Salt Lake Tribune | 1912-09-08 | Page 28 | Iron Blossom Will Maintain Dividend

IRON BLOSSOM WILL iUJIIEI Secretary Mangum Gives the Reason for Holding tlie v Low-Grade Ore. When seen by The Tribune on Saturday Satur-day and told of the widespread fear that tho newly formed plans of tho Iron Blossom officials meant a. temporary cessation or reduction in the regular quarterly dividends, Secretary and Director Di-rector V'. Lester Mangum stated that tills fear in his opinion was unfounded. The. Iron Blossom lias determined upon a curtailment of production for tho reason rea-son that the large tonnage of low-grade ore that could be shipped to the smelter smel-ter under existing contracts will net the. company several dollars morn per ton by concentration, and the officials deem It the better policy to save this tonnage for the. mill that has been decided upon. up-on. 1 Tho mill, said Mr. Mangum, would be perhaps six months In course of Installation, In-stallation, as there Is a considerable amount of designing to b done before the equipment can bo decided upon and purchased. Tho cost of the plant Is to be botwocu J.10,000 and 540.000. The officials of the company aro assured, as Is evident from their determination to erect this mill, that the oro Is amenable amen-able to concentration, and that a far better economy Is contained In such a system of handling tho ore than In its direct shipment to market as In the past. The Iron Blossom company is paying 10 conts a share per quarter. caJUng for 1100,000 per distribution, and the treasury, treas-ury, said Mr. Mangum. now holds ocr double and close to three times this amount, while the earnings under the curtailment process should not fall to a point justifying a reduction in the usual distribution. The mine, he added, whs in first class condition, while the officials are proceeding along lines that are deemed of tho best sort for the promotion pro-motion of the welfare of the organisation.