Show IS ISI ISAN I AN OPTIMIST His Companies Do Well Wel Despite Depression In In i Metals I SEES DIVIDENDS AHEAD Nevada Con and Cumberland Ely to Join Utah Copper Daniel Guggenheim president of the tH Guggenheim Exploration Eq compon company has hns hassent sent cent ont to st stockholders a state state- ment of ot the tho operations of th the company compau for tar the tho year 1908 The Tho statement shows s that tho tue 10 per cent cen dividend was paid to shareholders notwithstanding tho the general depression la last t In t year In the tal mc-tal markets The Tho hook boole Value of tho the stock In shown to be bo a share taking tak tak- bIg ing tho timo holdings In Ill tho the company's compans treasury at tho tile present market prices and excluding 1 of or American Smelters Securities company compan common which is carried carrll on tho books at It a nominal value of ot 1 1 With lh a n surplus of oC and md as asseth assets ns- ns sets seth set of or O the tho company compan starts smarts tho tile year car 1909 In Sn a financial condition which Mr Ir Guggenheim and his associates asso asso- ant elates eates believe c should bo ho very sery satisfactory tory to tho the stockholders In tic the tho big corporation cot cor or- or lIt l I It I I Is tho the Intention of ot the copper I companies compani s in which wo we are interested says Mr rr Gug Guggenheim to inaugurate a system of or if Issuing quarterly statements state tato ments copies of oC which will wil bo be mailed to our out stockholders rs Referring to operation he lIe says as a's It I is only within a n tow few months monthA that that all al tho the smelters and refineries of ot the American Smelters Securities s company compan six Ix in number havo have he been beon on completed and i in operation Tile Tho profits now earned b by tho the Securities company In InI Indicate indicate In- In I diate that Its Is common stock will In Inthe intile II the tile course of ot time bo be a valuable asset Dividend lu in Last year eor we n stated that in II the tho opinion of If our en engineers Utah Copper Nevada e Copper Cumberland Ely El Cop Cop- irr and ancl Yukon GOut Gold companies would probably earn eUn dividends during tho the eur nr ar 1 1908 OS says as a's Mr lr Guggenheim This prediction has been practically r rf Hll The Tho Utah Copper company commenced dividend payments in the tho third quarter of ot last year upon a basis of or 2 3 a share hare The Tho Nevada Ne Consolidated and Cumberland HI Ely Copper companies were ro both moro more or less delayed in tho the completion of ot their equipment but but ha have 0 been making regular shipments since August and their output and earnings are Increasing steadily month to month Both Iloth 0 promise of or dividend divi returns return to their stockholders be beginning beginning be- be ginning In tho the last half of oC tho the year car carI I 1909 O The assets and liabilities of or the company com corn pany pan are aro are given ghen as 0 follows folIos De Dec 31 1909 1909 Treasury stock American morlon Smelters Securities ties tes Co A American Smelters Securities Securities t ties s Co 11 B ah 0 m 1 r u I- I tes Co con rou rt i j 1 ii Other Othor properties a and ml n eat CAt t meats monh Furniture fixtures equipment equip ment Bills and accounts collectible collect collect- ible Ihie Cash Cath and amid demand lo loans ns Total O Capital stock Mils and accounts payable S Surplus u rp 1 u 1 1 E 3 G I S Total Details of ot the tho Item Iem oth other r properties and In Investments which are aro carried at nt cost cent follow Cumberland Ely Copper Co speranza Esperanz Ltd Nevada Novada Consolidated Copper Nevada Northern Railroad o bonds Utah Copper 7 Yukon Gold told Miscellaneous IA Investments Total e In lii Suri lii Comparison with wih the last annual statement shows a n decrease in iii surplus of or The net income was 57 4 in of ot dividends rl but wo we charged of or on account of oC so- so 58 disposed ed of ot during the year says tho tile presidents president's statement nt Wo 0 continue to orr carry American Smelting Securities company's compans common stock tock of ot which we own 0 par value upon our books at a nominal valuation i of or 1 Calculating the he value of or American Smelters Smelter Securities company compan A J Am JI shar shares s. s upon which H are pal paid I at the rate of oC 6 per 1101 cont cent p per r annum at at 90 90 a share the remainder of oC our stock holdings exclusive of American Smelters Securities H company COl common at nt their present market prices tho the book value of oC Guggenheim Exploration stock would ho bo 30 u it share exclusive of ot good will wil Assuming tho the present value of or American Smelters Securities company common to b be 40 10 10 a 0 share the boo book value of Guggenheim Exploration company compau stock would bo ho 1 per pOI share exclusive of or good will wm |