The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-04-12
up they anticipate a demoralized mar
ket for an indefinite time.
FINANCES ca TRUsT.
Statement Showing Earnings Of Ger
mania. Smelter.

mama SmelCeT-
Superintendent Tucker of the Ger
mania emelter said yesterday that If
the trust acceded TO the demands made
by the strikers II would mean an ad-
ditional monthly outlay in wages Of
nearly 5000 a month. This. he added,
would wipe out practically all the pro-
fits from his plant. In view Of AR
fuckers statement, an epitome Of the
financial condition OF the trust, with
special reference to the Germania, will
be interesting.
Taking as a basis the theory that pre-
vious TO It's absorption by the trust the
Germani2 only paid expenses. This Is
outside the real mark, for il Is a fact
well known TO mining men that the
Germania was making money when IL
was absorbed since the combine was
formed, the price OF treating ores has
been advanced AT least s. per ton IN all
cases and in many instances consider
ably more than this amount
If the plant was paying expenses De-
fore, certainly all OF this increase goes
on the credit side Of the ledger. The
GerTnania has a capacity of 500 tons
of ore per day and IL has been running
at its full limit. This would mean a
profit of 81. 600 per day or in round num-
bers, Geo per month. This IS ngur-
ing everything at its lowest possible
basis. At that rate, if the wage in
crease were granted, there would still
be a balance Of $4,000 per month TO
place in the dividend column.
The American Smelling Refining COM
pany was formed a little over one year
| ago with a capitalization Of $65, 0O0, 900,
half Of which amount was converted
| into preferred stock, the remaining half
/ into common, all Of the par value or
| 800 a share. OF this amount of stock,
| ST, GOO. 900 each Of the common and pre-
ferred stock was set aside 10 provide
| for the purchase Of the numerous
plants which were absorbed by the
| trust-plants which il was estimated,
could be duplicated for Sl5,O00,000 III
cash.
The preferred stock of the corpora
ton is now drawing per cent divi-
dends. while only about half Of the
amount, at q very high estimate, is
really invested. the other half being
water" while p big surplus IS being
acquired with which TO pay dividends
on the common stock.
The plants in Utah absorbed by the
combine are probably worth not TO ex-
coed $780, 900. and were secured foI
about s., 600 in trust stock.
There is no DENYING the fact that
1 previous to the requirement of the Utah
shelters By tie trust they were all
making money. The Hanauer plant. the
smallest of the three active shelters
cleared 81, 900 during the year previous
to its sale. and that at a time wher
the smelling charges Eere from 81 to s.
per ton less than they are today. Ac-
cording to Malvern ". les. the expert
smelter man and nietallurEiSt, the cos
of treating SilYaP-lead ores has beer
gradually decreasing from year to year
until in 1883 ne placed the average cOst
at 1925 per ton
Ore producers VINO a year ago, were
paying, say. IS a ton to have their ORES
smelted. are now being taxed from Ss5i
to S11.50 for precisely the same class o.
ore. and numerous small and intermit
tent shippers shippers who are pro
ducing enough to secure yearly con
tracts, are being held up for ever
greater advances. Ores that were for
! merly treated at from 81 to s. Per TOT
are now being taxed at the rate OF from
$3.50 to SO.