Show r fl NEWS OF MINING WORLD MINING WORLD I AMERICAN l DIMS SCOUT scour INCREASE j- j I I R Representatives of ot American Smelting which bobs ane nd Refining scout cout the te rumor up periodically that tat an increase In the tha c common mon dividend Is In contemplation It I tl a ft case cue of ot going away away from home homo to get the sa says a director The present prent dividend ml Is II being berng er earned with wih a af 11 f ma margin n which amply assures Its Ita 11 permanency perI perma perma- enC nency and anI It I Is much better beter to have a table rate rat than one ono fluctuating fro from time timer r to time tIm although the latter later affords an r outlet for tor speculative proclivities There l Is 18 a R good Jo proportion of ot the tho K tera board bar In favor ta of or turning turing back bak cash cah dividend Into t earned above requirements I f the property They point pint to t tho the constantly constant- constant V Jy ly Increasing business done and Its Is chang chan character While earnings In certain chai- chai i periods rol Justify a larger larer distribution to toi i maintain A higher rate through dull dul pe- pe nods would mean man that the company would have have to become a heavy borrower borower Considerable Con Con- criticism was wa wa evoked okee o In 1906 07 i I when the te common was a raised to 7 1 per perI 1 cent It to I I was wu subsequently necessary I 1 l reduce the te rate rati to 6 5 per cent and then to tot toI t I 4 per cent where It I now stands The Tho Thoi I i conservative element behind tho the company I Is I. anxious that tha no opportunity b bA given i to any ayone one to say lay that the dividend rate f p was wa again agan Increased to put up the market for lor the th t company's 5 securities While le eve eventually through Increasing earnings ering of ot American Smelters Securities company which Am American Smelting and andt andI t I Refining company controls by ownership of of the common stock common shareholders f ers era of or the te latter later company may ep expect ct Int In- In t tet creased an advance at r present prent or In the Immediate future Is IB not noti i likely lIkey I Including Its Us equity In American Amet Smellier i lier tens ten Securities American Smelting Smelt Smelt- Ing In and Refining company Is now earning ering at at rate somewhat better etter than 11 1 per cent centon ton on Its 11 common stock lock ion In commenting on the fact fad that United States Sm Smelting Refining Ronning and ane Mining comi compy com com- i pany In Its Ita It last lut two fiscal years yearl had un- un r del py consideration 1605 minIng properties rot of which only three thrle were finally acquired the current issue of ot Engineering and MinI Min Mm I Log ing Ig Journal says It I Is to not to be interred Inferred from these fig figures fIgurea fIg fIg- fg- fg r urea ures that out of at th the mining property In r the tle market over oer 99 09 p per r cent is valueless i rather do the Ue figures point to the Inability of ot buyers buye and ad sellers to come como cometo to terms term Actual dual examination of ot 6 Is Indicative I lot of a rather high proportion of ot merit meri Experience t teaches that the common Idea among rence mine owners Is If to demand all an r that a mine has ha actually developed plus fall alI probability computed as to net value on the Ute basis of ot what th the large company 1 tan iCan c n accomplish by virtue of ot Its ls superior organization knowledge and command of ot ott t capital The view of ot the purchaser Is to pay py for the ore developed plus plU a reasonable ble py le allowance for probability figuring net value alue on the basis buls of what tho the owner can canI I accomplish In his hla hil own working t 4 A uA A reason reson why more mines are not taen taken over and exploited energetically by modern rn methods method Is the failure to reconcile I the widely varying views lews of buyer bUer and lel seller eller r. r Obviously the position of ot the average seller nailer Is la quite Quie unreasonable and ad undoubtedly stands In tho the way of ot progress In I mining fould It I not not bo be wise Ise for lor the stat states wherein mining Is becoming decadent to adjust their system stem of taxation so 80 as to promote It I The conditions under which much property is held at r present sent fae fare are not greatly graU different from those of much suburban real o estate tale that Is held hed tout out of ot use UHe b by virtue of ot an unduly lenient system of taxation awaiting a realization oC o unearned increment 1 I |