The Philipsburg mail., 1899-10-06
A BIG DIVIDEND,

Independence to Pay an Enormous Sun
to Stockholders.
1t IA stated that the company own
ing StrattOn's Independence mine is
about to declare dividend of 10 pei
cent. The earnings Of the company
nave been so large that it has beer
decided to divide the larger portion OF
the surplus among the shareholders
The earnings for August are not in.
Guided IN the reserve from which this
dividend is paid, as all the settlements
Tor the August business have not vet
been made
This record Of an average of So
OUU,UW per annum on capitalization
of $5,O0O,OOO has no precedent in the
history of English mining companies
and has created decided sensation in
the mining circles Of London where
the intentions Of the directory to de-
clare big dividend have been known
for some time.
Not only has the output been excep-
tionally large, but it has been produced
at a cost of less than 25 per cent Of
the gross earnings and after declaring
dividend Of $50O,OOO there will re-
main more than 100000 in the treas
ury. The work Of the first four months
or the company's existence has been
conducted with view Of determining
the capacity of the mine for produc-
tlon without encroaching upon the ore
reserve, and the result has been to
prove that Notwithstanding the pro-
duction of nearly a million dollars at
a net profit Of more than 100000
there is more ore in sight to-day than
May l, when the company first took
over the property.
The greater part of the work done
has been in the nature of development
and the reserves of ores that have
been exposed are astonishing. For in
stance, more than three-fifths of the
ore taken out during August was TAX
EN- out in widening the Slopes on the
level of the sill floor. In the third lev
el, where this has been done. it is
shown that there are more than fifty
feet of ore that will average more than
two ounces to the ton. In the fourth
level new ore body has been found
On one end of this new shoot the ore
is twenty feet wide and will average
fve ounces to the ton. Sixty feet of
the shoot has been exposed at this
point. On the other end of the shoot
it has been opened for a distance of
14O feet. with an average width of
eight feet, running seven ounces to the
ton. Between these two points there
are $50 feet of the shoot that has not
vet been opened. making altogether 300
rect OF ground that is known to be eX-
tremely rich. is from eight to twenty
feet wide, and has scarcely been
The gross production for August was
$500 tons, valued at about 1925, 900,
an average of 3.45 ounces to the ton.
The profit is about. $165.OOO. The per-
of cost Of production was
larger than in the preceding
which is accounted for by the |
fact already stated--that much of the
ore was taken out in widening slopes |
from which the rich core of ore had
already been taken. This ore was COM
low grade, running not |
more than two ounces to the ton. and |
yet the average of the August produc-
rion was nearly $40 per ton.
The total record of production from
he mine is of special interest at this
.ime From the discovery of the mine
% December 81, 1898. the total prOduc-
ion was 41,G94 tons, of an average
value of 400 ounces per ton, gross
7alue of S3S37 ,359 yielding a profit
u S2,4O2,1 1914
From January ! to April 80, 1899.
he total production was 2,63O tons. of
IN average value of AGO ounces. a
,ross value of $234 900, yielding a
let profit of $172,OOO.
From May 1 to August 1, 1899, the
otal production was 12,472 tons, aver
ging little more than $40 ounces q
ON, a gross value of 1898, 1O6. yielding
profit of S705,OOO
The total production of the property
o August 81 is 56,696 tons, of an av-
rage value of 4 40 ounces, a gross val
e of $5,O04,965, yielding a profit of
3.279, 164.
There are two remarkable features
n this record aside from the large div
lend to be declared to-day-the reg
larity OF the value of the ore taken
ut at different times and the aston
shlngly low cost of production. which
less than 80 per cent. Of the gross
alue of the ore during the entire per
)d OF its existence. Much of this cost
Ias incurred in opening the mine.
lnce it was taken by the English
Ompany the cost has been reduced TO
lss than % per cent. of the gross value
+ thp n1oIuct