Show UNITED STATES TO INCREASE EARNil EARNINGS Comparison of Conditions Now and Year Yeal Ago Most Favorable Discussing ing the annual report of the lie United States Smelting Refining nn and Mining company which showed lie net earnings for 1907 of ot only I as against for or 1006 despite ne- ne lc spite n a large largo Increase In production ro o othe of the tIle four metals metals metals-col metals copper copper roc lea lead silver er and gold hold gold for the latter period hayden hay Ilay- den cn Stone Co In their market loiter let loi- ter tei say The disadvantages tinder hf h the tite mining companies In 1907 have been so 80 thoroughly explained that we need not If point It Is proper to remark however that t the smelting end of the business suffered suffered suf suf- even more th than han m th hO ruining mining ene end 1 by r reason of the perpendicular de dc- dine clIne In the price of or the metals o oong long Jong ong us its contracts acts arc are adjusted to con conditions It moles makes little difference to a smelting eltin company copper copper cop cop- per sells fells at 25 or ot 1 13 cents a pound but when It i has to carr carry three to live l C months' months supply of or the metal purchased In In- priced high or 0 ores 8 down to a low price not only is the smelting profit wiped out but ut an actual loss is Is en- en tale tailed Added to this tremendous lan handicap handi l cap Cal of of oC a falling marl market ot was the lie furher fur fur- the her dl disadvantage a peculiar to companies com coin panics of operating at nt of ot beIn being bong be- be In ing ng obliged to tu shut shu down its is i at that point for foi several months which prevented the tire United States Slates Smelting company compan from shipping a normal normal- Output output out Out- ut- ut put of oC ore oie front from its Js ham HU and aud Eureka CentennIal properties I All Ail Al this iris Is the lie record of or a 3 year oar ar that thai thatIs ha I 1 is past a Q year yeal that for Its Is man many draw draw- draw I I I backs could not conc conceivably bo bt ex ex- ex Now S what of ot tho the future In attempting to tu decide this point there are arc five n distinct features which should be he note noted SI ion HC First in In Iii the thc matter mater of Its smelt smelt- mel lug Ins contracts the tire company's position of a year ear ago is e exactly ct reversed The losses due to the thc decline In the thc metal market have 1 been cen charged off of and no further loss los can possibly accrue from Crom that source The company compan in short will wi make tim iho full ful profit to which It ItIs Itis I Is entitled from tho the smelting end of oi Us Its Is 1 business Second The actual operations of the lie compan company's s various properties were in themselves satisfactory I In each cach caso case a n larger amount of or ore was wa shipped than In tho the previous year a great deal of 01 construction work was completed an and amid the lie phy physical ical con condition of oC the tire properties is decidedly elY better than titan it I was twelve mouths months ago 30 Third The cOl company's Janys Jany's new nc properties prop prop- ertes from rein which little income was derived de de- ce- ce rived In 1007 1907 are now no producing lio and should yield a u good profit this hits year ear This particularly applies apples to tho lie gold sold un and silver mines mine In Mexico Fourth The suits for foJ smoke damage darn dam age have been settled and no interruption inter inter- on this score score need 1 be e feared Fifth As the company compan suffered heavily in J O from rein a falling market market so l- l If 3 hh kD ina moh n I Ign the thc present year ctr on n a rising metal mar mar- ket Thus rhu although h the metals themselves them them- selves will probably ly not lot average us as high this thi year as In 1 1007 1907 07 tho the net netro profits ro of the United States Stales Smelting company should fur far outstrip those thoe of r that year an arid and should compare comparo favOrably favOr favOr- ably abb with v those in 1906 when it i earned OV over l 10 per cent on Its Is common cornmon com corn mon stock |