OCR Text |
Show RESUME OLD RATE OF DIVIDENDS Local shareholders of the Goldficld Consolidated have been advised that the directors hav reduced the dividend divi-dend 20 cents a share to 30 cents per quarter after pajing the 20 cents extra ex-tra for several years This reduction , Is not unexpected, for during the past few months the company has not been earning the total of SO cents per share as demanded In- Iho rilvfrionH r?ti. and It is the determination of the directors di-rectors to maintain a cash surplus of Jl.000,000 at least. The extra, therefore, there-fore, could only hare been possible bv drawing upon this surplus, The company, however Is earning much better than the regular dividend of 30 cents a share per quarter, even with the greatly reduced net profits from month to month over what was achieved during past years. The company com-pany earned, for instance, during the first four months of 1912 the sum of $1,841,994.81, .gainst monthly dividend divi-dend requirements of 10 ceutsa shar1 per month, or $1, 423,639 20. There is little question but what the regular rate can be maintained for two years at least with the reserves in existence at least with the reserves In existence at the time the lasl annual report was issued. Since the Issuance of the report there havo been new resources re-sources brought to light. The dividend for the new quarter, therefore, will call for $1,067,729, against $1,779,549 under the former rate Exclusive of this new dividend, the total dividends of the corapanv to date, $21,705,331 illustrate to what extent the Goldfidd Consolidated company has conquered the gold ores of Its estate, constituting a record that has made this the greatest gold mine of the world. There were months during 1911 when the comnanv faiiod to make its 50 cents per share dividend per quarter, quar-ter, but the fiscal year ended with a considerable excess of dividend de-quirements. de-quirements. Tho same condition may obtain during 1912, and likely 'will in which event the stockholders will secure se-cure the benefits later. The equipment equip-ment is in the lest condition of the company's history for close work, and despite its enormous production and despite the fact that all mines in time'mu9t play out. this proposition Is far from the dissolution point yet. |