross operating cost per ton must have bsen about s6.40. There Is req et another dollar per ton with tAe re- constructed smeiting eQuipMent, aaa through the reorganization of the working forces which is made possi- ble by the long period of likeness. This viii result in net production cost oS II cents per pound of copper, even though the average ore yields no better than 2.3s per cent. copper.
 Since the smeiter and eoncenuator were closed extensive development work has been done in both the Greene Consolidated and Cananea Central properties. A very consider able tonnage of high grade ore has been opened up and made ready for mining. In the Cananea- Duluth mine of the Cananea Central there is an ore body approximately 1,00e feet long and already developed from 20 to l50 feet wide, with its entire width yet to be determined, which runs from 5 per cent. to 9 per cent. copper and carries 5 to ounces of silver per ton, and some gold. There is also a large tonnage of 3 per cent. to pcr cent. concentrating ore, carrying good silver values
 When the concentrator and smelter resume he mixture Of ores from the several mines is expected to yield an average of 3 I-2 per cent copper, or approximately 70 pounds per ton. From ore of this average grade cop per can be made at a cost of 10 to II cents per pound. The capacity of the reduction plant will of course be greater, because of the higher grade ore, and the company should make 60.o00,oo0 to 70,000,000 pounds of cop. annually, resulting ins profits of about s1 per share on Greene-Cananea' s 2,500,o0O shares on a 14 to 15-cent copper market As the tonnage of higher grade ore developed and treat ed increases. earnings will grow, and 1t is not improbable that net profits o5 S2 per share on a 15-cent copper market will little later on be found possible.
 The good thing about the Greene Cananea enterprise is the fact that it's ore deposits are of tremendous extent After systematiZation has brought operating costs down to a minimum 1t is probable that another smelter and additional concenua- tors will be erected which will in- crease the company's productive capacity 100.OO0.oOG. and perhaps to 100000, 600 pounds annually. There Is big future before the company, therefore, and it Is quite certain that the working out of the enter prise will cause the stock to be worth more a few years hence than the highest price at which it mas ever sold.
 THE VIRGINIA.