The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-03-29
American Smelling & Refining Co.
Summary of Annual Report

necessitated additions to all the cop
per smelling and refining plants, re
lquirins the expenditure, during tn,
year of over 100000, most Of
which was contemplated at the be.
ginning of the year. In the last an.
nual report it was stated that this con.
struction would bring the smelling ant
refining capacity of the company vi
to 1,OO0,000,000 lbs. of electrolytic cop
per yearly. With the completion OF
construction, now covered by approp-
Ration, which should be in operation
soon after the middle of 1917, the com
rany will have a capacity for produc-
! ing 1900 100000 lbs of electrolytic
copper per annum.
Owing to the falling off in the lead
ore coming to the company from the
Occur d'Alene mines, attention has
lbeen given to increasing the supply
of lead from other sources. About
$4,000 has been expended in enlarg-
ing the milling and smelling works and
extending the development of mines of
the company in Missouri. While the
production, from this source, at the be-
ginning of 1916 was approximately
$4,000 tons of pig lead per annum,
his was increased to $4,000 tons
Constant attention was given to in
,reasing the supply of lead ore for the
company.
During the year was completed the
construction of sulphuric -acid plant
at Salt Lake City, with capacity of
over $4,000 tons per annum, and plans
are being made to duplicate this plant
as soon as market can be found for
the increased product. TO this end
appropriations have been made to
cover experimental construction look
ing to the production of various
chemical products using sulphuric acid
as a base. 1t is belived that these
plants, when fully completed, will not
only be large consumers of acid, but
also commensurate producers of profit.
The saving of the major metals,
lost through unscientific
and the production as by
products of the minor metals and
chemical substances were given in
attention by the metallurgical
staff and large expenditures are eX-
)ected to be made during 1917.
In addition to more than $4,000, 900
pent during the year in ordinary re-
pairs and renewals there was expend-
I'd, as already outlined, and charged to
property account, sS,2S5 a26, covering
he various en,arg .nients and extern
S..ls. anr or new pro-. rty There
: as credite 10 ~ IJti,y II unite rs
appropriated, to cover expected ex-
tension and enlargement tlgl5O, So
100000; for depreciation and ore de-
pletion, $1,990,047; for special APP
Dropriations to credit property account
b2,5O3,010; total of $S,562, $40.
This leaving the property account of
The company. $141 1864; having
oeen reduced during the year $277,314
Metal Stocks
The book value of ore, bullion and
factory products on hand and in
ransit Dec. 81, 1916, less treatment
charges ACQUIRED but not earned was
'105,254 ,065, as compared with the
'alue of the same. stock at the end of
he preceding year of $5S,5S2,143; an
Increase of $46,671,922 This increase
vas mostly in the weight of metal
company, as the average inventory
)rice at which metals were carried
vas not Increased during the year.
If this enormous increase, $42,S13,134
vas for the account of mining COM
)anies.
The increase in inventory value Of
metals held at the risk of the COM
'any during the year was $3,S5SS,7SS,
which was only the normal increase
made necessary by the total increase
II material delivered to the smelling
md refining works, together with the
ldded carry, on account of delays in !
Iansit from smelteries to refineries, |
lue to the congestion of traffic affect
ng the whole country.
The par value of bonds held by
rustees in sinking fund, Dec. 81, 1916
vas $4,110,000; par value held in the
feasury of the company for which |
company's common stock
vas issued in exchange was $4,191 900;
eaving bonds outstanding, $6,699, 900; /
a decrease for the year of 1913, 500 /
The securities company called the en-
ire outstanding issue of bonds for re-
lemption, as of Feb. /, 1917, and the
exchanges which were made for COM
non stock resulted in total common
stock issue, as of Feb /, 1917, of $780,
5000.
The smelling company owns all the
common stock of the American Smelt-
,rs Securities Co. The bonds of the
after company have been redeemed.
The per cent cumulative preferred
stock, Series B, of the Securities COM
Dany is guaranteed by the smelling
company, both as to interest and prin-
,ipal, and is therefore an obligation of
he smelling company prior to it's pre-
erred stock.
After mature deliberation, the di-