Show I 1 american smelting has small surplus 0 BOSTON march 19 A surplus of 12 over and above fixed charges and dividend payments was the result of the 1920 operations of the american smelting and ing company according to the an nual report for the year as corn com pared with a deficit in the previous year of 1 after calling attention to the p postwar 0 a t w a r readjustment carrying metals down to krewat levels president simeon guggenheim says that costs of production still range from 60 to 76 75 per cent ahead of the ten year average tor for the decade end ing with 1913 the hopeful portion of the present picture the president believes to be in the practical certainty taint y that bot hot torn tom has been reached while any change in the future should be tor for the better the dr principal of teven metals for the past year was the same as in the preceding fifteen years |