Kennecott Does Her Stuff
Report is persistenly going
the rounds that in two years the
Kennecott copper mine win oe
played out, and, unless other
rich prospects are discovered
and developed, the mother com
pany, the Alaska Steamship Co.,
will curtail its operations about
that time. Therefore the follow
ing report published in the An
chorage Daily Times:
Rate increased Twice during
last year by big corporation
Kennecott Copper has gained
the distinction of being the first
company to enlarge its dividend
payments twice within the year.
Kennecott’s regular dividend is
now more than 50 per cent larg
er than it was at the beginning
of 1928, as three months ago
the directors increased the an
nual dividend rate from $5 a
share to $6 a share through the
declaration of a quarterly divi
dend of $1.50 a share.
The increases in the com
pany’s dividend rates have been
at frequent intervals. In Jan
uary, 1926, the stock had been
raised from $3 to $4, the $3 rate
having been in effect since 1923.
Even up to an $8 dividend
basis, as it now is, Kennecott is
distributing profits on a conserv
ative scale, for it is well under
stood that current earnings are
at a rate much in excess of that
figure. Besides its direct earn
ings from operations, Kenne
cott receives a substantial in
come from its ownership of 97 y2
per cent of the stock of the
Utah Copper Company, which
pays dividends at the rate of $8
a share. It also owns all the
stock of Braden Copper Com
pany, which operates in the cop
per region of Chili, and the en
tire capital stock of Alaska De
velopment Company. Both its
directly-owned properties and
its subsidiaries are low-cost cop
per producers.
Utah Copper, in turn, owns 43
per cent of the capital stock of
Nevada Consolidated Copper
Company. Last spring the Ken
necott management was discuss
ing with the Nevada Consolidat
ed interests an offer for the Ne
vada stock still in the public’s
hands. The negotiations came
to nothing at that time, but it
is understood that the merger
will not long be deferred.
Dividends reported for 1928
by mining companies of Idaho
and British Columbia aggregate
$14,053,914. Of this sum $4,476,
261 was from the Coeur d’Alene
region and $9,577,753 from Bri
tish Columbia. The totals do
not include the declarations of
lessees or of smaller companies
that have not made public an
nouncements so far.
Four companies of the Coeur
d’Alenes that declared $4,476,216
in 1928 paid $4,816,703 in 1927.
The companies included the
Bunker Hill & Sullivan, Feder
al, Hecla and Sunshine.
Three companies of British
Columbia declared $9,577,753 in
1928, paid $7,952,762 in 1927.
Two other companies, including
Howe Sound, increased the total
to $9,946,914 in 1927. The com
panies in British Columbia in
clude the Consolidated Mining
& Smelting, Premier Gold and
Granby.
The grand total of dividends
paid to date gives the Bunker
Hill & Sullivan, $43,028,060;
Federal, $22,411,362; Hecla, $17,
705,000; Sunshine, $297,764; Con
solidated, $28,551,142; Premier,
$21,550,812 and Granby, $12,814,
447.
* * *
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