The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-25
Report of A. S. & r. Company for 1917
1.-The Position of the Smelling Industry

The earnings of the American
Smelling and Refining company ant
its subsidiary companies for the fisca
year ended December 81. 1917. ate
deducting general expenses Gl,4S2.
45S.30), corporate taxes H3.s49.970.73
and fixed charges ol.234,24S.4D. ag
gregated $25.035. 1884, or s206.35S.s,
less than the preceding year. Cor
rorate taxes were $2.S64, O0544 in ex.
cess of the year 1916. From thes,
earnings $4.954, 4S2.3s was further de-
Quoted for depreciation and depletion
100000 for life insurance and pen.
sion funds. and 1885, S3O95 for mis-
cellaneous charges. leaving $lS,495,
625.10 as total earnings applicable te
dividends.
The company's income was derived
as follows Net earnings of smelling
and refining plants and dependent in
dustries, $24,125,6S46S; net earnings
from mining properties. $4,069, 242.SO
interest, rents, dividends received
commissions, etc. $3.407. 6SS.43; total
gross income. $3l 500, 1851 OF this
amount $1s,757,S99.51 was earned in
the first half year. when copper, lead
The serious decline in these prices, to-
gether with that of zinc, due partly
to governmental action, reduced the
earnings to $12,S44,716.40 In the second
half. In the face of fixed receipts,
smelling and refining costs have stead
lily mounted supplies and building ma
terials. for example, having increased
from so to $50 per cent in cost. The
shortage Of labor is the greatest diff
Guilty to be met. however.
or the $lS,495,625.1O applicable to
dividends, the amount declared on pre-
ferred stock for the year 1917 totalled
s4,712,665.75, leaving $13,7S2.959.35 ap-
which is equal to 22k per cent on out
standing stock. Regular quarterly div
idends at 6 per cent per annum, and
an extra Red Cross dividend of / per
cent, were declared on the common
stock, the total being $4,269,S6O. The
of $9,513,099.35, together with
the surplus on December 81, 1915.
brought the total surplus to 1885,
394.40. OF this amount, 100000 was
for enlargement and ex-
tension during 1918, leaving a surplus
of $26.955,394.40 at the end of 1917.
During 1917. s6,6O5, 69O.SS was spent
for enlargement and extension princi-
pally upon the copper smelteries at
Ell Paso and Hayden and cop
per refineries at Baltimore, Perth Am
boy and Tacoma. The smelling and
refining capacity of the company has
thus been brought to 1,15O,OOO 900
pounds of electrolytic copper per an
mum, and production is actually at
rate of 1000 900. 600 pounds per annum.
A zinc plant at Henryetta, Oklahoma,
was also placed in operation. Great
have surrounded all con-
work. Much must be spent
at the Mexican properties during 1918
on labor saving devices, etc, az chang
ed conditions, there compel reductions
in operating costs.
Metal stocks of the company on
hand were valued at $36, 1889, 499.57, an
increase of S,S61,S49.42. Metals car
rled for toll customers decreased from
s77,776,414.66 to $43.9S7. SO314. due to
the large refined stock on hand Dec
ember 81. 1916. which was distributed
to trade during the year. Materials
and supplies on hand were over $3,-
100000 greater in value than a year
ago, due to increased cost These
factors necessitate large cash resour-
ces to carry on this increased business
At present inflated values. Bad
weather and freight congestion toward
the end of>1917 cut into the company's
cash resources by locking up material
n transit and hindering plant opera
lion.
The following statistics relate to
plant operation during 1916 and 1917:
Operating Statistics American smelt-