Show U S SMELTING AND MINING REPORT the directors of the united states smelting smelling Sm elting Re refining finin and mining company have issued the following report from boston the consolidated earnings for the first months ot of this year are ard estimated at after providing all interest there have been deducted from these earnings reserves of for depreciation and depletion and 1 for further exploration work in mexico these reserves aggregate 6 in all and have estimated net ea earning anina V for the five months of of which was earned in the first quarter the preferred dividend requirement qui rement for the five months period is de our power supply in mexico on which production has been substantially curtailed owing to a very dry J ieli season the rainy season now setting in will manenal materially has prove this situation the demand for for foreign bioli g silver ion been sufficient to absorb the mexican silver product and and with any improvement of conditions ill in india andla for china increased earnings in mexico may be hoped output ft during the first five months of this Y year the 0 in of coal was tons as compared with tons ton inthe ine has n same period last year this decreased output and creased operating costs and the earnings of th the e ca coa ai shola railroad companies were small the unsatisfactory due alv ing of these properties in april and may was parl party deto the seasonal conditions but it is expected that t few mjane for coal will begin to ini improve prove during the nent n mont months s as is usual during that period of the year ye |