Show ANNUAL AMERICAN SMELTING issuance of report of american smelters shelters Sm elters securities company for 1915 makes possible a tabulation showing results of american smelting smelling Sm elting refining company alone in annual report by the latter company the income account consolidated figures of the smelting smelling Sm elting company and of smelters shelters Sm elters securities deducting figures in report by the securities curi ties company gives figures for the smelt ing company alone as follows N net e t f from r 0 in smelting smelling sm elting 1915 1914 inc and net N e t from f r 0 m property total other income total in come deductions net income preferred div mens balance for f or company per cent on company loss in other income is included representing 4 per cent dividend on common stock of american smelters shelters Sm elters securities company owned by american smelting smelling Sm elting this does not appear in the consolidated soli dated income account as it is an item the measure of importance of american smelters shelters Sm elters securities to smelting smelling Sm elting refining company is not to be judged by mere receipt of 4 per cent dividends on the formers common stock there are many advantages to american smelting smelling Sm elting in controlling and operating the mining and smelt ing plants of the securities company ordination coordination co 1 on of their businesses in distribution trib ution of products and absence of competition are significant of the value in the association for instance in filling an order for lead for delivery on pacific coast the metal would be shipped from nearest plant irrespective of whether it was a smelters shelters Sm elters securities plant or american smelting smelling Sm elting or again a shortage at one plant of any commodity could readily be made up from an other plant adjacent whereas if 1 refining alone were handling the order nearest plant might be at such distant distance 00 to make filling of the order arditi addition 16 costly to american smelters shelters Sm elters securities carnei balance for common stock last year ot ot equivalent to better than 13 cent that was after meeting dividends charging oft off for de tion of ore reserve and an increase of 12 i in miscellaneous profit and loss ch cha which was more than tripled over the ceding year when however not quit qu ll 11 per cent was earned in the corm common anion nion i undistributed earnings of securities cc pany for last year all accruing to amerl ameris I 1 i smelting smelling Sm elting were equivalent to nearly 6 fin cent on the batters lat common the preferred B of the curi ties company is guaranteed by the 1 fining company deducting from the r ed net shown for the latter compa it for 1915 the income derived n C securities company common would leat leai 0 from which to have met gearu 0 tee on preferred B stock had such guarante K been necessary that balance is equal ft over four times the 5 per cent dividend mi if d the preferred B f |