OCR Text |
Show CALUMET & ARIZONA. The - 1908 output was approximately approximate-ly 28,100,000 pounds. This compares with 30.689,0000 in 1907, and 37,470,-000 37,470,-000 In 1906. The decrease of the last two years was due largely, of course, to the aibl trary curtailment of production, but this curtailment must havo been accompanied ac-companied by an Increase In the cost of production. We should doubt it this cost, after charging off the expenses ex-penses of development of the outside properties, was below nine cents a pound,, which would Indicate earnings for the year of less than $6 a ahare. In the face of this, any immediate increase in-crease in the dividend rate, which is invariably predicted prior to the declaration, decla-ration, cannot reasonably be expected. Those 1908 earnings should rank the very lowest point in Calumet & Arizona's Ari-zona's income. It will have, of course, for some years to come; the expense of out6lde development, and we hear, by the way, that one of these outside properties Is showing up very well, but this does not alter the large proportion pro-portion which the company' output bears to its capitalization, and consequently conse-quently does not affect the rapid' Increase In-crease In the earnings per share, on a rising metal market. ' |