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Show ANNUAL REPORT OF I S. UK ISSUED Despite Low Metal Prices, Net Earnings of Company Reach $10,571,915 TREATS BIG TONNAGE As Manufacturer of Metal Products Produced Over 40,000,000 Pounds Showing earnings of 6 03 per cent on its common stock as compa ed with 7 47 per cent durin the previous y ar the American Sme Ins &. Ref n ng con pany has issued its report for the year ended December 31 1311 Dan el Guggenhe m pres dent ot t e company s ates that notwithstand as the den o al zed bus ness of last jea and particu arly the fact that ts arge bus ness in Mex co was not at al prof tab e and tl e low price of meta s due to the war resu ted n the cut ng oft of a la ge supp y fron the nes yet w h a these d scou age men s the net ea n ngs of the company we e $10 o 1 91o or o 1 about J 00 000 less t an the p eced ng 5 ear In the epor for the f rst t n e de ta s w th refe ence to the vo un e of busl ness are en and the f gu es s ow that the company manufactured soraeth ng n excess of J 00 000 000 worth of mater al and that the net earn ngs were s ght y less than 41 per cent on the turnover Tl e bus ness of the company is of suel a very regu ar nature w thout the ord nary commerc al risks that the company can afford to opera e and hand e very large va ues at a cornparati e y small per cen age of prof t The Policy The po cy of the compan s o make the sn e ting and ref nlng charges low n order to encourage the supp j of o ea and in the endeavor to offset these low charges the company is m nlng coal, produci s coke, own ua and operating mines produc ng gold s ver lead cop per and z nc and is now introducing plan s for the ref ning and product on of other metals such as nickel patnum pa ad urn arsen c bismuth cadmium te uriun and se en um The company a so produces sulphur c ac d and sulphate of copper , The company is also akin up the n anufacture of metal products and last 3 ear produced someth ng over 40 000 000 pounds of manufactured material A tent on s ca led to the phenon enal g cmth of the company in connection with ts ref n ng copper Wlhi e in 1908 the annual production of copper was ap proximately 50 000 000 pounds last year the company ref ned about 530 000 000 pounds In other words the company Is constan Iv broaden ng its activities and has n any othe p ans in view for the next year or two a ong these same lines Welfare of Employees s to the Welfare of its emp oyees Pres dent Guggenhe m ca Is attention to the following The company a number of years ago d rected its attent on to reducing tl e frours of labor in a I twenty four hour work to a three shift eight hour day regard ess of tie requirement of state laws requiring such acton and when ever poss ble this has been done w th the result that le s than 6 per cent of the company's labor works twelve hours per day and th s unimportant amount is be ng rapidly e unlnated In most cases the company has been obliged to pay the same wages for e ght hours work as it had prev ous y paid for twelve and has sought to offset this Increased cost by labor saving devices Wh le a number of states in which the company operates have passed laws requiring nsta at ona to improve and conserve the health of the operat ves the company has construe ed and is con etructlng such instalatons and active y combat ng all occupational d eases at plant after p ant, irrespective of legal re qu rements Accident Prevention Acc dent pre ent on work has been pushed energetical! and gratifying re su s are be ng obtained The company is a so giving ass stance to the men partly through funds con tribated by the men themse ves whereby med cal and hospital facl ltles have been granted not on v to the operat es but to their famil es One ha f wages has been pa d a so in case of acc dent or sickness At the more Important works the companj has taken out 1 fe 1 lsurance policies n fa or of the w fe or fam y of the operati e to the extent of $o00 for unmarried men and $1000 for married men pajabe for any cause and the poll y of carrj ng th s nsurance to a nuch wider extent is now under cons d erat on T e pens on fund Instituted a few ea s ago now amounts to $ 20 238 p a ttcallj a 1 of wh ch Is now Invested Dur ng t e past jear s xt hrep app lea ons for pensions ha e been granted The a erage age a whi h pension has been gran ed s 6 yars |