Show THE A 8 R boston commercial the gross earnings of the american 0 smelting smelling Sm elting refining company during its eleven years of operation have amounted to approximately the amount of its capital stock outstanding ou anding earnings having been and the capital stock outstanding being the disposition of these earnings for this period has been as follows tax int gen exp eap repairs betterments emp profit shar fund new con imp metal dividends surplus earnings total from the earnings at the end of the year 1902 was set aside for new construction extraordinary improvements and metal stock account the prop proportion of the latter not being stated during the three succeeding years however was set aside for metal stock account to absorb all fluctuations in the market value of metals in process of treatment leaving the regular profits of the company arising from the treatment charges of ore and bullion unimpaired at all times A comparison of the balance sheets ot of april 30 1910 and 1900 shows the following changes property increased working capital increased investments increased bonds decreased total credits capital stock increased surplus increased accompanying this article is a tabulation showing the income account of the company by years since organization with the percentages earned on each issue of stock and the principal items of the balance sheet and working capital at the end of each of the eleven years during the period from 1900 to 1907 the earnings of the company trebled and during the three years since that time nave decreased about one third after arbitrary arbi tray appropriations for new construction and improvements prove ments and metal stock account the surplus for preferred dividends has averaged twice the requirements of that issue at 7 per cent and the balance for the common has averaged 7 per cent on the amount outstanding of the earned for common dividends has been distributed to holders of that issue payments starting at the rate of 5 per cent per annum and gradually increasing to the rate of 8 per cent from which they were reduced to the present rate of 4 per cent per annum in the last quarter of the fiscal year 1908 including the extraordinary a appropriations the surplus for the stock has averaged per cent per annum on that issue over the eleven year period |