Show RESULTS GOOD GOAD THOUGH A HARD lUCK YEAR FOR U. U S. S S COMPANY Tho The 1914 report of oC United States SmeltinG Smelling Refining and Mining company Is m a a. record of ot hard luck and antI yet et points to the tile inherent strength of oC tho he company In iii no results accomplished Tho The European was vaa a upheaval In Mexico where Mexico where are aro located the tile Real Heal Del Monte Monto and Pachuca silver mines two to most Important rev revenue producers resulted In a big drop in net earnings n against last year Share earnings In 1914 were on lie preferred against 7 35 In 1913 on the he common a against 5 25 Z The record o of earnings on tho the preferred pro pre stocks for Cor series series' and common a n. of or years has hall been as follows 1 14 1913 1933 1912 On pr preferred Balance for Cor common after dividend 3 72 To sho c on the these so alT smaller earnings on tho the took toek last year It became me sary to fo rt 9 depreciation mu ma materially tonally that that Is Is to against ill ImI 1913 and amid Considering Considering Consid Consid- ering the tho conditions last year car and tho tile liberal In j years tho tile ill 01 Oli is IS of lr coure rot lot ll t t It bo ic criticized Contrasted ll with previous years there was a drop dop op in the tile proportion of oC value of oC silver output to 0 total value of oC output due duc of or course to the difficulties ex experienced ex- ex 1 In operating the tile Mexican allver silver silver all sil sil- sil ver mines mimics In tho time past five years ears percentages per ler- havo have been heen as follows pel I Per Por Cent 1914 1913 1912 1911 1910 Copper ISS 2181 2118 t. 59 Lend Lead 1535 1681 1633 Silver Sliver l 1521 Gold 1 18 ISO S. S G 1 1752 1762 1899 1603 Thanks to the time suspension of oC common stock dividends ll the company came camo through the year car with practically practical no rio de decrease decrease tie tie- crease in Jim working capital which on January 31 last stood at against tho year previous As AsIn AsIn Asin In the ious lous report the lie company treats as a quick asset loaned I to tho ho Utah company compan Its lie coal diary This Is perhaps a liberal In Interpretation interpretation In- In of or the term quick asset assel nit although hough there Is this to be he said this said this subsidiary company Indebtedness will probably ultimately be bo funded In connection with the Utah company compan It Is int interesting resting to note nole that t the Investment Investment Invest Invest- ment mont th therein Including advanced ad ad- b by the time parent company compan IncludIng Including ing the outstanding notes of the tho subsidiary now amounts to nearly upon which the tho report states stales that with business at normal tho tio re return return return re- re turn at present should be at least G 6 I Iper per cent Always o of Interest In Iii tho lie company's reports Is the summary of oC properties presented for tor or consideration as to their mining prospects Last year for example ex ex- ample were offered C wore were re reJected rejected rejected re- re after aUer an office examination preliminary pre pre- ry field examination o of 82 was made and a complete sampling and ex examination ox- ox o of 19 HI of or this mis latter laller group was made Tho The rc result was that an nr Interest was acquired in two oil properties and anda a long option obtained on an Interest In Ina Ina ina a third oil property In other words out of or properties presented there was not a single le metal mewl mining proposition Ion tion which met the test |