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Show Poor Demand for Red Metal Curtails American Smelting Smelt-ing Company Earnings. American Smelting & Refining' 3 poor showing in the first half of 1019 was due to the abnormal metal market conditions con-ditions which have maintained since the signing of the armistice, says the Boston Xews Bureau. Though copper production was cut down about half, it took tome time for tire reduction to be reflected in the output out-put of the smeltfrs and refineries. A3 a result of the depression hi tho copper trade, part of this output accumulated. to that metal stocks increased from Sl0.9l7,ir,3 at the end of December, to $4$, 423.509 at the end of June. Despite the slack conditions in the industry, in-dustry, American Smelting s working capital as of June 30. IMS, sho s a decrease- of only $1. 083.6TS in comparison with June 30. 1918. The !at half of this year should show considerable improvement in earnings. Opera ; Ions in Me::ico are stead i ly expanding. ex-panding. About SO per cent of capacity has been attained at the company's Mexican silver mines, against less than 65 per cent last year. This increase Is important considering the big advance in the price of silver. American S inciting produced 72.572 56 ounces of silver in 191S, comoared with 69.S41.061 in 1917, and 71. 868. 451 in 1?16. On the basis of an appreciation of -0 cents an ounce m the price of silver over the fixed price of.fl.oi in 1913, earnings earn-ings from silver production, on a basis of the lflS output, would show an increase in-crease of $1. 431.460. This equals ?2 .36 a share on the 560.9SS.000 common stock (of 100 par). During the war years American Smelting Smelt-ing turned back into surplus an amount equal to 549 . SO a share on the common stock after allowance for dividends on the junior issue. |