The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-12-21
STEWART DECLARES A
TEN-CENT DIVIDEND
Occur 1Alene Mine Pays
Stockholders Over Half
million This Year.
EARNS $96O,OOO A YEAR
Much Development Work Is
Going on in Region About
Wallace, Idaho.
EARNS $96O,O0O A YEAR

WALLACE, Idaho, Dec 20.-Infor.
nation has been given out from the
Kellogg office Of the Stewart company
70 the effect that dividend OF 10 cents
share has been declared by the direc-
tors. The books closed December 10,
and disbursement will be made January
4. This calls for the distribution of
Al23,s36.20, and will make total OF
$526,3l2 paid by the Stewart to stock
holders during the present year. The
last dividend paid by the Stewart was
on October 13, and amounted to 1212
cents a share.
While the figures have not been con
firmed at the local office of the com
pany, it is learned from a reliable
source that the Stewart earnings for
the month of November were in the
peighborhood Of $4,000, as compared
with $4,000 for October. The net
earnings for the quarter ending Sep
tember 30 were 500, 1902. The earnings
FOR the last two months, at the rate of
$e60,000 year, are ample to pay much
more than the present 40 per cent divi-
dend rate, and even payments of l2a
cents q share are considerably below
the present earning capacity Of the
mine. A dividend rate of 30 per cent
annually would call for earnings of less
than 100000.
Could Enlarge Dividend.
1t is apparent that the Stewart earn
b toll
larger dividend rate, and at the same
time permit additions TO the company S
surplus, as well as also TO permit the
company to cast about for additional
ground in the Occur d d'Alenes or else
where, should the Stewart company de-
eide TO adopt the usual practice of put
ting part OF its surplus to work in build
ing up its holdings. The stock holders
at the last annual meeting OF the COM
definitely empower the directors to ne
gotiate for new properties, 1t is claimed
by officials that under the laws OF the
state of Idaho the company already has
the necessary power without specific
authorization from the stockholders.
Surveys for mill site on Pine creek
are being made by the Hypotheok DOM
papy, 4 good location is possible and
the water power which is capable of be-
10 6diu W 10 0u
tant feature. The company still has
about 100 feet of drift to complete be.
fore reaching the point at which it will
sink for 200 feet, while at the same
time raising TO connect with what will
ultimately be three-compartment
shaft. The work is progressing rapidly
and the management is much pleased
with the showing made.
Hugh Mabin, who is spending the
winter IN developing the Empress group
on Black Cloud mountain, was in Wal
lace last week, and reported unusually
good showings in that property. He is
well proyisioned for the winter and is
steadily driving the tunna forward The
tunnel at the present time is in about
3I5 feet and by survey will have to be
driven 552 feet before getting under
the outcrop at depth OF 400 feet The
outcrop on the property is particularly
promising. being eighteen inches of vein
carrying 3 per cent lead. Considerable
surface work has been done and the
vein is widening rapidly as it goes
down. The tunnel is drift on the most
promising shoot, but it is thought by
Mr.. Mabin that the dip OF the ledge will
throw the vein over about fifty feet.
making short crosscut necessary be-
fore reaching the ore. The Empress is
owned principally by Spokane capital.
Mr.. Mabin feels that there are great
possibilities for this section which in
the past have been neglected. The
property is easily accessible from the
railroad