Show U S SMELTING PAYS DIVIDEND AND ISSUES OPERATING STATEMENT in declaring an a regular Z quarterly dividend of cents per share on preferred stock of the united states smelt ing refining and mining company payable january 14 to stock of record january 6 directors of the corporation recently made the following statement consolidated earnings for eleven months of this year to november 30 are estin estimated at after providing all interest there have been deducted from these an earnings I 1 reserves of for depreciation and depletion and for further exploration work in mexico these reserves aggregate z in all and leave estimated net earnings I 1 for eleven months of of which was earned in the first eight months in completing Z the consolidated profit and loss account for the year these earnings will be increased by further operating profits for the year as well as profits from other sources which after taking Z care of further depletion and depreciation charges and federal taxes it is estimated will result in showing a deficiency for the year of from to after providing preferred dividends amounting to after charging this deficiency the surplus will be about the capital additions this year will amount to about represented by construction and improvements in mexico additional lands and improvements at the coal properties additions and betterments to the railroad property and minin mining claims claim s and construction in utah and elsewhere operations Opert ions of the me metal tal mines and smelters shelters sm elters in the united states continue substantially as previously reported the coal operations have remained very much curtailed ta ailed owing to lack of demand and the output this y year ear will ivill be approximately tons as against 9 tons last year the mexican properties have been workings working ste beadily throughout 6 the year and the output will be about tons a as s against last years tons the decrease being 6 due to a shortage g e of power durin during b the summer months in I 1 view of the low price for silver during the year the profits have been very satisfactory properties are in excellent condition |