Show WHAT UNITED STATES SMELTING HAS accomplished IN TWENTY YEARS in its review of operations of the united states smelt ing 1119 refining mining company during the past year the boston commercial winds up its presentation with the following complimentary and deserved comment it since its organization twenty years ago U S smelting smelling Sm elting has nearly doubled its total assets As against I 1 this sizable increase in equities the only increase in outstanding obligations has been in common stock in preferred rep in capital and surplus applicable to minority interests and in funded debt during the past twenty years the companas comp anys annual net earnings after property and contingent reserves have averaged nearly a share on the common stock thus the present dividend rate on the junior issue has in the past been covered with anub a substantial average margin despite the fact that during a large part of the period earning equities were much less in amount and value than they are today total dividends disbursed by the company during the period in review or from organization to latter part of 1926 were while property reserves and additions to surplus totaled the companas comp anys financial policy throughout its history has been that of a dollar for the property and a dollar for the shareholders the company enjoys a thoroughly able and efficient management this is shown by the changes in character character of its product in accordance with fluctuating metal values and uses over the past twenty years for example in 1906 when copper prices were higher and lead prices lower copper coppe constituted 45 per cent in value of output and lead but 10 per pei cent whereas in 1925 copper was but 57 per cent u in m value of output and lead constituted per cent inspire in spite of current depressed prices for lead the companas comp anys producing capacity of that metal takes on a more favorable aspect when it is considered that no new lead producing properties 0 of importance are being discovered while uses of the metal are be becoming comin 6 constantly more diversified |