Show UNIE SI STATES A ns CO EARNINGS RAVE AV BEEN YAR A chapter of accidents at nearly neaty e cr every important revenue re producing property of ti th the United States State Smelting Refining and Mining Ing company compan ha has d the operation of oC this company during turing the past year Tear ear and ad for this reason tho net profits for tor tho the December twelve months to to- end 31 1 i next will i show a i very vory material 1 the profits shown in 1903 Tho The interruptions to production h have havo v naturally tended toward higher c costs but it is to be said be-said said sald that in er e every instance thee these interruptions been due to no lack of foresight ht or 1 gOod management but butr rather ther to able able or accidental cau causes s. s says sars News es Bu- Bu BU reau In California tho the earnings from rom tho the Mammoth copp copper r property wi willbe be materi materially mate mate- ri l le less les s by rl reason razon ason of the reduced plant plat C capacity incident to the so 50 called caled bag- bag ho house house- se treatment of ot the smelter fumes Tho The government o is firmly committed to the protection protection of the forest and agricultural agricultural tural 1 lands and has ha to all ni intents and purposes demanded demand d that the tho Mammoth smelter must must either stop tho the omission emission of ot d destructive fumes fumes' or close down entire entire- entre- entre coso ly ly 17 In Tn l seeking to solve the fume problem m the United States comp company n at at atan atan at an ex- ex ha has Installed in installed In- In pense of something over o it- it stalled what is known as as' the se system but this process so restricts the capacity ot the plant as to make possible only a. a a 50 50 per cent of normal output This of course ours ours' directly to Increase in increase In In- crease the cost p per pr r unit of output so that that- that it it is quite quie probable that un under r the pres pres- method of of oper operation lon it i is costing the Mammoth c company 50 cents per ton of ore ore more more than it i did f formerly Not Sot long ago a considerable addition additon was made in the furnace cap capacity city at the theMar Mar Mammoth sm smelter l r. r which step has been criticised in some quarters but but as a a. a l of o fact fac it appears to have havo been Wisely c as it was designed to extract the tho l known own ore values in the shortest possible time Had Uncle Sam nc interposed it is believed that all al would have progressed smoothly Even under r present operating conditions Mam- Mam th for a few years at least should be l good od for tor at least lest of annual pr profits Ore e reserves stand at something less Jes than tons iDO Down n in Mexico where are located the company's compana s exceedingly ly valuable silver and bd sold gold ld properties known as the R Real Heal a delMonte and arid mines the lacko lackor lack o or power of power power for months at a time Uma seriously serious serous serous- ly 13 restricted the ability of th the company to make tile the showing shoeing g of earnings of ot which the mines are capable It I is b bc- bc v liev d by those who arc are thoroughly convers con con- co- co vers nt with mUi the company's s 's property conditions conditions con con- and the real rel value alue of the Mexican Mexican exi- exi can can properties that th these se mines mine will wi in inears years ears to come show an earning capacity equal to the entire dividends now paid on the on-the the th compan company's s preferred and common stocks which amount to per These mines mines' constitute t the e company's com coin pany's most valuable mineral possessions They hey have ha abundant ore reserves and under noral normal conditions will wf turn in ln a abi abig abig bi big rev revenue nue These e properties are es essentially es- es silver siver producers to which the recent rise in silver siver t to 57 i cents an ounce is an n important consideration At t the Xee Needles les Arizona Arzona property a serious ein occurred during during the year i hi which h h could in no way ay be bo foreseen but buckled the tho shaft shaf and made necessary necessary nee nee- essary the tho removal of all al the surface machinery to a a. new location and the sinking inking of an entirely new opening v A nAt t the Richmond Eureka property In Jn e ada a washout the railroad line lne o out t. t of or business shutting the company orf off from all al transportation tOl outlets It I is a matter of doubt as to when hen if ever the railroad lin HUP will wi be rebuilt rebul At the Eureka Centennial-Eureka no no serious tr troubles s were Trove eie encountered and the tho mine should do as well as In previous years rears So far this thi year the company liaR has pa paid 11 its stockholders two two dividends of 3 53 per share hare each on 01 its shares share Cen- Cen dividends in 1909 Eureka paid no Eureka o that it is is- possible a portion porton of the paid this year ear was der derived ed from earnings of the previous twelve lelve months I i The property however should be good foran annual anual contribution of or at least to tho the company's earning capacI capaci capac- capac I i Matters sire are al' al progressing Fing smoothly in iii inthe inthe the Bingham camp but this thi department ls i not a lar large larse e contribution of profits but earnings of 2000 nor ncr month or 01 par Ir p r annum should be forthcoming Confronted with this chapter of acci- acci depts lents the United States Smelting corn com COI- COI pany has as been up against it good a and hard this tl thi year ear Nevertheless it m 1 will ne 1 show sho its 2 2 common dividend earned aCel I Ample cepi charges have be beon benn n made Tho Th depreciation charge has always always al- al 11 ways a s 's been a a. a conspicuous us feature of th the company's 8 financial oli policy and it I still sUl adheres to the practice of ot char charging off more than is necessary sar to meet the de deterioration de de- of oC plant and the tho replacement 1 of or worn orn out ott construction Tn In 1909 1903 the depredation de depreciation de- de predation charge chare was wa n. n We Wa are ar informed that the tho relatively cly poor showing of ea earnings this year had h d no relation to the tho dissolving ot of the tho recently recently re- re existing existing- pool in the stock th the thA subscribers to which h took over o 00 M pc per percent c cent nt of their participation At t a cost of per er share The outlook for 1911 I 1 II for v vastly t letter better heter results than were obtained for the year now closing osing i i V |