Document 3en0yOQrkK0qjG5xy16mjO3bx
cun
RECEIVED
MUOKOt OTl M'm6 :a. :ni 2- =;:
AUDITING DE=~
PooaON. PtLOueer 4 Co :C*TiriCB NUOUC ACCOUNTANTS
0970
INDEX
Page
1 1 3 4 5" 6 8 8
11 12 13 14 13 16 37
43
GENERAL COMMENTS Scope of the report Financial condition"ct the company Settlement of Indebtedness to Anaconda Copper Mining Company Company operations Investments and Income therefrom Statement of funds received and disbursed Distribution of Balaos.ftiSlai.ft;t;Jd Income:.Account to departments Scope of atidit
FINANCIAL STATEMENTS Balance Sheet comparative Income Account - comparative Surplus Account Balance Sheet - by departments Income Account - by departments Schedules supporting Balance Sheet Schedules supporting Income Account
ALPHABET ICAL INDEX
* s ftOo,
any nts
c o pv
To the Board of Directors, International Smelting and Refining Company, 25 Broadway, Rev York 4, New York
Dear Sirs: We. have made a general audit of the hooka and accounta of
INTERNATIONAL SMELTING AND REPINING COMPANY for the year ended December 31, 1945, and present the various statements Hated on the opposite page.
The accounta of New Jersey Storage and Warehouse Company and Raritan Terminal and Transportation Company, wholly owned subsidiaries, which are not operating, have not been consolidated with those of International Smelting and Refining Company in this report.
International Smelting and Refining Company is a 100*6 owned consolidated subsidiary of Anaconda Copper Mining Company. This report, while complete and inclusive for International Smelting and Refining Company, is principally a supplementary amplification of the Report on Audit of Anaconda Copper Mining Company and subsidiary companies. It shows the portion of the consolidated accounts of Anaconda Copper Mining Company relating to International Smelting and Refining Company on the same basis and under the same classifications as shown in the consolidated report, but in scanwhat greater detail.
FINANCIAL Summarized, the changes in financial condition during the year vr
2
December 31, 1944
December 31, 1945
Deferred charges and other assets
Fixed assets
8,291,256.17
2,592,964.14 14 ,06C.874.19
8,577,533-53 259,089.51
8.897.482.39
Total assets
24,945,094.50 17.434.10S. 43
Current liabilities Reserve for workmen's compensa
tion insurance
1,892,795.76 52,376.64
1,486,789.38 67.698.20
Total liabilities, except for
notes payable to Anaconda
Copper Mining Company
1,945,172.40
1.554.487.58
Equity of Anaconda Copper Min-
ing Company
$ 22,999,922.10 15,879.617.65
Decrease* or increase lr.
investment 286,277.36
2,333,874.63' 5,463,391.807.510.989.07
406,006.3815,321.56
390.684.82-
7,120,30 Ik 25*
The equity of Anaconda Copper Mining Company is represented by:
Notes
Capital stock Surplus
$ 10,500,000.00
- - 10,500,000.00*
12,262,500.00 15,000,000.00 2,737,500.00
237.422.10
879,617.65
6*2.195.75
As above
$ 22,999,922.10 15,879,617.85 7,120,304.25*
and represents investment in the following net assets:
Principal smelting, refining
and manufacturing plants
(details page 4)
$14,715,403-57
Securities of and advances to
other companies, etc.
(details page 41)
8.284.518.S3
14,741,778.08 1.137,839.77
26,374.51 7.146,676.76*
As above
$ 22,999,922.10 15,879.617.85 7,120,304.25*
The decrease in equity during the year 19*5 is accounted for by the
repayment of notes
$ 10,500,000.00
of which part was paid by the Issue of capital stock of the par value of
2,737,500.00
(the balance being paid by sale of certain assets to Anaconda - see page 3)
___________
Net decrease due to repayment of debt
7,762,500.00
offset by net income of the year
$ 505,888.15
and reversal of reserve for investment in Netloaal Tunnel & Mines Company (one of
the assets sold to Anaconda)
136,307.60 642,195.75
Net decrease, as above
$ 7,120,304.25
JSR0OO974
The change in current position was as fellows:
`December 31. 1944
December 31. 1945
Current assets Current liabilities
$ 8,291,256.17 1,892,795-76
8.577,533-53 1,486,789.38
$ 6,398,460.41
7,090,744.15
Increase or decrease*
286,277.36 406,006.38<
692,283.74
Current ratio
4.4 to 1
5.8 to 1
SETTLEMENT OF INDEBTEDHESS TO ANACONDA COPPER MIKIKO COMPAHY
During the year the ooap&ny settled its Indebtedness to Anaconda Copper
Mining Company,, represented by notes payable 0f $10,500,000.00, as follows:
As of March 27, 1945, International Smelting and Refining Company issued 36,500 shares of its capital stock to Anaconda Copper Mining Company, thereby com pleting the Issuance of its total authorised capital stock. The par value of the shares issued, $2,737,500, was applied to the reduction of certain notes of the
company payable to Anaconda Copper Mining Company. As of April 19, 1945, the company paid off the balance of such notes by transferring Its investment in various mining companies and properties to Anaconda Copper Mining Company.
The net effect of these two transactions is shown below:
Capital stock of International Smelting and Refining Company
Issued to Anaeonda Copper Mining Company - 36,500
shares - par value $75.00 each
$
Assets sold to AnMMflda Copper Mining Company:
Capital stock of:
Copper Canyon Mining Company
$ 8,600.00
Mountain City Copper Company
996,987-93
National Tunnel & Mines Company
915,693.92
North Lily Mining Company
66,527.78
Park-Utah Consolidated Mines Company
441,157-5
Notes and accrued interest of:
Rotes
National Tunnel & Mines Company $ 1,950,000.00
Snyder Mines,
Incorporated
141,040.41
Tooele Valley Rail
way Company
,, 10ilJ6-57,,
$ 2,194,176.98
Interest
2,537.67 5,455.16
581.39 8,574.22
Total 1,952,537.67
146,495-57 103,717.96
2,737,500.00 2,476,099-99 2,202,751-20
Leases
interest on
expenditures:
,,_ Expenditures
Interest
Total
Copper Canyon lease $ 1,280,518.22
Guild-Adams lease
1,238,852.12
Victoria lease
$6,830.49
$ 2,866,200.83
201,211.02 82,585.52 14,168.90
297,965.44
1,481,729-24 1,371,437.64
310,999-39
3.164,166.27
Indebtedness to Anaconda Copper Mining Company repaid:
10,580,517.46
Principal amount
Interest
Total
Note dated June 27,1944 $2,500,000.00 - 13.581.73 2,513,581.73 Note dated June 27.1944 8.000.000.00 45,157.97 8,045,157.97
$10,500,000.00 58,739.70
10.558.779.70
International Smelting and Refining Company
21,777-76
1SR000775
OPERATIONS
H
Operations of International Smelting and Refining Company for the past
three years compare as follows:
Gross sales and earnings
Year 194?
Year 1944
Year 1945
$ 22,046,552.29 21,918,993-90 19,587,706.70
Net profit on plant operations Income (loss*) from sundry
Investments - page 5
Reimbursement of Interest on lease expenditures
Interest paid to Anaconda Copper Mining Company on debentures and notes
Provision for Federal income taxes estimated
Provision for contingencies
Net Income (Loss*)
*
764,377.88 67,745.23*
696.632.65
596,875.00 30,000.00
297.642.94 924.517.94 227,885.29*
412,217.10 110,605.27*
301.611.8? 395,912.44
395.912.44 94,300.61*
341,442.49 26,279.28
297.965.54 665.687-21
56,500.69 103,296.37
159.799.06 505,888.15
Net profit on operations of the various plants and departments of the company and income from sundry investments for the past three years together with the respective investment therein at December 31, 19^5 are shown in the following summary:
** Investment at
December 31,
Year 194?
Year 1944
Year 1945
1955
Tooele plant
$ 394,775.34*
Miami plant
133,925.85
Lead refinery
32,969.95
Zinc oxide department
90,618.19*
White lead department
16,823.58*
Raritan refinery
1,216,453.14
Raritan electro-eheet
department
34,409.58*
Not allocated (details
page 42)
82.344.37*
344,208.98* 147,172.64
36,223.72 1,890.97*
21,701.99* 729,523.18
21,545.80*
111.354.70*
439,979.09* 11,911.49 40,358.34 73,431.83 19,265-33*
831,863.17
15,457.07*
141.420.85*
4,319,552.69 1,213,288.11
741,319.56 864,975-51 445,099.24 6,394,=39.75
286,056.6c
476.944.56
Net profit on plant
operations as
above
$
764,377.88
412,217.10
341,442.49
14,741,773.08
Details of the above figures: for 1945 are shown on the Belance Sheet and Income Account by departments on pages 14 and 15 respectively.
5
Income (Loss*) from sundry Investments
Investment at
December 31,
Year 1943
Year 1944 Year 194*;
19*5
National Tunnel & Mines
Company, Interest
$ 44,365.37 *8,751.09 14,558.22
--
Walker Mining Company, lost
on note Other investments
advances
-
- 44,273.75*
--
(details page 41)
112.110.60* 159.1S6.36* -55,994.81 1,137.639.77
Income (Loss*) from invest
ments - per page 4
$ 67,7*5.23* 110,605.27* 26,279-28 1,137,839.77
Details of the above figures for 1945 are shown on the Balance Sheet and Income Account by departments on pages 14 and 15 respectively.
INVESTMENTS IN WHOLLY OWNED SUBSIDIARIES The net Investment of International Smelting and Refining Company in
Its vholly ovned subsidiaries (Nev Jersey Storage and Warehouee Company and Raritan Terminal and Transportation Company) amounted to $16,952.31 at December 31, 1945. Net income of these companies for the year 19*5 vas $595.88. Details page 29.
INVESTMENTS IN OTHER COMPANIES
Investments, including noncurrent advances, in subsidiaries not
vholly ovned and In other companies amounted to $664,889*01 at December 31,
1945 compared vlth $5,220,959-83 at December 31, 1944, as shown by the follow
ing table:
December 31, December 31,
1944
1945
Investment (including noncurrent advances) lh companies sold to Anaconda Copper Mining Company April 19, 19*5:
Copper Canyon Mining Company Mountain City Copper Company National Tunnel & Mines Company North Lily Mining Company Park-Uteh Consolidated Mines Company
Prlnoe Consolidated Mining Company
$ 8,600.00
996.987.93 2,729,386.32
134,256.39 441,157.50
47,132.86
--
Investment In companies retained by International Smelting and Refining Company:
Comet Coalition Mines Company Eureka Bullion Mining Company Mountain View Mining Company Victor Consolidated Mining Company Yankee Consolidated Mining Company
4,357,521.00
-
340,891.71 215,251.96
68,806.23
18,306.52 20.040.20
340,891.71 216,821.01
68,806.23 18,306.52
20,063.54
663.296.62 664,889.01
Indebtedness of Walker Mining Company, lees reserve
200.142.21
-
As above
$ 5,220,959.83 664,889.01
There Is included in the Income Accounts of the years 1944 and 1945
the following income and expense relating to the above invesianents:
Income - interest on advances - dividends
Year 1944
$ 52,739.40 6,980.00
Year 1945 16,670.57
Expense - reeerved for advances - loss on settlement of note of Walker Mining Company
..59,719-40 51,982.06
16,670.57 2,317.63
44,273.75
Net Income or Loss* from lnvesmnents
51.982.06 $ 7,737.34
46,591.38 29,920.81*
Based upon, quotations of the Salt Lake Stock Exchange, the capital
stock of companies retained by International Smelting and Refining Company had
a market value of 3487,089.18 at December 31, 1945, compared with $334,896.70
for the same companies at December 31, 1944 (details page 31).
The company's share of the combined, net income of such companies (all
being subsidiaries not wholly owned) amounted to $586.75 for the year 1945,
whereas its equity in their combined net loss for the year 1944 amounted to
$668.77. STATEMENT OF FUNDS RECEIVED AND DISBURSED
Funds were made available to the company during the year as follows:
Operating profit before deducting non-cash items and excluding net Interest received from Anaconda Copper Mining Company (details page 7)
Fixed assets disposed of Decrease in accounts receivable (excluding account
with Anaconda Sales Company shown separately below) (details page 7) Increase in liabilities (excluding account with Anaconda Sales Company shown separately below) Net proceeds from sale of securities to Anaconda Copper Mining Company, April 19, 1945 (details page 3)
Funds were disbursed as follows:
901,356.Qo 5,7S?.cS
355,591.^6
236,129.54
<1,777 .~5 l,520,6cj.?1
Change In account with Anaconda Sales Company: Balance December 31* 1944 - payable Balance December 31, 1945 - receivable
Increase in inventories (details page 7) Increase in deferred items, principally Tintic
District development Fixed assets purchased Additional cost in 1945 to date of sale of assets
sold to Anaconda Copper Mining-Company, principally expenditures on Copper Canyon, Gulld-Adams and Victoria leases
606,785.55 384,990.57 991,776.12
65,440.81
110,971.44 44,197.13
168.601.37 1.38C,:>-
Resulting in an increase in cash (exclusive of that of leases) of
Operating profit before deducting non-cash items and Interest
Net Income, per Incase Account - page 12 Add back charges to Income not requiring cash:
Accounts written off or reserved fort Walker Mining Company Other
Depreciation
Less sundry Items
Interest received from Anaconda Copper Mining Company on lease expenditures!
Applicable to 1945 (January 1 to April 19) Applicable to prior years
Less interest paid on notes payable to Anaconda Copper Mining Company
Per page 6
7
$ 505,888.15
$ 44,273.75
-L%L'2l
47,602.12 591,110.73
638,712.85 1,735.29
636,973.56
1,142,861.71
18,500.15 279.465.29 297,965.44
56,500,69
*
241.464.75 901,396.96
Decrease in aceounts receivable
Current: Decrease in accounts receivable - trade Decrease in accounts vith affiliates, principally Anaconda Copper. Mining Company
$
Less increase in accounts vlth subsidiaries not wholly owned - Victor Consolidated Mining Company
Decrease in current receivables
Heneurrent:
Net decrease in advances to subsidiaries
not wholly owned, principally Walker
Mining Company
Net decrease in advances to sundry mining
companies (details page 25) "
Payments received
$ 384,415.26
Less advances made
347,582.34
Decrease in installment house and
land sales contracts
151,604.19
36,832.92 7,245.38
Less increase In accounts with affiliates, principally North Lily Mining Company
195,682.49 11,675.08
Net decrease In receivables - not current
Net decrease in accounts receivable, per page 6
157,481.43 14,290.12
171,771.55 1-87-50
171,584.05
184,007.41 355,591.46
Increase in inventories
Increase in finished metals and manufactured products
(details page 20)
$ 479,983-31
Less decrease in metals and manufactured products in process
339,800.44
Net increese in metals and manufactured products Deduct decrease in supplies
140,182.87 74'742.06
Net increase, per page 6
65,440.81
IS R 0 0 0 9 7 ?
FEDERAL INCOME TAX
Net incone or loss of international Smelting and Refining Company has beer.
1 included ir. the consolidated income and excess profits tax.returns filed by
Anaconda Copper Mining Cons or.y since 1941. That part of the total 1345 saxes s
be apportioned to International Smelting and Refining Company was net known in
tine to te included ir. the accounts for 1945 and therefore the estimated 1945
tax accrued in this report is necessarily tentative, although an estimated tax
saving due to use of the consolidated basis was taken into account.
AMORTIZATION OF Zt.ESGT-'CY PLANT FACILITIES
Expenditures by International Smelting and Refining Company for emergency
plant facilities, amounting .to $513,261.69, have been fully amortized for Feder
al incone tax puaposea, as permitted under the Presidential proclamation of
September 29, 1945 in accordance with the provisions of the Internal Revenue
Code. The statements in this report, hewever, are not on the tax basis, but
include amortization of these facilities at the rate of 20 per cent, for the
year 1945 (as in prior years) and the Federal income tax deduction in the 1945
Income Account has been computed on this basis.
The remaining balance at December 31, 1945 of facilities unacortized,
amounting to $93,70S.71, will be written off in the company's corporate ac
counts in subsequent years. This unamortized balance is, however, offset by
credits to be received from Anaconda Copper Mining. Company, representing the
cor.cany's share cf a reduction in consolidated 1945 Federal income tax and
refunds for prior years arising from the additional amortization allowable
for tax purposes. Pending settlement of refund claims and determination of
' the amount of the 1945 consolidated tax, it is not possible to determine the
portion thereof to be allocated to International Smelting and Refining Company.
DISTRIBUTION OF BALANCE SHEET AID INCOME ACCOUNT TO DEPARTMENTS The Balance Sheet and Income Account by departments (pages 14 and'-15 re
spectively) and their supporting schedules-are presented in nine divisions, as
; follows:
; l
1, Tooele plant
2, Miami plant 3. Lead refinery (including Bismuth refinery
and Mixed Metals department) 4. Zinc oxide department 5. White lead .department 6. Raritan rerinery 7. Raritan electro-sheet department 8. Investments and advances 9. Not allocated
I The
9 seven divisions above, Comprising the principal operating departments
I of --e company, include smelting, refining and manufacturing operations. The
eighth division takes in other activities, chiefly of a financial nature, and the ninth is composed of a few items for which there is no exact basis for allo cation to the other divisions listed. details of accounts which appear in the last two divisions are giver, on pages 41 and 42 respectively. In making this arrangement, the accounts of the company as shown on its various ledgers have been redistributed and allocated to the appropriate division above. Land at last Chicago and land, buildings and equipment at Perth Amboy have been allocated I among the various departments on a basis believed to be approximately correct. SCOTT 0? A'JDIT
'Ve have made a general audit of the books and records of International Smelting and Kefining Company and its subsidiary corporations for the calendar year ended December 31, 1945. In connection with our audit we examined or tested the accounting records of the company and its subsidiaries and other supporting evidence and made a general review of their accounting methods, in cluding the system of internal check and control, and of the operating and income j accounts for the year, but w did not make a detailed audit of the transactions, i We examined into the sufficiency of the internal eudit and examined the reports of the internal auditors.
Investments, securities, cash, notes receivable and capital stock have beer, verified by inspection, certificate or correspondence end found in order.
Trade and installment accounts receivable and advances to sundry min
ing companies were examined in detail and those considered bad or doubtful have beer, written off or provided for in reserve. Accounts receivable of material amount were tested by selecting certain accounts for confirmation by direct communication with the debtors or, where possible, by direct comparison with the books and records of the debtor. This work has been carried out in conjunction with the company's internal audit staff.
Certificates of responsible officials have been received certifying
to the correctness of quantities, descriptions and ownership of inventories
and. we have made tests of the clerical accuracy of the inventories. Cur audit
included physical tests of inventories.
Inventories at all plants are
act tested nor is a complete count made of inventories at any one plant.
Inventories are not all tested at the close of the calendar year and the
SR000981!
10 physical tests are in no way intended as a substitute for the taking of physical inventories by company employees. The purpose is to establish the existence of a proper system for taking and recording physical inventories and to satisfy ourselves that the system is operating effectively and as planned. In the course of this work, a very substantial part (measured in money value) of the physical inventories is actually inspected by us. While this inspection is not our primary evidence of the existence and value of the inventories which must lie in the records of the company, it is of great value as a confirmation of the company's records and representations. Of stocks of metals and manufactured products held for the company by others or held by the caapany for the account of others a substantial part has been verified by direct communication or, where possible, by direct comparison with the books and records of such other companies, it is the general practice of the company's internal, auditors to make physical tests from time to time of inventories of supplies and, while these tests cannot take the place of similar tests by independent auditors, they are given full consideration in determining the nature and extent of the tests made by us.
Fixed assets, including investments, are carried at cash cost or, in the case of properties acquired for securities of the company, at the original par value of such securities. The values of fixed assets are shown on this basis and do not indicate current values, which could be established only bv current appraisals. All other assets are carried at cash cost except patents, which have been written down to the nominal value of one dollar.
We received during the year the usual courtesy from the officers and staff throughout the company.
Respectfully submmiittted,
New York, November 19, 1946
Certified Public Accountants
1SR000982
INTERNATIONAL SMR:,' COMPARATT DECEMBER ;
F&SS.
ASSETS
Dee>
CURRENT ASSETS: 16 Cash
Accounts and notes receivable:
17 Trade, less reserve 18 Affiliates - current 19 Subsidiaries not wholly owned - current 20 Metals and manufactured products, finished and in process 14 Supplies on hand
$
$ 1,346,952.60 24,257.09 30,275.98
1 21
22
23 24
DEFERRED CHARGES AND OTHER ASSETS:
Mine developaeat Prepaid expenses Deferred expenses
Installment land sales and advances to sundry mining companies, less reserve
Advances to Tooele Valley Railway Company
-
' 26 | 27 ' 28
29 30
18 19
FIXED ASSETS:
Mines and mining claims, water rights and lands for metal producing and manufacturing plants
Buildings and machinery at mines, reduction works, refineries
and manufacturing plants Less reserve for depreciation Patents
Investments:
Securities of subsidiaries - wholly owned - not wholly owned
Other investments
Indebtedness not current: Affiliates Subsidiaries not wholly owned
27,242,920.04 19,8^4.595.62 :
41,000.00 1,699,483 -.86 3,226,276.68
295,199.29 c
LIABILITIES. CAPITAL STOCK AND SURPLUS
CURRENT LIABILITIES:
32 Accounts and wages parable
33 Accrued taxes (debit #)
18 Indebtedness - to affiliates
29 - to subsidiaries - wholly owned
19 - not wholly owned 34 NOTES PAYABLE TO ANACONDA COPPER MINING COMPANY
35 RESERVE FOR WORKMEN'S COMPENSATION INSURANCE
36 CAPITAL STOCK - 200,000 shares authorised of $75 par value each:
Issued and outstanding - 163,500 shares
13 SURPLUS
- 200,000 shares
$ 1,
ISR000?83
1LTIK0 ARP REFTNIKG COMPANY 'IVE BALANCE SHEET : 31. 1944 ARP 1945
11
camber 31. 1Q44
Decegber_31. 1945
Decrease or Increase*
522,248.17
1,401,485.67 5,251,319.31 1.116.203.02
$ 656,584.84
$ 8,291,256.17
1,173,168.47 423,686.83 187.50
1,597,042.80 5,391,502.18
932.403.71
$ 8,577,533.53
134,336.67*
173,784.13 399,429.74*
30,088.48 140,182.87* 283.799.31
286,277.31
2,212.962.88 56,951.83 4,606.14
238,377.79 8o.o65.50
2,592,964.14
213,747.65 33,676.44 1 9,1B5.26
2,480.16
259,089.51
1,999,215.23 23,275.39 4,579.12*
235,897.63 80.065.50 2,333,874.6;
1,450,588.94 7,348,324.42
1.00
5,gl.959,83- 14^06,0.874.19 $ 24,945,094.50
1,168,192.37
26,383,901.42 19.739.905.10 6,643,996.32
1.00
41,000.00 635,968.15
79,403.69
____ge^a^-___7B5.292.70__EL597.482.39
$ 17,434,105.43
282,396.57 704,328.10
1,063,515.71 3,226,276.68
79,403.69* 266.278.43 5.463,391,8c
$ 7,510,989.01
.,260,014.35
_ 2,534.90#
610,738.97
231,,896.53
680.
1,892,795.76
10,500,000.00
52,376.64
12,262,500.00
- 237.422.10
* 24,945,094.50
1,388,767.34 57,194.20 16)780.15
24,047.69
1,486,789.38 67,698.20
15,000,000.00 87Q.617.83
$ 17,434,105.43
128,752.99* 59,729.10*
593,958.82 151.16* 680.81 406,006,3$ 10,500,000.0c 15,321.5*
2,737,500.0C 642.195.7*
* 7,510,989.01
SPnnnoo!
INTERNATIO NAL SMELTING AND R EFIN IN G COMPANY
SiSITINC- A!3 RSTININS COMPAJIY SURPLUS ACCOUNT YLAB ZDSSD DECE3ZR 31. 1945
Balance December 31, 1944:
Surplus, per books
Uribe down of investment in National Tunnel 8c Mines Company by amount of deficit of Utah-Delaware Mining Company on dissolution in 1937
Surplus per audit report
Reversal of reduction above on account of sale of investment in National Tunnel k Mines Company to Anaconda Copper Mining Company in 1945
Net income of the year 1945 - page 12
Per Balance Sheet, December 31, 1945 - page 11
$ 373,729.70
136,30 7.60
237,4.22.10
136,307,60 505,666.15
$ 879,617.65
J I
ISR000986
BALANCE SHEET - DECEMBER 31
ASSETS CURRENT ASSETS:
Cash Accounts and notes receivable:
Trade, less reserve Affiliates - current Subsidiaries not wholly owned - current Metals and manufactured products, finished
and in process Supplies on hand
DEFERRED CHARGES AND OTHER ASSETS: Mine development Prepaid expenses Deferred expenses Installment land sales and advances to sundry mining companies, less reserve
Total page 11
Elimin ations *
Tooele alant
656,564.84
372,182.83
1,173,168.47 423,686.83 161.74*
137-50
218,335-38
24,334.69 187.50
5.391,502.13 932,403-71
2,032,496.58 362,138.85
213,747.65 33,676.44 9,185.26
2,480.16
12,787.89 9,185.26
42,174.38
r t 67'
69; 5t
:
t
FIXED ASSETS: Mines and mining claims, water rights and
lands Buildings and machinery
Less* reserve for depreciation Patents Investments:
Securities of subsidiaries - wholly owned - not wholly ovn<
Indebtedness not current: Affiliates Subsidiaries not wholly owned
1,168,192.37 26,383,901.42 19,739,905-10*
1.00
41,000.00 ' 635,968.15
79,4.03.69 28.920.86
368,768.83
51
7,137,790.28 3,lo:
5,979,404.18* 3,lo:
73-68
17.434.10S.43 161.74* 4.601.051.97- 1,50;
LIABILITIES
CURRENT LIABILITIES: Accounts and wages payable Accrued taxes Indebtedness - to affiliates - to subsidiaries wholly owned
1,388,767.34 57,194.20
16,780.15 24,047-69
161.74*
216,074.93 18,065.34 15,538.82
278 14,
RESERVE for workmen's compensation Insurance
67.698.20
31.820.19
1,554,487-58 161.74*
281.499.23
29;
NET INVESTMENT - December 31. 1945
$ 15,879,617-85
- - 4,319,552-69 1,21:
CAPITAL STOCK SURPLUS
As above
$ 15,000,000.00 _ 679.617^-85
$ 15,879,617-85
NET INVESTMENT - December 31, 1944 (deficit#)
- for comparison
% 22,999,922-10
4,552,484.04 l59l
1, 1945 - BY DEPARTMENTS
Details of total
Miami plant
8,822.HI
677,626.15
Lead refinerv
Zinc oxide White lead department department
3,983.38 25,000.00
79,927.22 41,150.27 47,957-62
Raritan refinery
Raritan electro-
sheet department
Investments and
advances details paee 41
Items not allocated to
departments
details oaee 42
101,902.36
144,693.36
108,171.83 14,523-31
384,990.57
692,258.47 58,711-31
358,554.97 620,811.78 194,305.16 97,816.38 26,926.63 23,604.03
1,485,076.97 363,206.51
7,998.25
2,181.96
1,564.88
17,141.71
213,747.65
9,594.95
49,299.17*
56,419.72
130,665.27 22,073.16 13,243-90
409,751.25
4,349.45
.103,550.21 1,146,545.81 640,977.22 796,350.58 13,165,359.04 393,328.28
.103,550.21* 848,823-14* 507,074.54* 627,859.01* 8.553,576.70* 119,617.32*
1.00
162,920.79
41,000.00 635.968.15
79,330.01 28.920.86
,505,614.97
970.236.27 869.864.52 447.602.28 7,111,556.28 286.058.66 1.161.887.46 480.334.76
278,035-48 14,291.38
292.326.86 ,213,288.11
214,027.32 6,137.45 43.24
8.708.70 228.916.71
4,889.01 4.889.01
2.503.04 2.503.04
741,319.56 864,975.51 445,099.24
675,611.52 20,267.92 1,359-83
19.777.26
24,047.69
5. C IS.09 i . `67.89*
717.016.33
24.047.69
3.-50.20
6,394,539.75 286,058.66 1,137,839-77 4' . -44.56
,594,017-86
754,932.17 570,632.78 595,416.05 6,706,081.71 287,775-99 8,284,518.53
. .'7.02#
>.
IffCOME ACCOUNT - YEAR ENDED I
Total gage 12
Interdepartment
elimination* Tooele plant
Mlnmi pTant-.
Sales of copper zinc lead silver
gold miscellaneous metals zinc oxide vhlte lead electro-sheet copper residue, ores, etc. Premium payment on production in excess of quota Tolls
$ 1,214,393.^3 237.852.94
2,966,159.57 2,533,173.49 1,812,825.15
236,824.75 1,279,325.76
734,398.29 43,689.07
1,819,330.55
389,386.79 6.320.346.91
205.79* 32,890.72* 547,586.07*
254.88* 261.52*
656,614.15
2,386,853.59 1,478,159.69
553.659.62 52,336.93
46,454.15* 1,810,413.71
2,358,331-82*
389,386.79 338.474.S6
370,896.36 170,093-07 151,861.60
2.553.830.98
Sales and tolls
19.587.706.70 2,985,984.95* 7.665.899.04 3,246.682.03
Coat, of sales (credit*) Interdepartment
18,648,072.26
7,310,673.15
2,985,984.95*
6Ol.l66.96
1,488,346.69 1.748,094.35
18.648.072.26 2,985,984.95* 7,911.840.11 3.236,441.04
(Income or loss*) Provision for depreciation less net
gain on disposal or dismantle ment of fixed assets
939,634.44 588.911.87
245,941.07* ... 196,225.19
10,240.97
Income or loss* from operations
350,722.57
442.166.26*
10.240.97
Other income: Reimbursement by Anaconda Copper Mining Company of Interest on lease expenditures Other interest and dividends receiv ed - net (debit*) Miscellaneous Income
297,965.44
10,405-96 6,593-24
2,088.23 98.94
57.48* 1.728.00
314.964.64
2.187.17
1.670.52
(income or loss*)
665.687.21439.979.09*
11.911.49
Interest on notes payable to Anaconda Copper Mining Company
Federal Income tax - estimated
56,500.69 103,298,37
____159,799.06
Net Income or loss* year ended December 31, 1945
$ 505,888.15
439,979.09*
11,911.49
Net income or loss* year ended
December 31 19*4 - for comparison
$ 94,300.61*
344,208.98*
147,172.64
ED TgCEMBgR 31, 1945 - BY DEPARTMENTS
ant' 6.36
3-07 1.60
Details of total
Lead refinery
Zinc oxide department
White lead denartment
1,126,892.05 580,282.53 103,472.17 8,893-27
7,344.71
270,743.66
1,279,580.64 734,659.81
48,026.28
Raritan refinery
Raritan
electro sheet
denar tment
187,088.71
304,638.20 1,003,831.76
175,594.55
43,689.07
Investments and
advances -
Dajse 41
Items nc
allocated
departmec naae 42
0.98 2.01
6.69 4^35 1.04
0.97
429.690.05
2,256,574.78 l,935J22r.l0
245.253,26
2.180.474.38 76,100.40
0-97
35.742.06 40,358,34
5,356,683.14
1,598,350-58 734,659-81 7.027.836.36
1*507,267.34 343*868.44 . . 5,885*090.09
1.168.72 389,863.21
232.64
1.508.436.06 733,731.65 5,885,322.73
89,914.52
928.16 1,142,513.63
43.689.07
52,984.32 205.79
53,190.11
9,501.04*
16.482.69 _ 73,431,83
20,193-49 19,265.33*
314.312.41 828.201.22
5,956.03 15,457-07*
8,504.36* 133,125-1
8.504.36* 8,504.36
133.129.1 133,12s.1!
8.504.36
13 -i ,125.4
7.48* 8.00
52-- 49 _____ 40,358,34,_______ 73,431,83
3,661.95 ^>661-95 19.265.33* ___ 831,863.17
297,965.44
16,670.57 1.104.35
.315,740.36
15,457.07* 324,244.72
8,295-3'
8.295. 3< 141,420.8*
1.49
40,358.34
73,431.83 19,265.33*
831,863.17
.... 15,457.07* 324,244.72
56,500.6< 10 3.298.3'/
159,799.0*
301,219.91
2.64
36,223.72
1,890.97* 21,701.99*
729,523-18 21,545-80* 110,605.27* 507,267.14
16
Cash in banks: Chase national Bank, New York Continental National Bank and Trust Company of Salt lake City, Utah First National Bank of Sait lake City, Tooele, Utah v/alker Bank and Trust Company, Salt Lake City, Utah Nevada Bank of Commerce - Battle Mountain Branch, Battle Mountain, Nevada Talley National Bank, Globe, Arizona First National Bank in Bast Chicago, Indiana First National Bank of Nevada - Yerington Branch, Yerington, Nevada Firestone Park Trust and Savings 3ank, Akron, Ohio First Bank and Trust Company, Perth Amboy, New Jersey
Less outstanding drafts on New York office, deposited in banks
Petty cash
' Per Balance Sheet - page 11
December 31, December 31
1944
1945
$ 192,916,23 123,479.62 90,909.33 80,597.30 725.91 16,042,10 15,652.90 4,064.44 25,000.00 76.044.10 629,462.13 108.468.54 520,993.59 1,254.56
167,796.57 139,311.59
82,033.76 207,652.20
6,672.41 11,1=3.19
25,074.25 60.729.46 723,545.55 6S.650.74 654,894.61
1,690.03
$ 522,248.17
556,554.64
ISR000991
ACCOUNTS AND NOTES RECEIVABLE - TRADE. LESS RES
For tolls and for metals and manufactured products:
Total December 31,
1944-
Total December 31,
1945
American Smelting and Refining Company Inspiration Consolidated Copper Company
$ $ 414,065.49
126,454.67 52,972.34
Irvington Smelting and Refining Works
26.91
20,904.56
Metals Reserve Company
40,996.10
59,213-97
Miami Copper Company
570,038.73
610,485-04
Sundry customers
198.460.20
153.222.87
For premiums on production In excess of quota Metals Reserve Company
Sundry debtors
1,223,587.43
49,552-42 119.645.62
1,023,253.45
73,007.37 122.900.51
Less reserve for doubtful notes and accounts
1,392,785.47 45,832.87
1,219,161.33 45,992.86
Tooe plar 109, 9
109,9 73, C 35.3
218,3
Per Balance. Sheet - page 11. .
* 1,346,-952.60. $ L, 17?l68.47 21S,3
IVABLB - TRADE, LESS RESERVE
17
Total December Jl,
1945
Tooele clant
Details of total at December 51, 1945
Lead
Zinc oxide White lead Raritan
Refinerr department department Refinerv
H*>|
III
126,454.67 52,972-34 20,904.56 59,213-97
610,485.04 153.222.87 1,023,253.45
109,947.90 109,947.90
52,972.34
610,299.91 663.272.25
22.972.93 22.972.93
71.314.21 71,314.21
16,506.77
47.279.77 63,786-54
20,904.56 59,213.97
165-13 11.655.96 91,959-62
73,007-37 122.900.51 1,219,161.33
45,992.86
73,007.37 35.380.11 218,335.38
14,353.90 677,626.15
56,954.29 79,927.22
71,314.21 30,163.94
63,786.54 15,828.92
16.212.21 108,171.83
1,173,168.47 219,335.38 677,626.15 79,927.22 41,150.27 47,957-62 108,171.83
JSR0009OO
ACCOUNTS -/ITH APPILIATTS
xc
Accounts receivable
Accounts payable
December 31, December 31, December 31, December 31,
1944
1945
1944
1945
Current:
The American-3rass
Company
$ 111.37
Anaconda Copper
Minins-Company
7,520.10
Anaconda Sales Company
Anaconda VJire and Cable
Company
11,174.43
Chile Exploration
Company
50.4S
Chile Steamship Company
Incorporated
492.81
Montana Hardware Company
Mountain City Copper
Company (1)
Swansea Consolidated
Mining Company
Tooele Valley Railway
Company
4,507.86
$
384,590.57 14,313.52 48.05
606,765.55
24,313.95 20.74
3,952.42
43.24
1,1=6.09 1,252.55 13 , o8 c, 24
per Balance Sheet page 11
$ 24,257.09
423,666.83 $ 610,738.97
16.76C.15
North Lily Mining Company (1)
Dragon Consolidated Mining Company
Empire Mines Company
Per Balance Sheet page 11
$ 79,330.01 24.34 49.34
79,403.69
I0TE 1 - Accounts receivable from Mountain City Copper Company and North Lily Mining Company at December 31, 1945 are shown above and
at December 31, 1944 on page 19 due to the change in status of these companies from that of subsidiaries not wholly owned to that of affiliates.
ACCOUNTS WITH SUBSIDIARIES NOT WHOLLY 0'VN2D
19
Current: Dragon Consolidated
Mining Company Empire Mines Company Mountain City Copper
Company (1) Mountain View Mining
Company Victor Consolidated
Mining Company
Accounts receivable
December 31, December 31,
1944
1945
Accounts navable
December 31, December
1944
1945
$ 22.50
30,253.48
$ 482.23
187.50
198,58
per Balance Sheet page 11
$ 30,275.98
187.50
$ 680.81
none
Noncurrent:
Eureka Bullion Mining
Company
$ 27,328.47
North Lily Mining
Company (1)
67,728.61
Walker Mining Company 200,142.21
Yankee Consolidated
Mining Company
per Balance Sheet page 11
$ 295,199.29
28,897.52 23.34
28,950.86
NOTE 1 - See note on page 18.
KETAI5 AND MANUFACTU
AMOUNT
Finished: Copper Zinc Lead Silver Gold Miscellaneous metals Manufactured products: Zinc oxide White lead Electro-sheet copper Prepaid billet cost Prepaid freight
Less, reserves for freight, refining, etc.
Total finished In process
Per Balance Sheet - page 11
Total - December 31, 1944 for comparison
Total
December 31, 1944
Decrease or
increase*
Total December
1,542,929-46 89,914.96
409,534.42 674,375.29 653,374.13
36,648.32
161,969.44 251,360.48
11,830.39 43,506.63
9.555-12
3,884,998.64
776.688.04
3,108,310.60 2.143.008.71
$ 5,251,319.31
11,622.35* 99,704.31* 64,984.03*
2,993.06 270,505.45 296,461.55*
46,999-40* 80,234.58
3,832.14 30,184.37
2.256.40
129,765.64*
350,217.67
479,983.31* 339.800.44
140,182.87*
1,554,551 189,619 474.518 671,382 382,868 333,109
208,968 171,125
7,998 13,322
7,298
4,014,764
426.470
3.588,293 1.803.208.
5.391,502
$ 5,251,319.31
POUNDS
Finished: Copper Zinc Lead
17,300,799 1,160,028
8,991.783
95,309* 1,199,005* 1,431,009*
17,396,: 2,359,<
10,422/
CENTS PER POUND
Finished: Copper Zinc Lead
8.918
7.751 4.555
8. 8. 4.
SILVER - total for all departments - not covered by affidavits - covered by affidavits
As above
Ounces
1,797,55 6,32
61.7*
1.865.6s
COLD - total for all departments -as above
11,134.3C
;t u r e d p r o d u c t s , f in is h e d a n d in p r o c e s s
20
il
jer 31,
t
Tooele clone
Miami plant
Details of total at December 31 , 1945
Lead refinery
Zinc oxide White lead department department
Raritan refinery
Raritan
electro-shee department
351.81 519-27 318.45 582.23 368.68 109.87
#8.84 L25-90 998.25 522.26 ?98.72
T64.28
+70.37
-'93.91 ?08.27
502.18
304,358.90
383,430.77 258,169-00
26,951.60 525.44
19,049-38 15,424.92
973,435-71
34,474.30
86,363.23.
887,072.48 1,145.424.10
34,474.30 657.784.17
2,032,496.58 692,258.47
71,851.10 227,390.73
16.179-93 78,539.41
393,961.17 35.406.20
358,554.97
358,554.97
189,619-27
218;867.63 208,968.84
19,236.58 171,125.90
1,250,192.91
166,773.12 324,312-23
35,177.39
3,356.04
3.942.68
13,322.26
620,811.78- 194,305.16 1,789,777.91
304.700.94
620,811.78 194,305.16 1,485,076.97
620,811.78 194,305.16 1,485,076.97
7,998.25 7,998 25 7.998.25 7,998.25
2,279,726.08 494,937-92 357,196.26 300,079.24 277.271-59 1,530,277.83 11,830.39
#,106
>,033 '#792
3,083,004 8,582,373
1,539,360
2,359,033
301,059
14,313,104
8.936
8.03& 4.553
9.872 4.468
ices
7,557.92 5,325-35 L.744.74
5,628.01
Price
Amount
34.75 i % 624,698.16
44.75
2,830.61
71.0236
43,853.46
35-9969 4 * 671,382.23
+ 30
34.336
* 382,868.68
4.668
8.038
6.390
8.735
KIKE DEVELOPMENT
Copper Canyon lease Guild-Adams lease Victoria lease Untie District
Per Balance Sheet - page 11
Balance December 31,
1944
1,146,219.50
819,764.65
246,978.73
Additions (see note
below)
213,747.65
sola to
Anaconda
Copper Lining Balance
Company (see December 31
pafc,e_,,3)
1543
1,146,219,50
--
819,764.65
--
246,978.73
--
213,747.65
* 2,212,962.88 213,747.65 2,212,962.88 213,747.65
NOTE - Additions to Tlntic District
development are composed of:
Balance at December 31, 1944
transferred from "Mines
and Mining Claims" -
page 26
$ 91,990.76
Expenditures, year 1945
121,756.89
Total - as above
$ 213,747.65
ISR0O0??8
PREPAID EXPENSES
Prepaid Insurance Sundry
Ter Balance Sheet - page 11
December 31, 1944
i 55,476.25
1,475.58
December 31,
32,131.79 1,544.65
Decrease or increase*
23,344.if6
69.C7*
56,-951.83
33,676.44
23,275.39
Tooele plant: Slag hauling Crushing reverberatory matte
Lead refinery Per Balance Sheet - page 11
December 31, December 31, Increase or
1944
1945
decrease*
$ 4,597.82
4,597.82 8.32
$ 4,606.14
1,950.92 7,234.34 9,185.26
9,185.26
2,646.90* 7.234.34 4,587.44
8.32*
4,579.12
1SR001000
INSTALLMENT LAND SALES AND ADVANCES TC SUNDRY MINING COMPANIES. LESS RESERVE
24
Installment land sales - details belov Advances to sundry mining companies -
details page 25
Reserve for doubtful accounts Per Balance Sheet - page 11
December 31, December 31,
' 1944
1943
$ 21,502.97
12,153.62
Decrease 9,349.35
266.516.24 288,021.21
49.643.42 $ 238,377.79
39.615.71 2?6 .on?. 51,769.33 236,251.88 40.289.17 _______354,25
2,480.16 235,897.63
Details of Installment land sales
Installment land sale Too Buazlanis
contract
Balance December 31, 1944
t 7 .034.74
Charges (debits): Interest Taxes
173.09
' 173.09
Deductions (credits):
Payments received
1,764.94
Transferred to current accounts
receivable
1,584.78
Amount written off under modification
of Agreement dated May 18, 1945
519.19
Discounts allowed for prepayment of
installments
Balance December 31, 1945
3,S68,j 91 $ 4,238.92
Installment house and
land sales Tooele
Total
13.S6e.?3
21.502.97
749.10 --293.20
1-.Q42.30
922.19 293.20 ------ L, 215,39
6,639.23
56.60 6,695.83 7,914.70
8,404.17 1,584.78
519.19 5o.6o
10.564.74 12,153.62
1SRO01001
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MINUS AND MIKING CLAIMS. WATER RIGHTS AND LANDS
26
Lends for metal producing slants:
Tooele plant Miami 01ant Lead refinery Raritan refinery
Lands for manufacturing plants s
Zinc oxide department White lead department Raritan electro-sheet
department
Other lands: Tooele Miami
Water rights - Tooele
Total lands and vater rights
Mines and mining claims: Investments and advances: Salt Lalce City office Miami Guild-Adams lease
Total mines and mining claims
Per Balance Sheet page 11
Balance
December 31, 1944
Deductions -
see notes beiov
Balance December 31,
1945
353,665.89 56,191.60
130,665.27 409,751.25
950,274.01
353,665.89 56,191.60
130,665.27 409.751.25
950.274.01
22,073.16 13,243.90
4,349.45 39.666.51
9,004.00 228.12
9.232.12 6.250.00
1.005.422.64
22,073.16 13,243.50
4,349.45
39,666.51
151.06(1) 151.06
8,852.94 228.12
9.081.06
6.250.00
151.06
1.005.271.55
234,853.01 20,058.54
190.254.75
445.166.30
1,450,588.94
91,990.76(2) 190.254.75(3)
142,862.25 20,05e.5-*
282.245.51
162.92C.79
282,396.57
1,168,152.27
NOTE 1 - Lot in Tooele City, Utah, sold.
NOTE 2 - Transfer of Tintic District development expenditures as of December 31, 1944 to Mine Development - page 21.
NOTE 3 - Sale of investment in Guild-Adams lease to Anaconda Copper Mining Company - see page 3
NOTE 3 - S ale o f In v e s tm e n t I n G ulld-A dam s le a s e to Anaconda Copper M in in g Company - see page
CM
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29
INVESTMENT IH SECURITIES OF WHOLLY OWNED SUBSIDIARIES
Shares Par value
New Jersey Storage and Warehouse Company
Raritan Terminal and Transportation Company
10 400
$ 1,000.00 No par
Investment
Net income (loss*) of the
year 1945 (sec note
below^
$ 1,000.00 40,000.00
$ 6.00* 601.38
Per Balance Sheet, December 31, 1945 - page 11
$ 41,000.00
Less indebtedness to wholly owned subsidiaries:
New Jersey Storage and Warehouse
Ccopans Raritan Terminal and Transportation
Company
$ 668.93 23.353.76
Per Balance Sheet, December Jl, 1945 - page 11 i
Net investment
24,047.69 16,952-31
The above net investment at December Jl,
1945 Is represented as follows:
Assets
Lands
Railroad construction
$ 20,065-35
Less reserve for depre
ciation
20.065.35
7,891-34 -
Less liabilitiesTrxes accrued
7,891.34 96 95
Net assets
7,794-39
Difference, being accumulated operating deficits to December 31, 1945
I 9,157-92
$ 595-88
Net investment - December 31* 1944 Net increase in Indebtedness to Raritan
Terminal and Transportation Company and New Jersey Storage and Warehouse Company
Net investment - December Jl* 19*5 - as above
$ 17,103.47
151.16 $ L6,952-31
NOTE - Net income shown above includes intercompany surplus adjustment for overaccrual of 1944 Federal Income tax of $181.77 for Raritan
Terminal and Transportation Company.
C~ S' '33 ZD IAF.IZS
s z c -j r : :T Trie:
s c .t med
Balance December 31, 1S44
1,699,483.66
Deductions:
Capital stock of companies sold to Anaconda Copper Mining Company (details page 3):
Mountain City Copper Company
$ 996,987.93
North Lily Mining Company
66,527.78 1,063,515.71
Fer Balance Sheet, December 31, 1945 - page 11
$ 635,966.15
Details of balence at December 31. 1945
Share3
Far value
Investment
Equity in
income or loss* of the
year 1945
Comet Coalition Mines Company
760,246 $ 190,071.50 $ 340,891.71 g
Eureka Bullion Mining Company
756,000
37,800.00 187,923,49
Mountain View Mining Company
728,420
72,842.00 68,806.23
773.46
Victor Consolidated Mining Company
365,390
182,695.00
18,306.52
158 .Si*
Yankee Consolidated Mining Company
501,005
50,100.50 20,040.20
27.92*
As above
$ 635-,966.15
596.75
INVESTMENT IN AND INDEBTEDNESS OF SUBSIDIARIES NOT WHOLLY OWNED
31
Comet Coalition Mines Company
Eureka Bullion Mining Company
Mountain View Mining
Company Victor Consolidated
Mining Company Yankee Consolidated
Mining Company
Investment Page 30
$ 340,891.71 187,923.49 63,806.23 18,306.52 20,040.20
Per Balance Sheet, December 31, 1945 - page 11 $ 635*968.15
Indebtedness not current
Market
quotations
Total
December 31,
(see note 1 )
1945
28,897.52 23.34
340,891.71 $ 228,073.80
216,821.01
166,320.00
68,806.23 18,306.52 20,063-54
49,163.35 10,961.70 32,565.33
28,920.86
664,889.01 $ 487,089.18
Indebtedness not current
Walker Mining Company North Lily Mining Company (2) Eureka Bullion Mining Company Yankee Consolidated Mining Company
f Per Balance Sheet - page 11
December 31, December 31* Decrease* or
1944
1945
increase
$ 200,142.21
67,728.61 27,328.47
28,997-52 23.34
200,142.21*
67,728.61*
1,569.05 - 23.34
$ 295*159-29
28,920.96
266,278.<*3*
NOTE L - The total Investment of International Smelting and Refining Company in its subsidiaries not wholly owned is considered to include both the cost of the capital stock of these companies and the Indebtedness, if any, which cannot be liquidated from the net current assets of the debtor companies.
NOTE 2 - Not a subsidiary after April 19, 1945. North Lily Mining Company's indebtedness to International Smelting and Refining Company amounted to $79,330.01 at December 31, 1945 and Is shown on page 41.
2
ACCOUNTS AND WAGES PAYABLE
<
Ore purchases - Tooele plant Reserve for unearned tolls - Raritan refinery
- Miami plant Wages payable - details belov Payroll deductions for employees' war
bond purchases Employees' deposits - Tooele plant Reserve for repairs - Raritan electro
sheet department - details belov Sundry accounts payable
Per Balance Sheet - page 11
December 31, 1944
$ 142,578.31 506,625.34
110,882.86
30,125.99 7,104.43
8,070.84 454,626.58
December 31, 19^5
83,212.10 485,828.71 234,991.00 112,059-72
20,949.74 5,883.63
4,221.13 441,621.31
$ 1,260,014.35
1,388,767.34
Details of Wages payable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advances - Victoria lease
As above
24,403.61 12,900.24 17,157.95 17,114.64 57,799.58
1,506.86
$ 110,882.86
28,735-63 --
15,415.93 20,110.57 47,797.59
-
112,059-72
Details of Reserve for repairs - Raritan electro-sheet department
Reserve for lead anode
renewals Reserve for drum
surface renewals
Balance
December 51, 1944
Additions - Deductions -
Balance
charged oper- expended for December 31,
atins expense
repairs
mi
* 2,999.08 5,071.76
582.20 846.61
1,027-17 4,051.55
2,354.11 1,867.02
As above
* 8,070.84
1,228.81
5,078.52
4,221.13
r*-1"
oc-<oj .csj W*a* -Faoo>- faae-
J >(a4.
*s0aH.
as b
o o
o
OJ ON
NfC--ONl
D e ta ils o f t o t a l a t December 31f 19**5
tfl H X S
fr>
a
Eli
=>
os
0 eo--
oeUsi-ni ^
ffO--nOO
o
o
s
l-<<-J aB sc
s
2
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oe
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NOTES PAYABLE TO ANACONDA COFFER MINING COMPANY
Balance December 31, I9W
$ 10,500,000.00
Retirements (see page 3):
Note dated June 27, 1944, due December 31, 1950,
with interest at 2%
$ 8,000,000.00
Note dated June 27, 1944, due December 31, 1947,
with. Interest at l-3/4
2,500,000.00
10,500,000.00
Per Balance Sheet, December 31, 1945 - page 11
$
Interest accrued and paid Balance December 31, 194U Accrued 1945 - per Income Account - page 12
Paid 19^5 (see page 3)
Balance December 31, 1945
$ 2,239.01 56.500.69
58,739-70
58,739.70
5
RESERVE FOR WORKMEN'S COMPENSATION INSURANCE
i
Tooele plant Lead refinery Zinc oxide department White lead department
Raritan refinery
Balance December 51,
1944
$ 27,341.95 6,445.87 5,979-33 180.83
12,428.66
Additions details below
Deductions compensation paid, medical and hospital
expenses, etc.
Balance December 31
1945
38,305-24
8,318.57 4,554.01
4,216.96 16,099.26
33,827-00 6.055.74
5,644.33 1.894.75 8,750.66
31,820.19 8,708.70 4,889.01 2,503-04
19,777.26
Per Balance Sheet page 11
$ 52,376.64
71,494.04
56,172.48
67,698.20
Details of additions - year 1945
Tooele plant Lead refinery Zinc oxide department Wnite lead department Raritan refinery
Total
Total as above
$ 38,305.24 8,318.57 4,554.01 4,216.96
16,099-26
$ 71,494.04
Charged cost
30,293-24 8,318.57 4,554.01 4,216.96
16,099.26
63,482.04
Pay roll deductions
8,012.00.
8,012.00
ISR0010 12
CAPITAL 5T0CK
56
Issued and outstanding December 31, 1944 Issued In 1945
Issued and outstanding, per Balance Sheet, December 31, 1945 - page 11
Par value per share Shares
Amount
$ 75.00
163,500 $ 12,262,500.00
75-00
36,500
2,737,500.00
75-00
200,000 $ 15,000,000.00
Outstanding stock at December 31, 1945 vas issued as follows:
Date Issued
Issued by International Smelting Company to Anaconda Copper Mining Company for:
May 26, 1914
Properties of International
Smelting * Refining
Company (dissolved 1914)
$ 100.00
Nov. 30, 1915 Cash
95,000 $ 9,500,000.00
25,000
2,500,000.00
120,000 $ 12,000,000.00
Dec. 21, 1934 Outstanding after reduction In
oar value of stock from
$100 to $75 and change of
corporate name to Inter
national Smelting and
Refining Company
$
75-00
Issued by International Smelt ing and Refining Company to Anaconda Copper Mining
. Company for:
Dec. 21, 1934
(Together with $8,000,000 principal amount 15-yar
6$ debentures) Properties of International Lead Refining Company and Raritan Copper Works
75-00
Oct. 1, 1936 Properties of Anaconda Lead Products Company
75.00
Mar. 27, 1945
Partial redemption of note payable to Anaconda Copper Mining Company - details
page 3
120,000 $ 9,000,0:0.00
30,000 13,500
2,250.*:'.co i,ci2,-':.:o
36,500
2,,1 ` 00
200,000 $ I5,c:c
o* <c
f C\ s in <*
8
<v
cu
f-. iAM f-fveJ
CD
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a ir
*
rH d-
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rt I
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6 VA
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s
lrAtfOfl&d(<
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d
if
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CO a-
(ViVO
n
o- n- _ oB d< > _ ..
fo ni
ON
>- U9 Wdd 0O AC
sflfi;
O -
e rj -e * 3 * 9 a9 c0 eOXfld<0 -
O d B d O d I ( 0*iH O
f >
SOoMt* dio-doOgB-
cH m.. hIpdflOofiOOd
sisals*jgfcg
*55-iS232
COSO
*+> 55
O H
O frc
aH b aO SiH q b p !5 B Oh e ** 2 ** v
SS X *j 2
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SfOlOOdSI
GAIN ON DISPOSAL OR DISMANTLEMENT OP FIXED ASSETS
39
#
Tooele plant:
Cost of buildings and machinery sold or dismantled
- ?age_27
Accumulated depreciation
- page 28
Net salvage
Income or expense#
Gain (l03 3 *)
Obsolete plant and prior years' dismantlements not previously recorded $ 703,262.43
703,262.43
_.
Other dismantlements
15.190.7011,752.73 7.289.01 3.651.01
718,453-13
715,015-16 7,289-01 3,851.04
Lead refinery
Zinc oxide department (Akron plant salvage)
30,786.09
30,786.09
1,665.23# 1,665.23*
13.05
13.05
* 749,239.22
745,801.25
5,636.83
Per Income Account, year 1945 - page 12
$ 2,198.86
1SROO101A
#
FEDERAL INCOME TAX
Additional assessment on 1939 normal and surtax Estimated current year's tax
Per Income Account, year ended December 31, 1945 - page 12
25,498.37 77,800.00
103,298-37
DETAILS OF
Total -
pages 14 and 15
Subsidiaries l
Subsidiaries not wholly
wholly owned
ovned
BALANCE SHEET ITEMS
DEFERRED CHARGES: Tlntic district development
$ 213,747.65
FIXED ASSETS: Mines and mining claims, etc.
Investments: Securities of subsidiaries:
Wholly ovned Not wholly owned Indebtedness not current:
Affiliates Subsidiaries not wholly owned
162,920.79
41,000.00 635,968.15
79,330.01 28.920.86
1,161,887.46
41,000.00 41,000.00
635,968.15
28.920.86 664,889.01
CURRENT LIABILITIES: Indebtedness to subsidiaries wholly owned
24,047.69 24,047.69
NET INVESTMENT
$ 1,137,839-77 16,952.31 664,889.01
INCOME ACCOUNT ITEMS
Cost of sales (credit*)
$ 8.504.36*
Income* or loss from operations
8.504.36*
Other income:
Reimbursement by Anaconda Copper Mining Company of Interest
on lease expenditures Other Interest received - net Miscellaneous income
297,965.44 16,670.57
_ 1,1Q4?_35
315,740.36
Net income (loss*)
$ 324,244.72
CD CD
f
2.317.63 2.317.63
1,3--.88
`-.75*
NOTE 1 - Includes credit for $74,544.07 royalties received from North Lily wining
DETAILS OP INVESTMENTS AND ADVANCES
fr
idlaries North Lily
. vholly
Mining
>wped
Company
Details of total
Walker
Mining Company
National Tunnel
and Mines
Comoanv
Tooele Valley Rallvay Comoanv
Copper
Canyon lease
Guild-
Adams lease
Victoria lease
Mines depart ment, outsid< exploration.
etc.
j,968.15
79,330.01 3,920.86___________
i,889.01 79,330.01
215,747-65 162,920.79
376,668.44
1,889-01 79,330.01
376,668.44
>,317-65 >.317.63
378.88 L,378.88
938.75*
44.273.75 44.273.75
55.095.74* 55.095.74*
14,558.22
201,211.02 82,585-52 14,168.90 733.47
14,558.22 733-47 201,211.02 82,585.52 14,168.90
1.104.35 1,104.35
44,273.75* 14,558.22 733.47 201,211.02 82,585-52 14,168.90 56,200.09
ally Mining Company under provisions of Tintie Bullion Lease agreement.
iR O O ^^l
DETAILS OF ITEMS NOT ALLOCATED TO DEPARTMENTS
42
\ BALANCE SHEET ITEMS
Assets:
Cash - Chase National Bank, Nev York Accounts receivable - Anaconda Sales
Company Reserve for doubtful accounts .(credit*
$ 144,695-36
584,990.57 49.289.17*
Total assets
480,594.76
Liabilities: Accounts payable: Chadbourne, Wallace, Parke and Whiteside
Employees' portion of social
security taxes on New York employees
Taxes accrued: Federal income tax (net debit*) New York state franchise tax
Employer's portion of social security taxes on New York employees
Total liabilities
$ 5,000.00
18.09
2,177.27* 500.00
5,018.09
109.38
1.567.99*
- 3.450.20
Excess of assets over liabilities - pig. 14
* 476,944.56
INCOME ACCOUNT ITEMS
Cost of sales: Administrative expenses, Nev York office Capital stock tax Employer's portion of social security taxes on Nev York employees Sundry taxes
Other income: Interest (paid)
Loss, per pages 4 and 15
Interest on notes payable to Anaconda Copper Mining Company
Federal Income tax - page 4o
Net loss - page 15
$ 122,565.41 10,000.00
11.20 548.88
133,125.49
8,295.36 141,420.85
56,500.69 103.298.37
159,799-06
$ 301,219.91
1SR001020
Pace
ALPHABETICAL INDEX
32
17 24 18 19.31 33 31 24 18
Accounts and wages payable
Accounts receivable - trade, less reserve . installment, etc.
Accounts with affiliates Accounts vith subsidiaries not wholly owned Accrued taxes Advances to subsidiaries not wholly owned Advances to sundry miningcompanies Affiliates, accounts with
14 Balance Sheet - by departments 11 - comparative
27 Buildings and machinery
36 Capital stock 16 Cash
23 Deferred expenses 28 Depreciation, provision for 28 Depreciation, reserve for 21 Development, mine 39 Disposal or dismantlement of fixed assets, gain on 37 Dividends received
E 23 Expenses, deferred 22 Expenses, prepaid
F 40 ~ Federal income tax 39 Fixed assets, net gain on disposal or dismantlement of 6,7 Funds received and disbursed
G 39 Gain or loss on disposal or dismantlement of fixed assets
I
IS Income Account - by departments 12 - comparative 18 Indebtedness of affiliates 18 Indebtedness to affiliates 31 Indebtedness of subsidiaries not wholly owned - not current 29 Indebtedness to subsidiaries - wholly owned 19 - not wholly owned 24 Installment lend sales, etc. 35 Insurance, reserve for workmen's compensation 37 Interest and dividends received 20 Inventories, finished and in process 31 Investment in and indebtedness of subsidiaries - not wholly owned 29 - wholly owned 30 Investment in securities of subsidiaries not wholly owned 41 Investments and advances, details of 42 Items not allocated to departments, details of
Lands, mines and mining claims, water rights and Loss or gain on disposal or dismantlement of fixed assets
*3
ISR 001021
Machinery, buildings and Metals and manufactured products Mine development Mines and mining claims, water rights and lands Miscellaneous income
Notes payable to Anaconda Copper Mining Company
Operations by departments - comparative
Prepaid expenses Profit on plant operations Profit on sale of land, details of
Reserve for - depreciation > workmen's compensation Insurance
Sales and earnings, by departments Securities - of subsidiaries - not wholly owned
- wholly owned Subsidiaries not wholly owned, accounts with Subsidiaries, investment in and indebtedness of - not wholly owned Subsidiaries, Investment in - wholly owned Surplus account
Taxes accrued
Water rights Working capital Workmen's compensation insurance, reserve for
ISRO0 J022