The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-11-15

rate where it can be maintained in
bad as well as good times. has been
continued. Where earnings and fin
ances permitted larger distributions
have been made in the form of extra
dividends, either cash or stock. Thus
from organization until 1911, per
which allowed the accumulation of a
comfortable surplus. During that per-
iod the following extra dividends
were declared u per cent in 1906
and 1907, 20 per cent stock dividend
in 1905, ga per cent in 1908 and l per
cent in 1909, 1910, 1911 and 1913. Dur
| ing 1914 the extra of l per cent was
omitted but in 1915 an extra of per
cent was declared, and. last year the
regular and extra totaled 25 per cent
on the company's stock. This year to
date, in addition to regular quarterly
dividends of IL per cent, the COM
pany has declared three extra divi-
dends of II per cent, and one the last
|of " per cent, brings the years div
idend totals to the comfortable figure
of 43h per cent.
A Strong Balance Sheet.
That the wartime dividends have
by no manner or means been up to
wartime earnings is well illustrated
1t will be noted that while property
account has shown but little increase,
the important assets of cash and re-
|ceivables exhibit a startling gain and
surplus in 1916 increased about seven
and quarter millions, notwithstand-
ing that 100000 was set aside as
reserve. A comparison of the 1916
balance sheet with that of 1914 would
be even more striking, for it would
show that total assets during that
time increased approximately $4,000
900, although in round figures $780,
100 was written off for depreciation
and $6,000,000 set aside in the reserve
fund, the last two items together be-
ing equivalent to SIS per cent on the
par value of the outstanding capital
stock During the three year period,
quick assets increased nearly $4,000
600. and surplus increased approxim-
ately $11,500,000.
The Outlook.
Americas entry into the war has
put a wholly different aspect upon all
business and especially upon the brass
business There has been sharp
slump in the domestic demand owing
tc the prevailing uncertainty. but it
seems obvious that there will con-
tinue to be very great war demand,
But selling to belligerents and selling
to Uncle Sam are two wholly separ-
ate propositions and what with price
fixing and excess profits tax it would |
hardly be reasonable to expect the
company to earn profits proportlona<e
to those of the times when the world |
was the market and the sky the limit
of prices American Brass will doubt
less show very satisfactory balances
after all deductions as long as the war
asts. and. in view of its very strong
position, 1t would not be sur
,rising to see something in the way /
If a stock dividend If such earnings
in accordance with eypec-
ations. At 270, and on the basis of
his years dividends, the stock Yields
upwards of Is per cent but it must be
remembered that this years dividends
re water that has passed through the
Mill. Until the new tax laws have
'een more clearly interpreted and 1t is
'ossible to calculate their effect upon
Industrial corporations especially
hose with huge war profits, the safe
curse for the investor is to wait that
before making market