The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-10
ANACONDA COPPER
NET INCOME DROPS
Reports 1918 Net Earnings
as $20,862,870-In 1917
They Were S84,338,752.
TOTAL REVENUES FALL.
After Paying 1918 Dividends
Of $17,OOO,0OO Surplus
Is 100000.

The report OF the Anaconda Copper
Mining Company for 1918, shows net
income available for dividends, after all
charges and reserves Of s20,so2,S7o, or
1922 n share on s11e.562,504 outstand-
ing capital stock Of $50 par value. Net
earnings OF S34,3s3.752. or t14e0 a
share. were reported for 1917. After
payment OF dividends on capital stock,
aggregating more than $4,000, 900. there
remained a surplus for 1918 Of moro
than $4,000. 900.
Total revenues for the year we're
somewhat lower than for 1917 Re
ceipts from all sources, including sale
OF metals. sale OF merchandise. royal
ties. tolls. rentals, &c, aggregated in
1918 s150.4se.S15 against sl5s.s54.23s
in 1917. Expenses were tl29,6S3,445 in
1918 against s124.s20,4S7 in 1917 The
total profit and loss surplus on Decem-
Der 81. 1918. stood at s66,232.4S4.
An increase of nearly si2,0oo,o00 is
represented in the total assets and liabil-
tiles OF December 81, the balance sheet
showing them to be s237. 203.697 against
s225,S5S,05i at the end OF 1917. The
larger part OF the increase in assets is
quick assets. which advanced from
s154,529,407 in 1917 to $16b.224,24+ at
the end OF last year An increase In
liabilities OF about $4,o00,0 900 IL shown
in accounts and wages payable and
taxes and interes. accrued.
In explanation OF the declining profits
for 1918. the report to the shareholders
says in part
spectively, 1918 witnessed a marked re-
duction In profits OF your company, due
to the following factors:
THE continuation of the fixed price
of 23la cents to July resulted in g
lower price being realized on the pro-
duction sold than In the previous two
years. The lack OF future sales necessi'
tated carrying over inventories OF unsold
metals at the end of the year at cost
Thus gross income OF the company was
substantially decreased.
THE increases in wages. freight
charges. cost of supplies and treating
custom ores and refining metals reduced
by comparison with the two previous
years net income realized on business
done.
"The profit for the year before, charg-
ins depreciatio OF S6.l04,1S5. amounted
to see. 907. 055, compared with s27,1l5,-
+ss OF estimated profit to September 80
shown by the circular to stockholders
dated January 2. 1919. The profits o.
the last three months were absorbed by
the adjustment for inventory purposes &c
cost basis OF copper which had beer
reported in the September estimate AZ
sold at 26 cents. the orders for which
were subsequently cancelled by the Gov.
ernment.
"The copper reduction works treated
for all companies during the year, 1859
$50 tons Of ore and other cupriferou,
material at Anaconda and $1,000 ton.
OF ore and other cupriferous material al
Great Falls. OF this amount &,3b0.44t
tons Of ore were produced by company
mines 61S.256 tons OF ore were pur'
chased from or treated for other compa'
MES. and 47.S7S tons Of precipitates and
cleanings from the Old works at Ana
conda and Butte were trcated.
AT Anaconda there were produced
27s,030,31s pounds OF fine copper. TO-
o01. 604s1 ounces OF silver, and 59,403,
ll6 ounces of gold.
AT Great Falls there were produced
14,573,40s pounds OF fine copper. s66..
300.3l ounces OF silver, and 4.e1+5ot
ounces OF gold
cor a total production at both Ana
corrda and Great Falls OF 2s3.s0s.72t
pounds OF fine copper. 10.s67,9o5l:
ounces Of silver, and 64.3l7.622 Of gold.
''Of the total production at these
plants 272e23.03l pounds of hne copper
l0.076.7479s ounces OF silver. and ca
317,622 ounces of gold were produced foi
your company.
THE electrolytlc copper refinery al
Great Falls produced during the year
1e1,404.l25 pounds OF cathodes 1Se. 067.-
1877 pounds Of which were melted into
shapes at Great Falls.
The copper teaching plant at Ana
conda treated during the year 800
tons Of tailings, and 64.s7s tons of G.
per ore, from which there were pro-
duced 6,662 tons Of cement copper.
THE zinc plants at Anaconda ant
Great Falls treated during the year sss.
1913 tons OF ore and other zinciferou!
material, OF which amount 255,o57 tons
of ore were produced by mines OF th'
company, and 1886 tons Of ore and
concentrates were purchased from othe
companies.
AT Great Falls there were produced
during the year 72,l31,2ss pounds o
electrilytic zinc.
THE electrolytic zinc plant at Grea
Falls operated continuously Throughout
the year with excellent result, as ever
effort was made to secure as grea
output as possible in order to meet re
qulrements of the Government as III
zinc produced. on account OF It's purity