New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-22
SMELLING CO. EARNINGS
Annual Report Shows S8,37l,-
374 After DeduCting Expenses.
YEARS SURPLUS, S844,97l
Mr.. Guggenheim Says Company
Is Not Affected by Ordinary
Business Depressions.

The annual report Of the American
Smelling and Refining Company for the
fiscal year ended April 80, 1911, shows earn
ings Of S.S7i.S7a after deducting. general
expenses and taxes. Appropriations OF
Ss54 sl9 were made for ordinary repairs and
reulacements. $4,000 for depreciation and
new construction. SS21is4 for profit and
loss adjustment. including deduction OF
Sgra72 for depreciation in the value OF
various investments, and the dividends for
the year were $4,000.
Dsducting from the total earnings Of
ssS7l.S74 tho sum Of these items, N,526. 4oS,
the surplus for tho year was &44.e7l.
striking steadiuess has been shown IN
earnings during the last four years, the
variance between the largest and smallest
total In the period having been less than
80 90
For tho twelve years Of the company
oreratiou the earnings have totalled 49,
sos 81. and dividends aggregaung SS,4SS5o
have been paid. The income account for
tba last vear shows n decrease OF S25.Ilo
ir the profit from mines but not~ithstand-
ing this the total earnings were trife
larger than for the preceding year The
,7rious charges under the head Of taxes.
.rdirarv repairs and bettermsnts and de-
probation were each larger than for the
preceding year resulting IN decrease ID
ret earnings OF S5Sol6-
As more than one-half az this decrease.
PRESIDENT Daniel Guggenhein notes I'm his
report 10 the stockholders. was due 10 mo
faot that some Of the comparys mines
we're not operated 10 their fun capacity
the ore from them not being needed oy the
smelling works. the ordinary net Income
was approximately the same as IN the pre-
cedinC year.
This is simply another example Pres
,,sr- Guggenheim says, of the fact
which has been proved before IN the his
,or- NJ your company, that its business
and profits are extraordinarily stable ana
are affected only 10 a minor extent by the
d.pressions which so seriously affect other
industries
Tie surplus earnings OF the company
.rr-agated on April 81. 1911, the sum OF
S-sie5l-. 70 which has been added Slo,6'S'-
eA reuresenting tho valuation OF so
share Of tie 1850 shares Of common STOCK
Of the American Smelters' Securities Com
many. not heretofore valued among the
assets OF the smelling ana Refining Com
rspv From this total Of SIS 29S,n7 there
las beAn deducted the sum Of sl5,24o'Ssi'
which has been credited 70 the property
account. leaving a net balance Of SlS,4I-
.5s ~ the credit % profit and loss Capital
expenditures at the smelling and refining
works have since April CO. 1903, been
charged 10 profit and loss IN lieu Of oepre-
citation. These expenditures. with other
amounts written off for depreciation. have
AGGREGATED $500. 40 This amount, to-
ls,her wi,h the special appropriation OF
s52;5as4 made as Of April 90 last. a total
Of s. si5.77a. has reduced the property &C
count 20 s75.0o0.o00. the total cost Of the
ccmpany's property having been S1S45,U4
The annual report Of the American
SHELTERS Securities Company FOR the flsca'
year ended May q. 1911 ehows net earn
irgs Of S692oe2J and a deficit Of S64,U4
The net earnings have shown steady in
cease far the last four years, from s2,Sl4.-
90 iu -egs 20 Sse2Q225 in the fiscal year just
II memorandum accompanying the re-
pcr; says.
The bond issue of Sl59)0.o00 has permitted
the company -o pay all Of its OBLIGATIONS
except those which are current and not
due. including the deferred payments on
account OF tho stock Of the Baltimore Cop
Der Smelling and Rolling Company. After
making these payments the COMPANY
shows cash on hand, in bank, of S5.oo9,01O
and demand loans against copper ana OineI
10. H.. e 80