The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-02
CURRENT GOSSIP OF THECOP
j. A. Minnear' q Co.

cellent Is absolutely nothing about the mine
which would contribute in the least condition
of the stock markewise. fi
Another source must be Investigated in order to ad
vance any theories the subject. Naturally the first
which suggested is the inquiry set by the mi
nory Greene Consolidated shareholders something over
a year ago While the committee in charge of this in
vestigation has made final report 1t is known that
they have abandoned their original plans While
report has been made of any nature 1t is believed
that the committee is quietly pursuing its investiga-
tions. the proper time arrives will take such
steps as are deemed advisable.
The minority Greene shareholders advance their
grievance satisfactory explanation has
given them the disposition of the large surplus
in the Greene treasury 100000 shares OF
Central $40 per share placed $4,000
the companys treasury. In addition this the
Sierra Madre Land company not been consid-
cred satisfactory one. shareholders believe
that their company ought to have a considerable
balance cash, sufficient declare a dividend of At
least "a share. These stockholders believe that the
rehabilitation of the companys smelling plant
costs attendant resumng operations should not
heavy the proceeds
the Cananea Central stock.
There report circulated few days ago that
a settlement might be effected a basis of exchange
Of Greene stock share half shares
of Greene Cananea, and in addition dividend of
"a per This lacks from any source
considered in the least authoritative. If Nch an ex-
change effected it would be brought about
deal between individuals rather between the
company and its shareholders.
For the present it looks very much like a waiting
game with efforts made to tire Greene Consolida.-
ed shareholders. The majority determined thoug
weight to the report that a compromise might be
brought about.
At the present time Greene cananea is working ,
force of approximately $500 When Col Greene
was at the head of the company were about A.
600 men on the payroll, that the saving already
brought is about is obvious. The company is supply
ing ore to six of its battery eight furnaces Nor
are those six taxed to capacity deemed adj
visable Greene -Cananea could be producing at
the rate of almost 100000 pounds red metal
instead OF its present rate of around 40OOO0O pounds
lhe cost Of producing copper is given at approx
mately 10 cents pound, according a statement
recently made by a director Of the company. on
basis of 10 cents copper Greene Cananea
now would show earnings of so cents per share
From private learn that the company
has extended its beyond the point eyer
before attained. This has been done without going
to any considerable depth. In fact below 1000 feet
the company's vast holdings yet unexplored. The
Capote mine is its deepest workings and in the low
est level it has opened up good commercial ore
We can but little ahead for Greene Cananea
shareholders for the immediate future and IL may de-
velop that the stock will sag off further For the per-
son who has patience the stock is one which can 30
held until present difficulties will have been adjusted
1t Is rather difficult to advise course to fol-
low with the shares 1t might be well to dispose oe
the stock with the view of getting something OF
greater activity but with of later repurchasng
Greene Cananea stock which ultimately sell
much higher.
SOUTH LAKE v'Y--.-r-s go l.nr;xja
Diamond drilling is well under way at the South
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