The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-09-28
AMERICAN SMELLING
AND REFINING COMPANY
SUMMARY OF sEMI-ANNuAL RE-
PoRT-PRoFITs COMPARED
WITH SAME PERIOD 1915.

The semiannual report of the Ameri-
can Smelling & Refining company for
the period ended June 80, 1916, gives
a review of the operations of the com
pany during that time, says the En-
gineering and Mining Journal Profits
make an abnormal comparison with
the earnings of the same period in
1915 At that time the prices of all
metals were depressed and the pro-
duction Of ores was eorrespondingly
decreased, but during the first half of
this year prices have been stimulated
beyond any previous record, and this
has resulted I'm a large Increase Of
production. Operations, on the other
hand, have been carried out at much
higher cost than ever before. Wages
have advanced, and the eight hour day
has been introduced at all points. The
cost of materials has gone up so per
cent and in some instances more than
100 per cent Partly on this account
the profits per ton Of ore smelted or
bullion refined have been seriously re-
duced, and this is also due to the fact
that the toll received from the mines
and smelteries has been fixed in long
time contracts made when present
costs were not considered possible
Taking these considerations into ac-
count, 1t will be seen that increased
profits are due partly to Il very large
and abnormal Increase In business, but
TO greater extent to the production of
company mines and to new lines Of
business in which the company has
Interested itself and which are hoped
to become increasingly profitable. A
few years ago the business of the com
pany was almost entirely the smelling
OF lead and silver ores and the re-
filming of the resulting bullion. This
portion of the business has been far
less profitable per ton of material
handled than during the same period Of |
last year The company calls at !
tention to the entire lack Of earnings !
from the properties in old Mexico.
The net income for the six months I
period applicable to the payment of |
dividends amounted to $11,145,69 an /
Increase over the same period of last T
year of $6,125,7t2. The last two guar
terly dividends ON the common stock
were declared at the regular rate of
4 per cent yearly and per cent ex-
ira. After the payment of regular
dividends on the preferred stock and L
at the rate of per cent on the COM /
mon stock, there was carried to the
credit of surplus, $6,642, $50.
During the first half Of the year the
purchased new properties
and largely extended the capacities of
Did works at an expense of $3,62S, 1856
Y is expected that at least an equal
will be laid out during the re-
nainder of the year for similar pur-
Doses. OF the amount expended, there
vas charged to depreciation and ore
depletion $1,O19,4S9, and to the reserve
'reated out of the earnings of 1911 for
and extension, $1,000. $50.
Phe remainder amounting to 1904, 706. .
fas added to the property account. :
he very large increase in the pro
uction of all character of ores has !,
equired an equal increase in smelling 4,
nd refining capacities The proof .
I the successful accomplishment of ;,
mis- increase is.shown by the fact that :
Though the daily product of the COM
any. both i'm amount and value, is
lueh greater than at the beginning :,
the year. the total value of ores
nd furnace products on hand has de-
'eased more than three quarters of a
illion dollars. :,
Fhe net earnings of operating pro- ~
critics amounted to $1l,767,3S4, and -
her income reached $1,461,675, ma
ng a total gross income of $13.229,-
.. Total charges against this In
me for the six months of $11,145. 694. ..
ne profit and loss surplus at the be-
ming of the year amounted to $40,
0,4SS, making a toal profit and loss
oss surplus, of 30,706,132 DiVi-
nds amounting to $4,5O2, 1874 were "a,
Id. leaving a total profit and loss -
rplus of $26203,3 1898. o.