| Show U S SMELTING AND THE NEW WAR TAX by reason of its relatively big invested capital united states smelting smelling Sm elting stands to lose a very small portion of this years profits through the war tax says the boston news bureau based upon annual report figures the tax will be only the equivalent of 65 cents per share upon the common stock the average of invested capital of united states smelting smelling Sm elting for the prewar pre war period 1911 to 1913 inclusive was that is including total capital assets and net quick assets the average net earnings for the period were or less than 7 per cent on invested capital thereby establishing the exemption allowance at 7 per cent for eight months ended august united states smelting smelling Sm elting earned or at the rate of for the 1917 full year considering how strongly mexico is coming the eight months average should be easily maintained allowing 7 per cent exemption upon at the end of last year and profits of for 1917 taxable excess is 20 per cent of which is it is to be borne in mind that a large part of the united states Smelt ings invested capital stock is represented by investments in subsidiary companies which will have to pay their own individual taxes but as smelting smelling Sm elting will be allowed thereby to deduct dividends received from these companies it is believed that the final result will be bd about the same as though the investments themselves counted as invested capital as figured above |
