Show SMELTERS LOSE IN NET EARNINGS Rate Is Regarded Favorable Considering Low Metal Prices hr statement of the American Smelt Smelting SmeltIng ing lug Refining company covering cowering opera r t tr Ts fur ti the six ix months ended October il H I shows net earnings of to COtT i i cr rd d with wih for the corre sv period of lOS 19 or a reduction for fort t tc c 1 i of T 1 of after charging 0 o t 1 O representing six months d 1 i 1 isis 1 of 3 34 4 per pr cent on the preferred K 3 J s d a i balance balan for the common amount j 1 u u equal eual to 32 3 per cent on onI 3 f I NM of stock Mock stok or at the rate rte of 8 iS j I r i fin a year yar tar as compared with wih I C nt Lit for fur the corresponding period of l t I r Isi dent tnt Daniel Danl Guggenheim says uD Di Dc o to t the fact that the market price rf f q has remained virtually as low lowES lowa ES a i L inns iring ing the recent reent panic your company 1 ls s no rO been ben able abl to participate in the Ial il revival Ihal of prosperity Under Inder the therl c 11 rl r tin i stances I 1 regard the earnings as VU cry Exploration Company Gains T I i Guggenheim GI Exploration rr ru r u statement for the year ear ending 3 4 r c 31 1909 19 shows show the following c balance blanc sheet shet Assets ets 1909 19 1 1 lr Treasury sury stock Arian an Smelters securities A uSO 1860 Smelters securities B lAm IA nan Smelters securities common 1 I 1 I property and investments an fixtures and ami equipment i O pill and accounts collectible t K sli and demand loans lol r ti lal K Pital al stock stok 80 00 mC 1 i and rind accounts 1 11 us 06 1304 Total Ol I tails of o the ti item other properties and nd Investments J December 31 3 IPOS l 1 OS r Copper Cor J ITs Ltd t li 3 CN N ada td L Consolidated Copper S ula Northern railroad lr 11 T tal ta al topp r V kon Gold 80 ESLi st investments il 70 TV rI ial at All AH of the above ab items are ar carried at t cost ct Pr Daniel Guggenheims state state 1 l i 1 r ays rT T net earnings at present date are areC ar r C i Ii to f tr UI 17 per er cent per pr annum This V l ri r r moans means represents the actual actual earn carn ear 3 j j r T the companies in which we are in ini 1 r t i hut but i il is based bs upon their thir present I V cd 11 i disbursements di Show Full Ful Value Wt t continue to carry carr American Smelt i i stock stok of which we own 11 1 2 i par car vahe value upon our books at a n nr ar ar r i 1 valuation of 1 1 In a I statement t il L I t il ty the thE American Smelting Re Ref Rei i f f g r pan it is shown that the sur siw I j of the American Smelters H S i title company for th the six months 4 o d i November venter 30 1909 19 were about abut equal elal td t r rt t of f 7 per cent annually annual on the thet theL t L ini 1 stock stok of the th Securities company r ZT 1 t 1 is I expected x te that their future earn wil U ill lw he 1 larger laor Upon this showing i 1 ins nis safe afe to assume that a fair pros pres v due of this stock stok would be about abut in ill il which event the book bk value alu of oft t c Exploration company stock stok t I Almli il there are aM shares ha out K r t Inci would be b a share r f r good o will wi Upon this basis the thet th t I ilie te of the outstanding stock stockA stok A i j h H S 0 OO i the year ear the th holdings s of Cum CumI 1 I I M JEI Copper company stock and amI iU Northern Railway company 1 I 0 converted into Nevada vada Con ConF ConS F S it td H company stock which was wasI j I i I non lon a dividend basis in the last lat r f r |