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Show 'RESERVES SET UP ! BY UNITED STATES I SMELTING CO. Amount Sufficient to Mark Down All Metals to Prevailing Pre-vailing Prices The direct ore of the Vnlted States Smelt-In Smelt-In and Refining company have Issued the following statement : "Aa close as can lo ba estimated tha rAMolMttod profit and lose Account will now earn intra of tpproilmaielv la. MO.OoO for tha year Iftrt, fmm which will be deducted de-ducted rctrrfi amounting to $1,400,004 for depreciation and depletion, leaving net profits of about H.bOO.OOO before taking caro of the ihrlnkaft In market value a of. metal inventories. Federal taxes art al- J ready prt.vl.ted fa,r by reserve I "Although it has been our practice tinder i normal coaditions tn take sjp any mark losses on sales of metals as aalea are made and losses realised. It la deemed beat at this time In Vhw of the recent heavy drop In prices of metals, especially silver and I'a-U to st up reserves sufficient to mark down all msta la In refined stocks, tn process and In ore to present market values, although al-though a large portion of these metals will not be In markets hie form for several month The reserve required for this purpose pur-pose will not exceed I 044 and Will be deducted from the net proflta of 4, referred in above, which will leave approximately approx-imately 2.tt0.e of thia yeara earnings to be crednea to the consolidated profit and lose account. This amount la equivalent to 7 per cent on the preferred stock (11.740.-404 (11.740.-404 1 plus a Knot 7 per cent on the common year af'er provldlnv the various reserves ag-grea-ai Ing ;, ina.soi. "Owing to thMae heavy spec Is I reserves set a si ile from this year s profits for possible pos-sible losses on metals in Inventories, t U dl- I rector have declared the usual dividend of 1 IV per cent on the preferred jtock and a dividend of T per cent for the quarter on the common stock, making total dividends for tha year of it pr cent on the common slock. The balance at credit of yie consolidated con-solidated profit and loaa account at the beginning be-ginning of the ye-ar waa H7.334. 004 and at the end of the year Will be approximately 114 I0A.40 after deducting all dividends declared de-clared during the year. "The capital additions which Include the purchase of eubatant tally all the intereat a In the Arevalo property, expendlturea at the Cardonal mine recently acquired and additional addi-tional ilrt-eiopment and equipment at the 4anta A na property in Mexico, as well ss Improvements and addltlona to properties In this country, will amount to at least 1.1,-400 1.1,-400 000. of which about 12.000.000 will be reflected In a decrease In the net current assets from 1 1 4, boft.uoo at thn beginning of the year to an estimated amount of 112.-144.400 112.-144.400 at the end of the year, this estimate! being after reducing the book values of the unsold metala In inventories to present market mar-ket values "Operation In Mexico have continued without interruption and the properties are in excellent physical condition. Tha purchase pur-chase of rhe Arttvalo property five miles from the present operations has been cum-i cum-i pleted and the work of prrparetlon for production pro-duction la under wav. Ore la now being de-llveriai de-llveriai to the Lorcio mill from Ihe Panta Ana property purchased last year. Hi nee the laat report the Cardonal lead and sine property seventy-five miles from 1'achuc wh lori we have had under opt ion for two years has bees purchased. The production of ore for the year from the Mexican properties prop-erties will be shout 112, 000 tons a compared com-pared with I) I OuO tons last year. With sliver at present prices the proflta la Mexico Mex-ico will be reduced. I "Operations at the metal mines In this country have been and are being reduced due to the low price of metal. "The coal operations for the year will show a production of approximately 1,177,-OOO 1,177,-OOO tons, the largeat in their history. This compares with 1.0.1,601 tons produced last year." AN SAM MTV I.1VK8TOCK. KAN'HAH CITT, Jan. 4 Oattle-RC(.pl.t 14,000; hf-ef steers steady to 26c lower; early sales. $.?44W 21; one lot held at $10.60; she-stock and rnnn steady; bulk fat cows snd heifers, $$ . 00. 4 . to ; canners mostly $J . 00 aj 1. jfc; b ef bulls stead yto stronic ; bologna bo-logna fully 24c higher: calves, steady to strong; choice veal. 112 404? 13 . 00 ; fan-y 300-p.und ralvaw. 1J4.II; stock era and feeders, feed-ers, steady to strong Hoars Receipts. 13,000; closing active; sssslly steady i seals ateetng to 10c hlglisr: top, $10.20: beat butchers, $n.3l; bulk of sales. B eoe) A . ?! : pigs around 2$e higher: best stock pla-a. $9.74; good and choice fat pigs. W.4nt.tt.f). Hheep Receipts, 10.000; shep and lambs, steady to 2lc lower; feTI ewes. $4 00: yearlings, year-lings, 11.11; Colorado lamba, $14. $4. OMAHA UVr STOCK. OMAHA. Nib. Jan. 4 Hogs Receipts, 000; opening slew; market steady to 10c higher; dosing active. Hulk, medium and light butchers .! 0 21; top. $ll. 2&: bulk i'po" weight and packing grades, $1.7$4 Cattle Receipts, T20; beef steers and butrher cattlo iow. mostly j.c lower: apota more. Top. strong welcht atera, $10 20-veels 20-veels strons; stockers and feeders, strong to 2 le his her. Sheep Receipts. 4004; lam ha strong to tie higher. Hulk lamba $H.2t 1 1 .40; early top, $11.20; sheep and yearlfnss, steady; top ycarllnga. $7.41; ewes, $4.00; feeders arong to higher; loo Dakota range lambs averaging $2 pounds, 10 M - -j ' KW YORK DAIRY. NKW TORK. Jan $. Butler Firm. Creamery, his her than extras. 17 frllc creamery extras. 7c; firsts, 44tf4c . Cnaettll. Kresh gathered astro nrsts. w.ejMc; flrsta 44c. Cheese Hteady. State milk flats, held specials, early made. 27021c; do fall made oiaTsf'VeJn'e mhX mUk flmt' frBh Live poultry Raster Chickens by fretrht 34c; by express. ai7c; fowla 10e33c! eld rooeters. 22c turkers not quoted Dressed Kasler. Western chicken boxes 24a4:c; barrels. 2lfri4c; fowla. fresh. 2lr ,tfc"'tc- 'KW YORK AND LONDON at I V Km. NKW TORK. Jan. 4 Bar .llv.rr. m.Mlr. unch.nsM: forcisa. elite; M.slcaa dollars, uncamj.gctl. LO.VDOS. Jaa. 4. Bar sl.,r aackaased. |