| Show FIGURES FROM US SMELTING REPORT the annual report of the united states smelting smelling Sm elting refining mining company for the twelve months ended december 31 1917 shows a mining profit of equivalent after depreciation and depletion charges federal taxes and preferred dividends to a share on the common against 2049 in 1916 says the boston news bureau united states smelting smelling Sm elting refining mining company directors issue the following statement the annual report for the year shows earnings for 1917 amounting to after providing reserves of for depreciation and exploration and for depletion of mines there was further provided out of undistributed surplus for federal taxes red cross and Y M C A contributions and additional reserves the earnings in the first quarter of 1918 will show approximately with march earnings estimated after providing for depreciation and exploration and creating reserve for federal taxes for the first quarter these earnings are at the rate of 7 per cent per annum on the preferred stock plus per share for the three months on the common stock or at the rate of about per share per annum per cent on the common stock president W G sharp says in part during the year the output of all metals produced by your company has been maintained or increased with the exception of zinc and gold average prices realized for the year were also maintained or increased except in the case of zinc the increased cost of production however of each of the metals has not only offset any increase in average price realized during the year but has largely offset all the increase in price since the prewar pre war period these increased costs are mostly due to increased costs of labor and material used in our mines and plants and to higher prices paid for custom ores actual and substantial losses have had to be taken at times during the year on metals in custom ores purchased at higher prices than could afterwards be realized on account of price regil regulations lations and voluntary agreements as to prices at which metals were to be furnished to our government and its allies prices of all metals except silver were substantially lower at the end of the year than averages realized during the year and still continue to be so but prices seem to be less subject to fluctuations while these lower prices will tend to decrease profits on metals from our mines except perhaps in the case of silver the absence of violent fluctuations in prices will tend to avoid losses in the purchase and handling of 0 metals in custom ores the output of 0 coal for the year 1917 was tons an increase of tons over the output for 1916 for the first eley alevo months of the year the output while a li ditth better than for the same period during th previous year was still greatly restricted bi ij r lack of adequate transportation fac facilities 11 a an service on december 1 1917 the utah ft 1 way company all of the securities of evl whid ft 0 are owned by this company has equipped it 1 its own railroad with cars locomotives abw ac terminal facilities and on december 1 lar i n took over as proposed and as reported in into t last annual report the operation of its m 71 i railroad and is now running its own tra train through from the coal mines to its conna conn tion with other railroads at provo lutat during the first two months of this inde pendent operation of the railroad the outda outa of coal from the united states fuel co COB e banys mines was tons as compare with tons for the corresponding p L during the previous year an increase os tons 55 per cent in the avi h 1 months the operation by the utah railei railway as of its own road seems to insure ample tra tram ILI lt por tation facilities and service to per I 1 the operation of our coal mines with a mue mud larger output than heretofore and to kaei N i pace with continuing increase in output ati as 11 demand this outlook has enabled us to V e ter into some advantageous contracts ft fir the coming year at present prices for coe coa some large and longtime long time contracts taken b fore coal prices commenced to advance ar 21 expiring in april and it is expected that tl coal now going on these contracts at low lc prices will go during the coming year ab higher prices in mexico during the first part of t year operations were still hampered by ae difficulties mentioned in the last annual re port only one mill could operate and tho thai at only partial capacity operations col tinned to be conducted at considerable los log until june As anticipated the second ma commenced to operate during the quarter of the year and from july to tit end of the year both mills were operate and for the last six months of the year aver av aged tons monthly which was ova OTO their rated capacity of tons bial profits were made from june to the eo el of the year and still continue while waa have increased at our mexican property proper tyl th efficiency of our labor there has irn ampro to the extent which practically offsets suet sue increase but the increased cost of cyana dynamite timber and other materials PIT P chased in this country and transported to mexico under extraordinary difficulties add an heavy expense more than offset the it tb 1 creased price of silver realized during year none of the ore from the new nev was mined and treated during the year beare et capt what came from development work aad a a small amount of preparation one of our mills an additional capacity tons monthly is being completed SO a put into operation during the first quartel quarter 1918 |
