| Show A S R REPORT FOR PAST YEAR SHOWS GREATLY INCREASED PROFITS earnings in 1925 at the rate of 1917 per share on common stock after deducting preferred dividends are shown by the annual report of the american smelting smelling Sm elting ke refining fining company this is an increase of in earnings per share of common stock over 1924 and an increase of per share compared to 1923 the net income in 1925 available for all dividends after deduction of charges taxes bond interest depreciation and depletion was 15 which was an increase of compared to net income in 1924 comparison in detail of income figures for the two years discloses the following improvement in 1925 1924 1925 total net earnings other income total income general expenses taxes etc interest depreciation etc net income dividends surplus of income discussing the companas comp anys position president simon guggenheim says in his report to the stockholders total current and miscellaneous assets made a gain during the year of and stand at slightly more than 42 times total current and miscellaneous liabilities bili ties of As total current and miscellaneous liabilities also increased during the year in the sum of the net gain in total current and miscellaneous us assets over total current and miscellaneous liabilities was there are no outstanding loans excepting the bond issue your company is in a strong cash position having in hand at the end of the year in cash call loans government securities and bankers acceptances with respect to development president guggenheim says the company expended during the year in new undertakings der takings enlargements and betterments the sum of 6 without additional financing and expended a further sum of for these purposes out of funds provided by special financing series B bonds in 1923 million reserve for investigations A new reserve of has been set up for mine and new business investigations your company which was originally organized for the smelting smelling sm elting and refining business has of recent years been steadily enlarging its activities particularly in the acquisition of mines and also to a lesser degree in the manufacturing of the refined metals into various forms this policy not only has improved the earnings of your company but has tended to give them greater stability because of the increased supply of raw material and the wider market for the resultant metals dividends metal output the report further shows that in addition to an increase in the common dividend from sixto six to seven per cent in november action was taken during the year to establish and maintain ample reserves for various contingencies and re auire ments and that the balance in reserve remained at over on december 31 president guggenheim says all plants and parts of plants which have become obsolete will be charged off as occasion arises and the property account will thus be carried on a conservative basis the companas comp anys production of important metals in 1925 is shown by the report to have been as follows copper tons lead tons gold gozs silver gozs the sum of was added to pension reserve and a special distribution of 7 per cent odthe of the year s salary was made to all salaried employed emp loyes in service throughout the year president gugel cheim reports |
