Show T 1 T W T News From AH AU 1 ri 7 1 With the Latest T F TT W 7 W MINING IJ FJ the Camps and STOCKS I 4 Prices Flashed MARKET IjA S u wi I Quotations I on on I J From Leading PROfiTS MADE BY SMELTING COMPANIES IN WEST ST Wonder is often ofen expressed pressed x by mine owners owner and operators who arc are subject ct t to the policy of certain smelters rs as as to what are ue le the profits of these metallurgical i. i cal cJ works Those who have hae bou bought bt th tho tito shares of smelting companies also occasionally question the philanthropy of the mana management ement when dividends s are arc declared out of profits re are arc a 8 number of economic fac fac- is which make mak an analytical discus discus- 1 1 of ot smelter r profits interesting 1 un- un m r 1 melts in smelting and t the be installation install install- of ot labor saving devices ai aid lar large large- e. e lI u in i n attaining the success which nean l ans profits to the operating company nj t its is shareholders Consolidation of s eters to economize mana management and regulate treatment char charges cs in two es' es at least compound the interest on on the capital invested Technical skill and the tho payment of a bonus to tol l lones have resulted in far greater points than when the smelters were f ind individually J Reviewing the progress of the Amer Amer- tn n Smelting and Refining company fl f re it t acquired the Ou Guggenheim at which time the fIn fion n of the so called caled smelter trust s increased to and o oe e report for the six months month ending O ber oLer 31 n 1909 has just been made ic the net Jet earnings have havo o ha been Jc g gel dy increased f I j h le dividend payments payment made bv by the Rn Ier ter combination from i its on n in in April Apri 1899 1809 according to tho tables published in ia the Min Min- J fy World Word and verified by the com corn lany ny total to the tho end of 1909 50 of which holders of the preferred pre pre- i red shares received or he rate of 66 per cent per annum h the tho holders of common stock 17 li t or at the rate of 3 per er cent c annum annUl I Jt is noteworthy that durin during the pe- pe MOd fJ oil ocl of 3 1902 when the smelter f trusts trust's net tet earnings were and rn only the preferred dividend of 7 per cent was paid the monthly average price of silver varied aried from froin rom to cents per fine fn ounce and l lead from to c per pound al In 1903 1903 when the thenet net earnings s were the dividends dividends div div- of which was on common stock and the employees employees employees' employees employees' em em- profit sharing fund was created created cre ere bv by the setting aside of the tho monthly average price of silver r siver ranged from to cents per ounce and that of lead leaa from to cents per pound In 1905 when the net earnings were th the dividends and the employees employees' employ employ- te ees' ees profit sharing fund increased bv by the monthly average price rice of silver el was as to cents cent per ounce and for lead to cents cent per pound In 1906 when th the net earnings s were the tho dividends dividends dividends divi divi- of which as paid on the common stock and c profit sharing fund of employees Js 13 as enriched by b the monthly crage rago pi ice of f silver siver was 61 to per per ounce ounce and of lead f. f JO to 6 ti cents per er pound In 8 1907 when the net ret nines earnings were the dividends dividend of which was paid on the common stock the monthly average price o of silver was is-as to cents siver cent per ounce and of lead to 6 cents per pound In 1908 when the net earnings earn earn- ear ings S were the dividends 5 of which was paid on the common stock the monthly av average average arase av- av rase price of silver siver was to cents per ounce and lead to cents per er pound For Por the six months ended October 31 1909 1000 when the net earnings were the dividends of which w ich 1000 tOO was paid on the common stock the monthly average price rice of silver siver W was cents per ounce and lead to c cents per er pound A creditable record has also been established es ts es- es by br the Un United pd States Smelting Smelt Smelt- in ing Refining Penning and Mining Inin company which since since its it organization in in March 1906 to the end of 1909 has paid common cornmon com corn mon and preferred dividends to the theas aggregate regate amount of on an issued as capital of The preferred pre pre- ered stock yielded at the rate of nearly 12 per cent per annum and the common 32 per cent v These enormous profits su suggest st that the thie metallurgical ical industry i is a fertile ferte field for fortunes of a kind that de- de v. v end pend not alone on the natural resources resources re reo re- re sources sources but on the intelligent appl ton of the principles of economy and aud shrewd mana management ement |