The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-03-29

ing of the company and its subsid
iaries, for the year, after deductin
general expenses, fixed charges am
corporate taxes, aggregated $25,242,
297. This was an increase over tn
results of the preceding year Of IS
999,S77 and an increase over the yea
1914 of $14,430,3S2. From the earn
ings as given, there was deducted tn,
annual charge for depreciation and de
pletion of ore reserve, $1,990,O4
appropriation for employees bonuses
$575,00O; appropriation for pension
fund. $275,000; appropriation for well
fare work, $150,000 miscellaneous
profit and loss charges, 100000; "a
total of $3,090.04S; leaving total earn
ings applicable to dividends of $22,-
152,249. Preferred stock dividends
for the year amounted to $5,993,25S
leaving applicable to dividends on the
common stock, sl6,15S,991. This is
in excess of 80 per cent on the amount
Of common stock upon which divid-
ends were paid during the year, or
nearly 80 per cent on the amount of
common stock outstanding Dec. 81,
1916. Regular quarterly dividends
at the rate of 6 per cent per annum
were declared on the common stock,
amounting 10 $3,14O,576. The balance
carried Ito profit and loss account
was $13,O1S,415. The directors be-
lived it wise to make special approp-
riations from surplus accounts as fol-
lows. To credit of property account
and miscellaneous items, $3,136, $685.
and for reserve for enlargement and
extension, $6OOO,0OO; total of &c.
1869.
Total Gross Earnings for the Year
A comparison of the accounts With
the semiannual report made as of
June 80. 1916. shows gross earnings
for the first half of the year, $13,229,-
059, and for the last half, $14,SSS,773.
On the other hand, the net earnings
reported for the first half of the year
were 1864, and for the last half.
$11,OO6,556.
From the gross income for the last
half of the year were deducted the in
creased income tax on the earnings
of the entire year and the special APP
preparations for employees bonuses,
pension fund and welfare work
The high prices for metals recorded
In the last semiannual report, which
were therein MENTIONED as being the
cause Of a largely increased production
of ore and bullion for smelling and re-
filming, continued, with few exceptions,
and exceeded the prices Of the earlier
part of the year. The smelling and
correspondingly increased. Wages
and the cost of fuel and materials have
continued to advance. The scarcity
of all materials needed for construc-
ton and operation, together with I'M
equaled congestion on the railroads of
the country, united to make the con-
tinued working of the smelling and
refining plants most difficult How
mage being handled and the refined
metals produced were never equaled
in the life of the company.
While constantly increasing costs
made some lines of operation COM
paratively Improbable there were
compensating advantages which were
more than an offset. The policy of
the company continued TO favor en-
largement and extension of its OPP
erations and diversified production.
BY these means a proper expenditure
of the present abnormally high earn
ings, it is believed, will insure a con-
tinuation of earnings which could not
otherwise be expected.
While none of the Mexican smell
ting plants of the company We're OPP
Grated during the year 1916, a few of
the mines were worked entirely
under Mexican supervision At the
time of the writing of the report,
steps were being taken to open up
both the Monterey and Matehuala
pidHtS. MOVeHlenl Oh materials IN
Mexico will largely be effected through
the use of locomotives and cars be-
longing to the company. Favorable
arrangements have been made with
both the national and state govern
ments, and 1t Is evidently the earnest
desire of the Mexican people, both in
official and private life, that accust-
Omed business shall be resumed.
Until, however the destructive effect
Of. the past few years has been largely
overcome, all business in Mexiso must
expect to be greatly hampered by
high costs, especially in taxation and
freight.
Property Purchased in Chile
The board or directors, after due ex-
animation and elaboration, extending
over the last two years, decided to en-
ter into the mining and smelling bus
mess in the Republic of Chile. The
company purchased, during the year,
the Caldera smeltery, together with q
highly mineralized zone, including
many mines which are but imperfectly
developed. There was purchased. also,
the stock of the Carrizal Smelling Co.
An important and fovorably devel-