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Show SMELTERS VON'T REDUCE DIVIDEND Report Will Show Earnings Ample to Maintain Rate on Common. About 7 per cent earned upon the common slock of tho American Smelting Smelt-ing & Refining company will shown by the annual report for tho year ended April 30 last, soon to appear. ap-pear. And it Is ald that were the equity which the company has In 60 Ier cent of the non-dlvldond stock of the American Smolters Securities company taken Into consideration, an additional 4 1-2 per cent, or the total of 11 1-2 per cent, could be claimed for the Smelting common sharcH. In tho face of this showing It Is no longer anticipated that there will be a reduction of the dividend rate upon the company's common stock In fact, one of the most prominent ot the company's directors is out with a statement giving absolute assurance assur-ance that no reduction Is contemplated. contem-plated. Securities' Profits Large. "Smelters Securities' year, ended May 30, 1910, will bo by "far the best In Its history. Its net earnings available avail-able for dividends totaling somewhat over $6,000,000, or an improvement of approximately 100 per cent over last year's net earnings available for dividends," divi-dends," this director Is quoted as saying. say-ing. "Disbursements ou preferred stocks A and It call for a total of ?2 520.000. so that the balance of roughly $3,500,000 is equivalent to 11.66 per cent on the $30,000,000 common com-mon stock outstanding. Smelters 60 pfr cent holdings in the Securities common stock give It an equity of ?2,100,000 in Securities earnings on its common, which is equal to 4 1-2 I er cout on the Smelters common stock. So that If Smelters received its pro rata of the Securities common com-mon earnings, It would show at least II 1-2 per cent for th year on Its common stock. This, it seems to me, should show the absurdity of the recent re-cent dividend reJuctlon reports that fcavo been circulated. "The business of the American Smelting & Refining company Is principally prin-cipally the smelting and refining of load ores and tho company will" be affected In no way by any curtailment curtail-ment In copper production. The Se cur!tle; company handles the copper refining business, nnd it lit from that source that ilts large Increases In earnings have come." |