Pueblo chieftain., 1921-05-07
BUSINESS REPORTS

Now YORK, MayN6. - Inc American
Smelling and Refining company today
passed the regular quarterly dividend
of one per cent on common stock. The
regular quarterly dividend OF IL per
cent was declared to the preferred
stock.
This was tho first time since 1904 that
tho company has passed its common
stock dividend. A statement by the
company said:
owing to the low price of metals
prevailing. many mines have closed
down and those still running arc oper-
ating on a greatly reduced capacity.
Copper. zinc and tin arc still below
pre-war levels and the lead WAS until
the present week.
Tho costs of production. especially
transportation, are considerably above
the pro-war period. In March We
smeltcd only about 25 per cent OF the
tonnage per day Of lead orc that we
did in tho last quarter of 1890. All of
our zinc sneltnrs arc closed. except
ing the zinc oxide opera tons at Blcnde.
The company has in force every
availa bic economy. Wages have been
reduced on an average OF 30 per cent
and all salaries from the president
down have been cut 20 per cent. Sim
liar reductions have been made in all
other expenses"
The statement added:
But VIC should not take too pcssi-
mistic view OF the future for there
arc many signs OF approaching inn
provcmcnt. Owing to the shutdown
OF so many mines. metals arc now be-
ing sold faster than the present Intake,
and surplus stocks arc rapidly being
absorbed. This will bring about in a
reasonable time a higher price for met
ais and with the normal difference be-
tween selling prices and cost OF pro-
duction, the miners will resume opera
tions and the smelling comrany's earn
ings will return TO normal
Pittsburgh. Fa.. May s.-Thc board
of directors of the Pittsburgh chsrtbcr
OF commerce has adopted - resolution
under which the organization would
form SEQ 900 corporation for the con
struction OF 1000 residences OF mod
crate cost.
Washington. May s-rhc war finance
corporation has agreed to make ad-
vanccs to California banking institu-
tions which finance packing products
for export. Rep. Free. Republican. cal
ifornis. announced today after a con-
ference with Eugene Mycr, Jr.. mansg
ing director. California banks have
becn advised Mr.. Froc said. as to con.
ditions upon which aid viii be PRO
vidcd.
New York. May s.-Rcnncd sugar to
day sold at the lowest level in tho last
four years. when the Federal and Ar
buckle sugar refining companies an
nounccd further reduction OF 10 points
to basis OF $50 per pound for refined
rranulatod sugar. Tn. cut was made
despite a more steady tone In the raw
sugar market
Chicago. May s.-Thc rc-discount rate
on commercial paper was reduced from
per cont to si= per cent today by tho
Chicago federal reserve bank for the
sccvnth reserve district.
The rate on bankers accrptsnCcs
and on loans secured hy government
securities remains the same.
Minneapolis, MINI. May s.-whcat
producers. farm organizations. county
agents. University OF Minnesota au-
thoritics and business men thruout tho
northwest have been requested to give
consideration to proposal for the
milling OF Canadian wheat in bond by
United States mills by James Ford Rcll.
vice president OF local flour milling
company.