Bisbee daily review., 1908-11-17
SAYS MINORITY
WILL INJURE
THEMSELVES
Officers of Greene Consoli-
dated Company Deplores
Proposed Action BY a Few
Who Misunderstood Things

BOSTON, Nov. l6.-The efforts OF
the minority interests in the Greene
Consolidated Copper company to Sc
cure = fund sufficient to support
legal or other action Ito protect
stockholders" are not seriously con-
sidered BY the company's officials
The serious straits in which the
Greene Consolidated COPPER company
found itself prior to its absorption
BY the Cole-Ryan interests have not
been generally known. On the day
on which the actual transfer of con-
troll took place, there were all ready
for the mails printed circulars ad-
dressed to the company's stockhold-
ers. asking their sanction of a further
increase in the capital, stock by the
issue of 250,000 shares of new stock
to be offered at SIS a share. Upon
Colonel Greene's orders that night
the circulars were destroyed and the
announcement of the Cole-Ryan
ownership was soon made.
Regarding the letter sent 20 mi
nority holders of the Greene Con-
solfdated shares an official of the
company says: "AlI inquiries made
at our Office concerning the Greene
Consolidated have been answered in
full. Contrary to the statement of
the minority committee, there has
been no independent examination
made OF our property since the as
sumption of control by the present
owners nor any request for same.
The contemplated law suit has
been put before the minority hold
ers merely for the purpose of embar-
RAISING the company and for no other
purpose: stockholders who accede to
the request for support win tend to
injure rather than aid their own prop
erty. Mr.. Newkirk. the committees
attorney and secretary. has already
received from us complete and salts
factory explanations and has stated
that he could see no cause for any
action whatsoever.
"At the adjourned annual meeting
on March 1, 1908, Mr.. Newkirk. who
represented certain minority stock
holders. made the motion which was
seconded that the report for the
seventeen months period ending De
cember 81, 1907, be accepted and ap-
proved by stockholders. This mo-
ton of Mr.. Newkirk's was entirely |
unsolicited.
''The minority interests make as 1
one of their contentious that the
company produced over $4,000, 900
pounds of refined copper in the per- (
iod covered by the seventeen months +
report which was sold during this
period at an average price of over Is
cents a pound. The facts of the case
are that about onehaIf of this total
production was sold at about is cents !
and when the slump came the COM !
pany found itself with approximately
10000, 900 pounds of copper on it's
hand which was sold early this year
at an average of about 13 cents .
pound.
"The item of 100000. which cur
last report showed was owing the
Cananea Central Copper company has /
since been paid of by the Greene /
Consolidated. This was merely a |
banking transaction and was made |
during the height of the panic and |
at a time when money was extremely /
difficult to secure; we had a great |
deal of copper at the time, but it Is
unnecessary to say anything about
the difficulty of getting cash.
concerning the Sierra Madre Land
& Lumber company transaction Mr.
Newkirk has had the matter explain
ed fully. Whereas during the time of
the former management the copper
company bad but 81 per cent of tho
lumber company's capital stock we
now possess rs per cent of the stock.
Against the comnany there is bond
ed debt of $3,000,00O and other in