Show STATUS OF U S SMELTING A report from washington declares the rise in united states smelting smelling Sm elting company shares followed the removal by the federal reserve board of all restrictions on silver prices and exports thus establishing a free market for silver throughout the united states and the world under the wartime war time restrictions imposed last august the price of silver was fixed at an ounce and exports except for civil ar or military purposes connected with the war forbidden silver has already jumped to for export and is being freely predicted it is held that europe is virtually on a silver basis and must buy heavily for months the american price of silver dominates the world united states smelting smelling Sm elting was never in better position in its history to take advantage of a silver boom it is treating tons of silver ore a month its record figure and expects by the middle of june with increased milling capacity to be up to tons a month last year its average was only tons a month A third milling unit will probably be added soon sufficient to bring total milling capacity up to tons a month even without the new plant united states smelting smelling Sm elting can hardly help turning out ounces of silver this year or practically 30 per cent greater output than the high water mark of ounces of 1918 to show how great an influence upon general results silver earnings of united states smelting smelling Sm elting have become the following tabulation of outputs will show ounces 1919 1918 1917 1916 last year the average price received for silver was only a shade over 97 cents with guaranteed the first quarters and with a jump of 10 cents practically in force already it is conceivable that united states smelting smelling Sm elting on the vastly increased production should average at least 10 cents an ounces better in the current twelve months that increase alone would represent the full 5 dividend for the year on the common stock in fact it is estimated conservatively that united states smelting smelling Sm elting should earn from mexico alone which virtually means from silver alone this year which would be a full more than the total net earnings from operations in 1918 ore from company properties A new york dispatch in commenting on the operations of the company says in its report of operations united states smelting smelling Sm elting has never separated its own production of metals from its custom purchases for smelt ing it is understood however that of silver its most important metal united states smelting smelling Sm elting mined ounces or app roxi 75 per cent of the total output of ounces on the increased production which will probably run over ounces this year it is estimated that the proportion mined will run somewhat higher nearer 80 per cent so that the total will be in the neighborhood of ounces that estimate is interesting because it has a direct bearing upon estimates of increased silver earnings this year the average price received for silver in 1918 was better than 97 cents with only four months of the year elapsed and with silver practically bid for wholesale quantities the average price likely to be received for the full year 1919 is being placed at an ounce or a full 10 cents higher than last year on a production of ounces this means an increase in silver earnings alone for united states smelting smelling Sm elting of or almost enough to cover the 5 common dividend total silver earnings will probably run close to on this basis |