| Show U. U U S. S SHOWS HO HOW PlANTS LSE OW ON METALS Can a smelter lose By looking over the report of the United SmeltIng SmeltIng Smelting Smelt Smelt- get the producers may ing company compan smelters' smelters viewpoint of now I opper er and will show chow a loss while metal lead load markets markets markets' stacks are wi in a slump The following review ew of the company company's a recent report Is taken from the Boston News Bureau The statement u of the United States company Refining Mining i s Smelting of this that during the first eight months after depreciation c and net profits deprecation year It very were maes mabes exploration with those pre pre- comparison a n by wih that Sl during u reported g rt the de def f for three r the e months first n five of months June he and the company suffered a aseF JulY August i In n net earnings a contraction n severe e h seF For t the first five months of this year The deduction deduction deduction deduc deduc- net profits were months tion Is plain that for the three the total net and August of June July Augst or an average of was onlY 66 per month This Thil compares with an average for the first quarter of this average of per month and an average average ave aye rage rage year vear for April and ad May My of 1224 2256 In three other months words gs the was s a average only about for i third one the tt past J that for April and May Way and about one- one half the Apri average e avera for each of the first three months of this year i iAn An official states that this 1 extraordinary nary drop In earnings was the result of the substantial decline In the prices pries of lead and spelter from r those e which h silver a prevailed l at t the time r the earnings n f for the first five months were calculated Furthermore Furthermore Fur Fur- that the company suffered a severe drop In earnings by virtue of the fact that as a custom smelting proposition proposition of ores on the basis It was a buyer of the high prices for ruling In I April and May Stay and then when three tee or four months later the copper contents content of these ores were recovered and ready for market prices showed radical declines I from the top I In addition to the above the Inability t to get cyanide and other supplies Into I I Mexico necessitated a complete shutdown of silver slIver milling operations In Mexico exio during July and August Augst and the company corn com cm- cm pany suffered an actual loss In this de department department department de- de during this period It is well wel known that a custom smelter I on a declining market for metals labors against heavy odds but on a rising market market mar mar- st aga ket and th this s Is I the present tendency the company Is Is' a gainer to the same extent that It was 1 previously a 0 loser evident that notwithstanding It I Is quite the Improving t tendency at the moment there will 1 have to be a a. a downward revision revision revl- revl sion of ot previous estimates estimate of or of net earnings for United States SmeltIng Smelting Smelt Smelt- Ing for the current year If I the same average net Is derived for the re remaining remaining remaining re- re four months as was waa obtained for forthe the months month of June July and August Augst the the total net for the year would be 00 or 18 18 per share for the common stock stock stocka a after ter 8 a full ful years year's preferred dividends With Ih the te upward tendency now apparent however U it Is reasonable n to expect c that e the company p will wm do substantially st t f better ethan than this or nearer for the full ful twelve months month I |
