Show fi from annual the united states smelting smelling Sm elting refining mining alining company paid its quarterly dividend of a share on its common stock on april the company has issued shares of common on which it has paid practically payments on the preferred stock totaling approximately shares has been more than the annual report of the company shows that net earnings in 1916 amounted to 2055 a share on common operating profits were from which there was deducted leaving a balance for stock of 8 which amounted to 2065 a share on common the balance for stock during 1915 was and in 1914 the production figures for two years compare as follows 1916 6 1915 copper 2692 lead silver gold there were pounds of zinc produced last year as compared with pounds in 1915 and nothing in any previous year the average prices at which metals were sold during the year were as follows copper 1297 cents per pound lead cents per pound zinc cents per pound silver cents per pound president AV G sharp in hs his report on the affairs of the company says in part A favorable opportunity presented itself to acquire at checotah oklahoma a zinc smelter designed for the use of gas on modern lines this smelter was served by a new gas ifield of such an extent that the supply of gas is assured for many years to come payment for this smelter was made partly in cash and partly by the transfer of the plant at tola iola three hundred fifty thousand dollars were written off the cost of the zinc plants which now stand at the entire cost of the three zinc smelters shelters sm elters purchased in 1915 is now arl written itten off and an adequate depreciation of the new smelter at checotah has been set aside the lease on the ritz mine in oklahoma on a royalty basis was obtained and the mill from ravenswood Ravens wood was moved to this property the development of this mine shows a body of high grade zinc ore from which a good profit should be derived during the coming year the output of coal for the year 1916 was tons as compared with tons in 1915 during the year there has been increased demand for coal in the territory tributary to your companas comp anys coal properties these coal mines had ample capacity and with the increased demand could have greatly increased their output but were prevented from doing so toy by lack of adequate transportation facilities and service we believe that increased railroad facilities and improved service will be furnished through the utah railway company which company proposes to take over fully equip and operate its own railroad from and after nov 30 1917 at which time it has the option to do so under its present agreements and under the same agreements to avail itself at this time of rights for an intermediate portion of the distance and run its own trains through from the coal mines to its terminal and connection with other railroads at provo utah locomotives and additional addition dl cars have been ordered satisfactory arrangements have been made for interchange of coal traffic with connecting railroads reaching all markets tributary to utah coal As this arrangement does not go into effect until near the end of the year 1917 results from it are not expected to commence to appear before the year 1918 in the meantime it is hoped that we may receive more adequate service under the present arrangements and be able to take more advantage of the increased demand for coal A consolidated earning statement for the past year shows earnings after charging cost of production selling expense repairs and interest depreciation and exploration reserves profit for year 1916 previous surplus total surplus above total has been applied as follows additional reserves for depreciation i dividends on preferred stock dividends on common stock per share 1 1492 4 9 2 2 3 8 undistributed surplus total the net current assets of all companies hicl including udinI g for the first time the net current assets of the utah company and subsidiary companies were as follows current assets cash notes receivable accounts receivable inventories metal in transit in process and on hand ores and products byproducts by supplies fuel and timber 22 4 4 total current liabilities notes payable accounts paid and accrued payrolls drafts in transit reserve for interest freight refining and other purposes dividends beclar declared ed paid jan 15 1917 excess of current as sets over current liabilities bili ties |