| Show FIGURES FROM AMERICAN SMELTING REPORT the earnings of american smelting smelling Sm elting refining last year were the largest in the companas comp anys history notwithstanding stan ding the Alex mexican ican disturbances which cli caused a heavy reduction in the results of the corn com banys operations in that country af after ter preferred dividends there was a balance of applicable to divi dividends lends on the common ecock outstanding on december 31 1916 an all equivalent 0 of f 2975 a share as compared with 1915 earnings of 1680 per share on oil the stock then outstanding the 1915 earnings on the common surpassed the previous record earnings of 1147 per share in 1912 had the common stock not been increased in 1916 by as a result of the conversion of the american smelters shelters Sm elters security securities ies 6 per cent debentures earnings would have been at rate of per share from the surplus account the directors made two special appropriations the first to the credit of property account and miscellaneous items the second 6 chai changed ged to reserve for enlargement and extension A comparison of tile the annual report with that for the six months ended june 30 1916 shows gross earnings of for tile the first six months of tile the year against 14 for the last six months net earn ings were for tile the first period as compared with during tile the sec ond from the gross income of tile the second six months were deducted tile the increased in come tax on the earnings of tile the entire year and the special appropriations for employs employ ees bonuses 0 pension fund and ana welfare work commenting on oil the companas comp anys operations president guggenheim says the high prices for metals metal recorded in the last semiannual semi annual report which were therein mentioned as being the cause of a largely increased production of ore a and ild bullion tor for smelting smelling Sm elting refining have continued with a few exceptions and have even exceeded the prices of tile the earlier part of tile the year the smelting smelling sm elting and refining operations of the company have correspondingly increased wages and cost of fuel and material have continued to advance the scarcity of all materials needed for construction and operations together with the un equalled equal led congestion or of the railroads of the country have united io 10 make tile the continued working of your smelting smelling sm elting and refining ning plants most difficult the board of directors after due examination and deliberation extending over tile the past two years has decided to enter into the mining and smelting smelling sm elting business in the republic of chile during the year the company has completed the construction of a sulphuric acid plant at salt lake city with a capacity of over tons per annum and plans are being made to duplicate this plant as soon as a market can be found for the in creased product to this end appropriations have been made to cover experimental construction st looking to the production of various chemical products using sulphuric acid as a base it is belivea beli aved that these plants when fully completed will not only be large consumers of acid but also commensurate producers of profit the saving of the major metals heretofore lost through unscientific methods and the production as products byproducts by of the minor metals and chemical substances are being given increased attention by the metallurgical staff of the company and to t to this end large are e expected be made during the coming year which eventually will we hope prove very profitable at no point in the accounts submitted is the enormous increase in business being compared pared done at the ending of tile the year as coni with the beginning of tile the year so vividly portrayed as in the inventory value of meta stocks the book value of oret ore bullion and land hand and in transit on oil factory products on oil december december 31 1916 less treatment charges accrued but not earned was Dece december niber on as compared with 0 21 31 1910 1915 an increase of |
