Show AMERICAN SMELTING TING RECORD IS SURPRISE Even tho the most rolt optimistic expectations were exceeded In tho record of or tho the American Smelting Refining company for or tho the first six months of 1916 say Hayden Raden Stono Stone Co Not Net et profits for forthe forthe forthe the half year after deducting preferred dividends amounted to or ortho ortho ortho tho equivalent of or 1626 per cent on the of common stock outstanding In ing This Is at at tho rato rate of 32 52 per percent cent cen annual annually and compares with earnings earnings earn earn- In ings 8 for tOl tho full ful 1916 year oar of ot 1407 per percent percent cent a a fl figure re which In its Is time has hasset hasset set sot a new high record Since Sinco 1909 the tho common stock has hn been equal to over o 9 95 per cent upon tho the stock In June and September of oC this year earl an extra of one half one hal per cent was paid in addition additon to the tho Ier regular quarterly distribution of at 1 per cent cent making a a. a n total of oC 1 11 H per cent cent or at the late of at 6 per cent annually The Tho dividend divi I d denci policy has therefore be been beon on quite Quie conservative and one resu result t of or it may maybe maybo maybo bo be seen scon in tho the manner in which the company's compans capacity has been expanded and its Is financial position strengthened It I Is announced that on qu n Juno 30 last the tho working orkinI capital a ra at about 21 21 of at which w ws Jn n cash This compares with a net ap Pital P Ital of oC on er 31 n and on December 31 31 1914 Six months ago cash In hand ed cd to and at tho the end enu of the 1914 year car to only This s Ing Ing- IngIs Is all al the more remarkable when It ItIs itis i Is remembered that that during durin 1915 and so sotar far tar In 1916 there were practically no earnings from tho properties In Mox- Mox Ico ice As evidence of ot the tho property expansion expansion sion slon which has taken place it may be bo Interesting to noto note that when tho the American Smelting company entered the metal refining business In 1901 It had a smelting and refining capacity of oC pounds of copper yearly early Last Lt year Its capacity was I pounds and additions and Improvements Improve Improve- ments monts now completed or under wa way raise tho the company's compans smelting and refinIng refining mug ing Ing capacity to pounds of ot copper annually of ot which more than half hal will Il come from Crom tho the big Baltimore refinery refiner Practically all al of ot this ex expansion ex- ex and ancl construction work ork of lato late I years ears has hos been paid for or out of ot earnings earnings earnings earn earn- ings there having been no changes In inthe tho the capitalization outstanding since the consolidation of or the tho accounts of or tho the American Smelting Refining comPa company com com- pany and tho the American Smelters Se Securities Se- Se Pa company in 1911 All Al things thinG's considered It lt would seem as though American Smelting common I were almost If It not entirely upon an Investment plane Its Is earnings 8 over a n period of oC years have made mado a n high average aver aver- age Its Is great reat present prosperity Is in enabling the management to put back huge sums Into the property Of course profits cannot be expected to continue at anything like tho the current rate in indefinitely indefinitely In- In definitely but on the tho other hand sooner sooner soon soon- er or or later lator the Mexican situation will willbe willbo wl be bo straightened out and a resumption of oC activities in that country countr may offset offset off off- oc- oc set in some small smal degree the decline In earnings earninG's which will wIn tol follow fellow ow a severe drop in metal prices |