Anadarko daily democrat. [volume] (Anadarko, Oklahoma) 1908-191?, 1910-10-21

OF Improvement in revenue. are chief /
ly: % A lump sum OF 100000
francs, to be paid to the government
in 1918; (2) three per cent. Of gross
talSings to be paid each to the prince;
and t3) 10000 francs a year for the
next four years TO be spent on road
making-a mere fleabite that will
scarcely have any effect at all.
The burdens imposed on the com
pany in 1893 and since seem at first
sight considerable; but a review Of It's
history shows that they have hitherto
been borne with ease. For the year
1S7l-2-the accounts are made up to
March 81 of each year and its dividend
coupons detached in May and Novem-
ber-ft paid a dividend Of no more
than $3.50 francs or G1A per cent. on
its nominal capital. the company had
just made fair start after the Fran
coPrussian war; but BY 1882 the
dividend had been increased to GA
francs or 1913 per cent, and ten years
later still for 1912, 1t stood at 235
francs or AZ per cent. on the original
share.
Dividends Steadily Advancing.
Let us now see how It bore the
heavy burdens imposed upon it in
/ 1898, which we can only do reliably
| by observing the advance or setback
of the dividend.
Turning now to the dividend rec
ord for lS9S-9-the year when the com
pany pledged itself to pay 100000
francs down and spend 100000 francs
on public works, including a theater-
the dividend stood at 275 francs, or 55
per cent. on the original capital
II was further handicapped, as no
ticed above, by the South African war,
and the dividend next year dropped to
220 francs or A per cent, and the year
after that to 210 francs, or 40 per
cent, a low-water mark it has since
never touched During the next two
years 1t stood at 225 francs, or 45 per
cent and then began to rise rapidly.
the figures being as follows: 1904,
295 francs, or 80 per cent; 1904-5. 800
francs, or Ga per cent. 1866, $50
francs, 20 per cent.-high-water mark;
19O6-S, two years, 290 francs, So per
cent; 190S-9. 800 francs, GO per cent;
1909-19i0, 315 francs, GO per cent
There is little doubt that the com
pany could, had it chosen, have dis
tributed much larger dividends than
those noted Of late years But" says
the Banque Henry Dupont I'm a recent
circular referring to this matter, the
directors have made a point of entire
ly amortising all the expenditures on
improvements and gradually accumula.
ting the sum of 100000 francs to be
paid to the prince in 1913 The series
of public works prescribed is now al
most completed.
Profit In the Peace Of Europe.
ION the other hand the prolongatlCh
Of the concession made last November
more than compensates for the new
burdens to be assumed since then.
The ten years added to the conces-
sion reduces the annual sinking fund
appropriation by almost 1G0,0O0,OOO
francs, while the new annual charges
only mean about 100000 francs"
That this last calculation is pretty
accurate appears from that fact that
three per cent. on 3S,492,000 francs,
the gross profits for 1909-10, works out
at 1,154,700 francs; the road TO Nice
takes 10000 francs annually for four
years; the annual loss on gas is q
trine of $4,000 francs and the pension
, fund takes 100000 francs, In all 1,479,
7G0 francs.
[ Deducting this from the amount by
) which the sinking fund appropriation
, is reduced-namely 100000 francs
, a positive annual gain to the company
A OF about 100000 francs is apparent
4 According to this calcuation the com
l. many has made an excellent bargain
, with the prince and the only rocl
ahead in the distant future is the in
crease of his percentage from three
. to eight in l94S.
a All that the company has to do II
Z to await with equanimity the in
s creased amount that will surely b,
n gambled away during a period of in
r creased trade prosperity. II has NJ
> serious competitor TO fear; Corfu an,
O Egypt are too far distant to interfer,
@ with It; Spa and Ostend disappeared
q IL 1908, and the Italian parliamen
0 lately rejected the proposal TO legal
|. ize gambling stations along the Italian
Riviera. II the peace OF Europe 4
@ maintained, the company's profit
n must increase, for the gambling in
9 stlnct of mankind is not to be eradl
A. Gated and Monte Carlo is the world
d gaming center.