Show I U u. u S. S SMELTING CO EARNINGS FALlOFF FALL OFF I According to rayden Haden Stone Company Com Corn pany the United States Smelting company com corn any pany earnings for tor tho the eleven cleven months ended November 30 tho the 1917 year ear which In Its early carly months promised to compare favorably fa wit with the record 1 1916 period ended 1 In a a. er very disappointing disappointing pointing manner In 1916 tho the United States Smelting company reported a balance equivalent alent to 2050 for Its common stock and this with very little assistance from Its wih ery Itte Mexican sliver silver siver mines mine During the tho current current current cur cur- rent year ear however howe there has boon been a steady decline In net earnings s al although although al- al though of oC late the Mexican situation has hns shown considerable Improvement ement From January to May 1 net profits amounted to or at tho the annual annual annual an an- nual rate of ot about 15 5 per share for forthe tho the common stock For tho el eight ht months' months period from front January Januar to August AuS- AuS August Aug Aug- net profits were reported leporte 1 as 1082 or at the thc annual rate of 1356 per share sharo for the stock And now for tor the eleven cn cle months to Novem November em ber her 20 o tho the net Income Is stated 1 as ns amounting ng to or at th tho annual annual an an- nual rate only of 1035 per share for forthe forthe forthe the common In ether words tho the average average aver ot age monthly net for Cor the thc first five months was for tor the next three months and for tor tho the last three months only 2 1000 The he rate prevailing pre re- re In tho the last three months Is equivalent to only 0 per pel share annually annually an nn- on the Junior stoC stock Issue It I Is explained that the poor results of September October and November arc accentuated by hy heavy char charges es for depreciation exploration and loss In metals The Tho latter Item amounted to on lead later and spelter both of o which are aro carried at prices below the present market The most encouraging feature of ot 4 the tho present situation as ns affecting this 1 company Is the Improvement ement In Mexican can cnn operations Since Juno the properties prop prop- In that country have ha e been re reporting re- re porting porting- soo good 1 profits an and and- of ot late monthly profits have hae passed Indeed without Mexico the past t quarter quarter quarter ter would have havo ha e made a very or sorry showing A Additions 1 to th the two Mexican can milling plants are under wa way one of or which should be ready reull in February and the other In Juno June And furthermore furthermore further further- more the mana management plans the construction con con- of or a third mill to be bo ren ready b by tho the end of or 1918 at mi which time the tonnage capacity will be Increased 65 per Cent ent over present I capacity With a hl high h price for tor silver siver practiCally practically cal cally assured for Cor some somo time to come nn any betterment In operating conditions In Mexico should bo be of ot tremendous ad advantage ad- ad vantage antage to the tho United States Smelting compan company Moreover r it Is ts hardly hardly likely likely like like- Ikc- Ikc I ly that an any further write offs oes le for losses In spelter and lead will wil be necessary sary at least none as large larse as ns that of or orthe the November No quarter Indeed 1 it i would lem as us though the tha three mats months tits fended ended November 30 were the tho minimum J as regards Tc earn earnings I n l. l and do not repA represent rep- rep be expected cx- cx I ie resent In t n any way war what may A this year Har |