Studies in securities

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Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: American Smelting & Refining Co.

Collection:: Economics Books

STUDIES IN SECURITIES tions. This period too marks the real return to normal conditions after almost a decade of war influences with abnormally favor- able and adverse effects ($25 a share earned on the common in 1917 and under $3 a share on the preferred in 1921). The record of net income and of earnings per share of common stock shows the trend in the past five years: Net Income 0 er erate rs .$17,761,000 B25. sea oe ns oe 8 15,091,000 1924...%.% 11,187,000 1928. vereernrs 8,925,000 1922. 5,918.000 Surplus for Common $23.38 19.17 12.60 8.89 3.98 American Smelting & Refining Co. is the largest smelting and refining business in the world. This phase of its operations is about six times its mining activity in size. Its properties are in the United States, Canada, Alaska, Mexico, Peru and Chile. Its principal products are copper, lead, silver, zine, gold, and coal, together with numerous semi-finished products and by-products. Developments in the last five years include the Rosita coke plant with numerous by-products and the Parral unit in Mexico, a con- centrator for gold and silver and smelter for copper in Peru, and a copper rod and wire plant at Baltimore, among others. Recent years’ capital expenditures are increasingly reflected in income account. Capitalization consists of $48,746,900 5% and 6% bonds, $50,- 000,000 7% non-callable preferred stock, and $60,998,000 common stock. As of December 31, 1926, current assets were $91,137,000 (including cash and U. S. Government securities of $34,520,000) and current liabilities were $19,674,000, a splendid position. Asset value of the common stock after deducting all reserves was $140 a share. Charge-offs from earnings (before surpluses shown in above table) were made for depreciation, obsolescence and ore depletion aggregating $24,037,000 in the four years 1923-6 or $40 a share on the common stock, $10 per annum. After suspension in the war deflation year 1921, dividends were resumed in mid-1923 at a $5 rate, stepped up to $6 in February, 1925, to $7 in November, 1925, and to current $8 in November, 1926. With no change in the number of shares outstanding over the years, earning power above the $20 a share a year level, and recent capital expenditures steadily increasing in productivity, the American Smelting & Refining situation seems to contain probability of stock dividend or split, following other old-line industrials. The widening base of its operations makes for more stability in results in coming years than appears in the past record. 1171

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