Show SMELTING COMPANY DiRECTORS ISSUE sr STATEMENT A I BOSTON July 3 Directors of ot the United States Refining and Mining company issued tho the t following lo statement Earnings for tor the first quarter r of ot 1915 were equal to the regular quarterly dividend nd on the tho preferred tock toek and a balance for the common stock equal to 10 20 0 per cent per pcr annum Tho Ti-so April and Slay May earnings besides tho the preferred dividend ty nd for thc theSe e two months showed earnings equal to 30 per cent por per an annum annum an- an num sum on the common stock tole The Te earnIngs earnings earnings earn earn- ings for or Juno June have not yet boon been re- re re received but will wl continuo continue to bo be highly satisfactorY a Finished metals On hand are Te carried at at a n valuation substantially below bolo pr present pros pres sent s- s ent market t prices The Mexican properties have ha e contributed con con- cn- cn loss Ices JeB than 16 15 per cent of ot the total net Jet earnings o of the the last Jast Bt five months Should normal noral conditions pro pre vail the M Mexican mines and mills mis arcIn arcin arc are In vai condition to how chow larger earnings Although the company compan cannot be reckoned a 1 largo large producer of zinc yet save havo been tho the earnings from this source substantial during tho the last lut five months and the company Is now Increasing H its ita smelting capacity to take care co of or the and nulls mills mines zinc ores ore from Its ita own mia I While tho the e earnings s of ot the tho company compan for tor the last JAst quarter Quarter havo hw been boen very large the directors fool feel that these lare earnings te arc are to a great extent the geat rc result of or abnormal conditions rc resulting front the tho lie war Wa It I seems scOrns sound policy and for the tho best bet interest of the shareholders shareholders shareholders share share- holders to allow the working capital to Increase substantially be before fore taking action on tho the common dividend acton It is 18 understood that tha the United d States I Smelting Refining and Mining company has determined to go Into the tho zinc smelting business It I Is 18 already alread a large lam producer of gold alt silver silvu r. r copper and IO load Hl and through the tho Utah Utan company company com com- pany is hen heavily v interested in the production production pro pro- of ot bituminous coal cool The profits which are being made In jn the tho zinc In Industry In- In have proved such a 0 temptation t that it I is said the th company has purchased pur pur- chased or Is IB negotiating to purchase what whal Is la known as ne the AltOona smelter located at Altoona Altoon Kan with wih a t capacity ca capacity ca- ca of or between 2300 and tons o of concentrates per month The plant has ha been Idle for some time It I is further understood that the contract contract contract con con- tract with tho the Butte and Superior comp company com corn p any pany n provides for the treatment nt of 01 tons of concentrates over oer tho the n next five months at nt the rate of or tons per month Presumably these eo concentrates will wi bo treated at tho the Altoona smelter together with wih such ores oras as ns are produced produced produced pro pro- from from Its own mines It has been Is heard that the United States Smelting company compan pan has a large accumulation of or cm lead and nd that It did not take a advantage vanto of ot the tile recent recant rise In prices to above 7 per pound believing behoving that the market was ns going going- ging t to 10 cents In fact net sonic some of or tho the officials are re quoted a as having made this pre pro diction dicton |