what was reported by the group of public companies listed by the Engineering and Mining Journal.
The dividends that have been thus reported and the estimates based upon them by the above method are given in the following table:
Divipenps Pain sy Mininc CoMmpaANigEs
Estimated nel Year Dividends reported——— earnings 1911 $ 56,971,791 =... $284,858,955 1912 67,832,442 =... eee 339,162,210 1913 73,440,701 6... eee 367,203,505 1914 55,563,960 ........... 277,819,800 1915 78,369,535 wk eee 391,847,675 1916 170,388,378 $237,508,893 851,941,890 WF een ee ee 232,158,588 WB cee eee 168,925,566 W919 eee eens 97,769,971
In 1917 the Engineering and Mining Journal revised its methods of reporting mining dividends, and by the inclusion of more companies accounted for about $67,000,000 additional in 1916. This explains the two sets of figures in the above table. It does not invalidate the use that I have made of the earlier and lower figure for that year.
The net income of 5,393 corporations engaged in the extraction of minerals in 1916,as reported by the Bureau of Internal Revenue, was $798,883,349. Obviously this does not include the net income of individuals engaged in the extraction of minerals, nor does it include the net income of the metallurgical industry. Commercially and technically we group the mining and metallurgical industry up to the production of copper in bars, cakes and ingots, lead in pigs, zinc in
