The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-12-27
MONEY DRAWN
FOR DIVIDEND
Ioucher for Utah Copper'S Jan
uary Payment Signed by
Manager lacking.

A voucher for s362,975, the amount
necessary 10 pay the Titan Upper COM
oanv's January first dividend. was
signed by General Manager ID. c. Jack
ling Yesterday morning and forwarded
~ Treasurer Spencer Penrose. That
means that the company has f25,Soo
shares of stock issued and outstanding,
md il means also that there remains
: 500 shares of convertible stock not yet
taken up by the bondhOlders.
Manager Jackling stated that the
s17S 600 represented in these bonds was
he only Indebtedness the company
would have at the opening of the new
GEAR. On that account MI. lacking
would have been glad if every share or
the stock held against the bonds had
been taken up, Notwithstanding the
act that the company IS winner
through the non-conversion. The m
crest on the bonds represented
mounts to 81 go per quarter, while II
requires $4,000 to pay the dividend on
The stock AS the next conversion pc
ROD comes at the same time as the
dividend payment, the holders OF these
bonds viii have TO be content Win
&. $50. instead of $500. the amount
hey might have taken down on the
stock. while the company will be the
gamer by $3.50.
II is evident. therefore. that the own
ers OF the outstanding bonds have SIM
DIV overlooked the business of having
them converted. While the $4,000 rep
resented in these bonds must show as
a debt on the books of the company
until after the conversion, they might,
with all PROPHECY, be counted as a
m0ney-making asset, as II costs less 20
carry them than it would to pay the
dividends on the shares were they Is
sued IN their stead.
As the company is capitalized for
10000 shares authorized. there still re-
mains i'm the treasury, in addition 10
the convertible stock, 1880 shares.
which. az a market valuation of $41 a
share. are worth $780, 50-a nice little
nest egg in itself.
While IL is not possible at this time
10 secure figures on the companys cash
reserves and the amount of money thar
is necessarily tied up all the time In
metal unsold and in transit, II must
be somewhere between $2.000O00 and
s.. 900 900. as il takes in the nelghbor-
hood OF four months to get the cash for
copper after it is produced. That the
dividend rate of the company viii be
increased during the year to come Is
certain. but il is not believed that the
present rate of soc q share will be IN
creased next quarter. as IL is the pur-
pose of the management TO build up a
reserve in fun keeping with the maSni-
tude Of the company's business, re-
serve that will insure at-an times the
moneys necessary to meet dividend and
all other requirements, even though
delays might. for any cause, be ex-
perienced in getting returns on metals
being marketed.
The comma nVS affairs are now all II
magnificent. and the business may Dc
Droperlv described as having settled
down to a simple manufacturing basis
There is just one more constructive
feature to perfect and that is th'
building of the transportation line from
the mines To the big milling works a.
Garfield. That win be done, without
doubt, as early in the spring as wealth
or conditions viii permit.