Salt Lake Telegram | 1932-06-15 | Page 20 | Close up of-

Close Up Of- Of AMERICAN SMELTING AND REFINING COMPANY COI Analysis by Standard Statistics Statistics Sta Sta- Sta Company As a result of ot decreased demand demand demand de de- de- de mand and current low prices for metals earnings power of American Ameri Ameri- can Smelting and Refining has been drastically reduced Moreover Moreover Moreover More More- over curtailed production with attendant low volume of custom smelting will probably continue for some months to come even given a rather sharp rise in consumption consumption consumption con con- of metals existing supplies supplies supplies sup sup- plies would prevent an In ear early upturn upturn upturn up up- turn in smelting and refining op op- Net income last year was equivalent equivalent equivalent equiv equiv- alent to a share on the first preferred and to deficits of 1312 and 2 08 a share respectively on the second preferred and common shares This showing compared with profits equal to 2220 a ashare ashare ashare share on the senior Issue on the second preferred and on the common in 1930 If inventory inventory inventory tory adjustments on normal stocks as well as those on excess metals were reflected in earnings an even more unfavorable report would have been shown i neach of the past two ye years Common divi dividends dividends dividends recently were omitted although although although al al- al- al though payments on both preferred preferred preferred pre pre- issues have been fully maintained to date Occupying a prominent position as a producer of or copper lead zinc silver and gold old this company also is the worlds world's largest smelter and refiner of metals Approximately 60 per cen cent t of the common stock of Federal Mining and Smelting is owned together with substantial interests in Revere Copper and Brass and General Cable cor cor- Holdings also include a large stock interest in Mining Trust Ltd the necessary cap capital for the development of the jointly owned Mount Isa property in Australia Australia Australia Aus Aus- having been provided by bv American Smelting The financial position of the company at the close of 1931 remained strong cash and its equivalent having been as against total current liabilities of