Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1917-02-18
6beMINES Of ARIZON a

dend requirements Of IS a share. thus
ena bling the company to keep up it's
substantial disbursements and add ma
terially to its treasury surplus.
Ray Consolidated
Qaarerly profits of the Ray CONSOLE
Gated Were again set at a new high
record in the last three months of
1916, when the company earned $685.
1875, an increase OF about $500, 900
over the previous quarter. After the
deduction of S1,577,119 the company
showed a surplus for the quarter of
S2,015, 02l.65. During 1916 Raw Consoli-
dated earned a surplus over dividend
requirements of SS,001, 1856, indicating
that the company has built up a very
adequate working capital during the
year. in addition to paying generous
dividends. An analysisof the opera
tons of the company for the last quar-
ter of the year shows that production
is increasing. December setting new
high record of 7,493,G25 POUNDS OF con-
per and putting the company on bisis
of 50.000,000 pounds annually, COM
pairing with total production in 1916
of 74.5S2.915 pounds. A production of
100, 600 pounds of copper in 1917.
based upon an average profit for the
year of 20 cents per pound. would in
dictate an earning power for the com
ing year of $20 000, 600, comparing with
S12,2S2, 27S.9S earned in 1916. Ii is,
therefore, not unlikely that RaV Con-
Solidated will earn between S12 and
s13 a share on its outstanding capital
iZation this year, which earnings ought
to justify q further increase in the div
idend rate from the present quarterly
figure Of 81 per share.
To All Security Buyers
Don't buy new promotion securities
without the fullest and most rlgld in
vestigation of every deail connected
with them.
Don't sell seasoned dividend paying
securities of good prospects for a CHM
oracle speculative profit in an untried
and unproven promotion.
Don't place too much faith in names
Of supposedly important and success
full individuals attacheu 10 promotion
schemes.
Don't hesitate TO ask rs for an opn-
ion on any promotion. We are brokers
-b-okers-only and can aGvise you.
with your inteI ests alone in view.
The Mining Law
4 CORES ondent of the Mining and
Scientific Press writes:
| would call attention to several sug-
gested changes in the Federal Mining
ktue, WHICH apparently SUGOt a. ia te.
have been but little discussed, but
which would, if enacted into law have
a greater effect. and more detrimental
10 the mining Industry than might be
supposed. refer to the proposals (a)
that the new square claims shall have
north south and easJ-west sides. (b)
that an equivalent sum OF money may
be paid into the United States land
office in lieu OF the performance of
assessment work, and (c) that a patent
shall be applied for within seven years
after location. | am not aware tn 1t
there is any general demand for these
particular regulations-in fact nearly all
idaho mining men are opposed to them
nor does it appear that any general
good would result from them. We
must not overlook the effect upon the
prospector of any change in the pres.
ent law. 1t is admitted that we ough;
to stimulate prospecting as much as
we can, ana if the discovery and de-
velopment of mineral land is waning
Except for the temporary stimulation
given bv war prices) under the pres
ent simple procedure for locating and
holding a claim, we cannot expect any
relief if we require more from the
prcspector than now is demanded
He is accustomed to stalking his
claim in very simple manner
which is as il should be- for he