Salt Lake Herald-Republican | 1918-04-03 | Page 6 | Reports Profits of Smelters Less

REPORTS PROFITS I OF SMELTERS LESS By Associated Press Prell NEW YORK April 2 Declaring that operations of the American Smelting Refining company under the direction of oC governmental commissions was seriously seriously seri ou ly Jeopardizing the ability of ot the company compan to pa pay a fair air return turn to Its stockholders stock stock- holders President Danl Daniel 1 GU Guggenheim today today to to- to day In his annual report announced that earnings of oC tho ho company for or the fiscal year ear ended December 31 31 1917 1911 were 20 less than for pr tho the preceding year carThe car The decrease wax as due ho said s. to the tho government fixing of ot prices of metal products and tho the fact that the tho cost of at labor and supplies was waa not fixed The comp company's earnings earning for or 1917 aCtor deduct ing general ex expenses fixed charges 8 and SU taxes aggregated and earnings earn earn- ings Ing to the common sto stock k equalled 2 22 per cent Th The company compan Is not suffering from Crom the entire lack of oC economic law helm heim says fays Owing to the various arlous governmental gov Sov contracts for or shipbuilding and other construction of or great magnitude which havo have been mado made on the bus Is of ot cost plus a 0 commission the contractors have no Interest In ut holding labor costs coste at a point where a profit can be Le made and In fact tact their own Interests are In favor or of oC ati nu n high a cO cost coat t aa os can b bo In any wa way Justified By Dy By these two governmental o action actions first by r reducing tho the value of or our product product product prod prod- and B second ond by constantly Increasing our cost coat this thie great corporation producing ing Iner what Is absolutely I necessary ary to the government Jo In carrying on the tho war war Is III having its Ita ability to pay a 1 fair return to j I its is stockholders seriously ly Jeopardized The company compan lasit year paid 6 per cent dividends on Ita its common stock and und a n 1 i iper P per r cent Red fled Cross Crotia dividend dl Guggenheim says that while the profits heretofore made by the company ma may have been excessive had It not been for Cor such profit profits the company would not have been en able to enlarge Its Us work works and In Increase In- In increase crease Ita U. output In m meeting etl the necessities necessities of oC the government The Tho enlargement enlargements enlarge enlarge- men ments ment referred to cost approximately all nil of which were yero taken out of earnings