Bisbee daily review., 1908-02-16
WALKER GIVES INFORMATION IF
 CANANEA BUNCH
Financial Status of Various Companies Which Are and Have Been Prominent In Big Sonora Camp.
Copper is in better demand. and the

Copper is in better demand. and the situation is gradually improving. Lake and electrolytic are quoted all the way from 13 7-S to IA cents. and sales have been made at these prices recently.
 Metal sold for delivery in April and May commands IS to II cent more than cash copper Consumers see an increasing volume of business without corresponding growth of copper pro duction, and they expect prices to be higher before the big smelters which are now wholly or partially closed down are again sending copper to market
 The brass business is looking up somewhat, and Connecticut Valley manufacturers have been consider able buyers. Some of the brass man ufacturers who in October and No vember reduced their working forces and ran their factories only three days per week are now running full time again. There has been a per ceptible increase in the sheet copper business, also, as is shown by a larger demand on the smelters ana refineries for cake, the form. in which copper is cast preparatory for rolling. The demand for wire bars, though slightly better than it was, Is still very small.
 I hear of a number of copper pro ducers who have sold their surplus copper, and also considerable for de- livery two and three months aAee6 There are still some lots f 8 few million pounds each which have not been disposed of, but this copper Is being held for higher prices.
 The situation as e whole ts i'm proved, and the prospect is good that all the suRelters will be running sgsin within S few months and sell ing their entire output of copper at IA to Is cents per pound. Between now and that time, however, the price may advance above 16 cents temporarily.
 Greene Cananea's financial condi- tion is being widely discussed and some remarkable tales are told of the consolidation, the condition of the property, the reason for the disc0n-
 
 producing copper. Having given this subject considerable invsstigs ton { am able to state, with approximate ac- curacy, the real sitiaridn.
 When the management of the Greene Consolidated company was surrendered to the interests =ho LOW control it the conpany's deDts aggre- gated about s1.25o,oeo Ca the Other hand, it had loaned S1.090.ge0 to the Sierra Madre Land 2 Lumber Co.,, and it held in it's treasury a90,G00 shares of the stock of the Cananaa Central Copper company which 1t lad received in payment for 2 block of undeveloped land sold 10 the com pany named. Ina paw management collected the S1,J00.J09 loan from the Sierra Madre Land 2 Lumber Co. i: and it Is generally known. the 100000 shares of Cananea Central sicck were sold to Cole-Ryan interests for This gave the Greene Consolidated company S5.000,000 in cash.
 The Cole-Ryan interests caused a-I examination of the Sierra Madre Land & Lumber Co.'S. properties to be made and decided that 1t would not be wise for the Greene-Cananea com pany to supply the money necesszr, to develop the lumber business. They therefore accepted a proposition from Colonel Greene to sell the 51 per cent. stock interest in the Sierra Madre company, held by the Greene Consolidated company, for $2,00o, ,000 As part or this arrangement, tn. timber contract held by the Greene Consolidated company was cancelled
 Payment for the 51 per cent inter est in the Sierra Madre company was made in notes which were, and stil are, secured by deposit of 75 pel cent. of the capital stock Of the Sier. ra Madre company. It seems, also that the Greene Consolidated com pany mad endorsed s450,0 of tht notes of the Sierra Madre company The first portion of these notes, s1eU, 900. was paid by the latter company the second was defaulted and paid b. the Greene Consolidated. The thirC instailment of $150,000 falls due Few months hence, and, on account O; the financial stringency, the stocl market disturbance, etc, it is no probable that the work of financirr the Sierra Madre company has beel carried forward sufficiently far to en able it to make this payment.
 The history of the s5,000 900 casl which the Greene Consolidated ha. when it's management changed is a follows: A dividend of 40 cents pc share, $400. .000, was paid, reducing the amount to s4,600,00 the note O s150,00 referred to. reduced 1t agail ! to $4,450 900; the company's debts amounting to s1,25O.00o. were liquI dated and this further reduced { n cash on hand to $3,200,000 Tn companys smelling plant and concen trator were thoroughly overhauled ani | put in first class condition, the ol ] jsctsof this being to enable the com pany to operate and earn none. whenever metal .,market condition
 warranted. pending the time hat
 new smelter and additional concer tratcrs should be constructed. Tn
 cost of these repairs was about $500 900, and this reduced the company cash on hand to about s2.700.00O
 At the time the Greene Canane
 company was formed, Greene Co:
 solidated was carrying about Si.000
 900 worth of supplies. It was foUn