Show BUTTE SUPERIOR REPORT the issuance of butte superiors report for the quarter ended december 31 says the boston news bureau permits a compilation of the years results net profits in quarterly periods were as follows av price spelter three months ended march 31 1916 three months ended june 30 2 1141 three months ended isep 30 three months ended de cember 31 total these profits compare with previous years as follows per share year ended december 31 1916 year ended december 31 1915 year ended december 31 1914 0 the net returns for the quarterly period ended december 31 1916 were unduly inflated iby by the inclusion of an item of to represent readjustment of metal inventories ven tories underestimated in three previous quarters so that the real profits for that quarter were nearer roughly speaking it may be said the company earned 30 per share on an 1112 cent spelter market spelter is now about 1012 cents the directors declared in dividends 34 per share or 4 per share more than was earned to compensate in part perhaps for this liberality they this week went to the other extreme by ordering a dividend of but 12 5 and extra there are shares outstanding butte superior is the worlds biggest spelter producer note the growth in production of zinc concentrates for a series of years in pounds 1916 1915 1914 1913 from these must be dedicated losses in smelting smelling sm elting to arrive at actual spelter recoveries with this end of the business the company is not directly concerned as it does d oes no smelting smelling sm elting on its own account selling its concentrates to the american metal company and the arizona zinc lead smelting smelling Sm elting company contrasted with the profits of american zinc lead smelting smelling Sm elting company it is found that the latter came out ahead by just its net including the granby company purchased during the year being or better than 45 per share on oil shares of common after 6 on shares of preferred in total share selling values the two companies are close together for butte superior and for american zinc including bonds in view of the fact that american zinc preferred is limited to 6 it would appear reasonably safe to predict credic t that on any price of spelter above 8 cents american zincs kincs shares of common ought to earn as much per share if not more than butte superiors shares but tile the stock market puts a premium of about 10 per share on butte superior |