| OCR Text |
Show Statement Is Received in Which All Details of Company Com-pany Are Given. PROFITS WERE LESS THAN YEAR BEFORE Larger Amount Was Written Off for the Depreciation Accounts. Profits of S2.4S4.31S were made during U'10 by the United States Smelting. Refining Re-fining & Mining company, jus shown by tho fifth annual roport Just submitted. These earnings arc less than the 1000 profits, when the figures reached $3,136,-360. $3,136,-360. Tho two years compare as follows: 1910. 1909. Earnings of all companies com-panies after all charges but depredation depre-dation ?3.73S,540 $4,155,012 Depreciation 1.067.00S S10.247 Administration, legal expenses 1S7.154 19S.401 Int. on U. S. Mining Min-ing 6 per cent bonds 10.000 Profit for year 2.JS4.31S 3.136,360 Undlst. surplus prev. bal. sheet . . 1.715,230 987.701 Total M.J.10.54S $4,124,061 The above ?4. 199. 5 IS has been applied as follows: U. S. Smelting dividend on preferred stock, 1.701.700; U. S. Smelting dividend on common stock. $702,100; dividends divi-dends to minority of sub-companies, ?S52; undistributed surplus, ?l.79I,S95. The following comparative figures on production will bo of interest: 1910. 1909. 190S, Copper, lbs. 28.430,425 36,672,606 32.S30.603 Lead, lbs 51.450.9S5 41,627,995 27,304.317 Silver, ozs. 10,776,465 9,637,119 S.340,560 Gold, ozs. .. 113.246 128.393 12S.20S , The consolidated balance sheet as of December 31, 1910. compares as follows: ASSETS. 1910. 1909. Cost of property ..$41,577,091 5 10.51S.45C Deferred charges to operation 54S.594 139.106 Ores and matte ... 72S.251 7S1.S63 Supplies, fuel and Umber 1.382,056 9S1.510 Metals in process and transit 3.S4S.7S6 6,279. S22 Notes receivable . . S06.642 865,360 Accts receivable ... 7S8.166 703,418 Cash 1.417.SS3 1,807,2.1$ Total $51,097,476 $52,076,807 LIABILITIES. 1910. 1909. Common stock ....$17,553,825 $17,549,350 Preferred stock ... 24,313.700 24,300,012 Cap. of sub. cos. not hold by Co 1,013,519 1,055,571 Bills payable 2.149,239 3,128. 7SI Current accts. payable pay-able 752.327 1,160,202 Drafts in transit... 260, 15S 127.S05 Reserves for freight, etc 346,046 463,608 Dividends declared not paid 601.081 600.793 Depreciation 2,177,948 1,599,383 Und. sur. for sub. cos 104,701 76.05S Profit and loss surplus sur-plus 1,794.895 1,715,230 Total $51,097,176 $52.076.S07 Regarding the Utah properties, tho report re-port says In part: "Development In mines at Bingham, Utnh,havo been progressing with satisfactory satis-factory results. The tonnago added during dur-ing tho year Is greater than the tonnage extracted. Towards tho end of the year a body of high-grade ore was uncovered. This Is tho first instnnce of such ore having hav-ing boon found In these properties, and while It Is too early as yot. to estimate the extent of tho deposit, it may safely be said that It Is of Importance. The lead ore extracted from (hose mines during dur-ing the year amounted to 87.I6S tons. In addition there were 32.744 tons of low-grade low-grade and 620 tons of high-grade coppor-sllvcr-gold ores shipped. "Ore shipped from I ho Centonnial-Eurektt Centonnial-Eurektt mlno during the year amounted to 90,419 tons. Developments added as much to the tonnage as was taken out. The smelter at Midvale. Utah, opera tod continuously throughout the year. The baghouse continued to give perfect satisfaction, satis-faction, and no damage has been done to the farmers or any troublo experienced with them." Tho report states that the. Bullion Bock developments were not satisfactory. The Mammoth company produced 330.633 tons df oro, and tho copper baghouse Is working work-ing very successfully. Vice President Jennings says, "during 1910, 6S1 separate mining propositions were considered by the exploration department de-partment of which 51 1 wero rejected. On 124 properties a preliminary examination was made with the result that no further work was recommended to bo done on these properties. On forty-six properties further work was recommended, and a complete examination of these properties were reserved for further consideration, and it is hoped that satisfactory terms can bo arranged for their purchase during dur-ing tho coming year." |
