Document 4JpXwMYQdQw7BnG4aj9b4YnNG
!
N10109
INTERNATIONAL SMELTING AND REPINING COMPANY REPORT ON AUDIT
YEAR ENDED DECEMBER 3.1, 1944
*! Pogaon, Pelcrabet ft Co. Certified Public Accountants
ISfiOOOOOOANdl
INDEX
IM&
1 2 3 4 4 4 5* 7 7
7-9 10 - 41
42 - 43
Scope of the report Financial condition of the company Company operations ................ Inoome or loss from sundry Investments Investments In wholly owned subsidiaries Other Investments Statement of funds received and disbursed
Distribution of Balance Sheet and Income Account to departments
Scope of audit
Financial statements and explanatory schedules (see alphabetical Index)
Alphabetical Index
i!
PNycoooooasp
NEWYORK MAU RICC C. 'tLOUlir
p(c t w. paascN. jq.
POQSDN, PELQUBET & CO.
CERTIFIED P'J S LI C ACCOUNTANTS
eA*'-* *aauu "CCRTirito" hc w
*OENT c k at t *,,,, 4 ca
io n o q n
2 S 0 ROADWAY, NEW YORK 4, N. Y.
To the Board of Directors, International Smelting and Refining Company, 5 Broadway, New York 4, New York.
Dear Sirs: We hare made a general audit of the books and accounts of
INTERNATIONAL SMELTING AND REFINING COMPANY for the year ended December 31, 1944, and present the various statements listed on the opposite page.
Hie acoounts of New Jersey Storage and Warehouse Company and Raritan Terminal and Transportation Company, Aolljr 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;* owned con solidated subsidiary of Anaoonda 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 Anaoonda Copper Mining Company and subsidiary companies. It shows the portion of the consolidated accounts of Anaoonda Copper Mining Company relating to Inter national Smelting and Refining Company on the same basis and under tbe same olassifloatlosa as shown in the consolidated report, hut In somewhat greater detail. In the consolidated accounts cf Anaoonda Copper Mining Company and subsidiary oompanies the investment of International Smelting and Refining Company In shares of National Tunnel & Mines Company (acquired in exchange fer shares of Ctah-Dtlaware Mining Company) has been reduced by $136,307.60 to reflect loaeee of TJtah-Del aware Mining Company during the period of its inclusion In suoh consolidated accounts. This reduction has also been given
effect to in this report as shown on pages 12 and 21.
FIHAHCIAL
2
Summarized, the changes In financial condition during the year were
as follovs:
At
December 31,
Fixed assets, less reserves
1242
applicable thereto
$ 14,797,949.75
Deferred charges
1,904,913.06
Current and other assets - net.
except notes payable to Anaconda Copper Mining
Company
6,531.752.67
At December 31,
1244
14,060,874.19 2,274,520.85
6,716,903.70
Decrease* or increase in
Investment
737,075.56* 369,607.79
185,151.03
Reserves for workmen's coapensatlon insurance
23,234,615.48 23,052,298.74 182,316.74* _____58,544.09 ______ 52,576.64 ____6,167.45*
Equity of Anaconda Copper Mining Company
$ 23,176,071.39 32,999,922.10 176,149.29*
The equity of Anaconda Copper Mining Company at December 31, 1944 Is
represented by:
Capital stook Rotes Surplua
$ 12,262,500.00
10,500,000.00 237.422.10
As above
* 22,999,922.10
and represents Investment In the following net assets:
Principal smelting, refining and aanufsoturlng
plants (details page 3)
Securities of and advances to other companies,
etc. (details pages 4 and 40)
15,972,783.64 7.027.138.46
As above
$ 22,999,922.10
The decrease In equity during the year 1944 Is the result of the net
loss for the year Advances to International Building Association written off Investment in International Building Association written off
$ 94,300.61 110,848.68 1,000.00 206,149.29
Less overaccrual of Federal Income tarn for the year 1943
30.000.00
Decrease, as above
$ 176,149.29
Changes In current position vere as follows:
December 31, 1943
December 31, 1944
Current assets
10,219,504.30 8,291,256.17
Current liabilities
3,976,112,00 MS?i7ft5il
t 6,243,392.30 6,398,460.41
Increase or decrease*
1,928,248.13* 2.083.316.24*
155,068.11
Current ratio
2.6 to 1
4.4 to 1
OPERATIONS
3
Operations of International Smelting and Refining Company for the
past three years compare as follovs: Year 1942
Gross sales and earnings
$ 20,341,958.03
Year 1943 22,046,552.29
Year 1944 21,918,993.90
Net profit on plant operations^ 1,042,376.83
Income (lass*) from sundry
investments
192,598.21
1,234.975.04
Interest paid to Anaconda Copper
Mining Company on debenture*1
and notes
596.875.00
Provision for Federal income
taxes - estimated
180.700.00
Provision for contingencies
764,377.88 67,745.23*
696,632.65
596,875.00 30,000.00
297.642.94
412,217.10 110.60S.27* 301.611.83
>95.912.44
Net Income (Loss*)
777,575.00 t 457,400.04
924,517.94 227,885.29*
395.912.44 94,300.61'
Gross profit on operations of the various plants and departments of the
company and Income from sundry investments for the past three years together vlth
the respective Investment therein at December 31, 194* are shown in the following
summary;
Het Profit (Loss*) on Plant Operations
Year 1942
Year 1943
Year 1944
Investment at
December 31, 1944
Tooele plant
$ 28,320.46 394,775.34*
Copper Canyon
lease
Miami plant Lead refinery Zinc oxide
121,098.88*' 133,925.85
36,773.18*
32,969.95
department White lead
150,804.77* 90,618.19*
department Raritan refinery Raritan electro
19.lTT.fir* 16,825.58* 1,203,369.23 1,216,453.14
sheet department Not allocated (de
15,600.35*
34,409.58*
tails page 41)
88,075.77* 88.344.37*
344,208.98* 4,552,484.04
147,172.64 36,223.72
1,257,380.07 1,594,017.85
754,932.17
1.890.97*
570,632.78
21,701.99*
595,416.05
729,523.18 6,706,081.71
21,545.80* 287,775.99
111.354.70* 345,937.02'
Gross profit an
plant operations - as above $ 1,048,376.83
764,377.88
412,217.10 15,972,783.64
, Details of the above figures for 1944 are shown on the Balance Sheet and income Account by departments on pages 13 and 14 respectively.
(loan*? from sundry Hwwtascts
Year 1942
Mountain City Copper
Company, dividends $ 219,440.10
National Tunnel and
Mines Company,
interest
20,833.31
`Talker Mining Company,
Interest
12,379.24
Other investments and advances
not loss* (details
page 40)
80,054.44*
Income (loss*) from in
vestments - per
page 3
y 192,596.21
,, Year 1943
-44,365.37
--
112,110.60*
67,745.23*
Year 1944
Investment at December 31.
1944
--
996,967.93
48,751.09 --
2,729,386.32 200,142.21
159.356.36* 3.100.622.00 110,605.27* 7,027,136,46
Dividends of yl46,293.40, received during the year from Mountain City Copper Company were credited to investment in that company.
Details of the above figures are shown on the Balsnoe Sheet and Income Account by departments on pages 13 and 14 respectively.
INVESTMENTS IN WHOILY OWNED SUBSIDIARIES
The net investment of International Smelting and Refining Company in its wholly owned subsidiaries amounted to $17,103.47 at December 31, 1944. Net income of these companies for the year 1944 was $1,827.74. During 1944 Inter national Building Association was liquidated with a lose of $84,562.08 which Included interest of $3,309.51 accrued on advances by International Smelting and Refining Company. Details page 18.
INVESTMENTS IN OTHER COMPANIES
Investments, including noncurrent advances, in subsidiaries not
wholly owned aid in other companies amounted to $5,220,959,83 at December 31,
1944 oompared with $5,407,125.36 at December 31, 1943, as shown by the
following table:
Subsidiaries not wholly owned: Mountain City Copper Company National Tunnel & Mines Company - see below `.Talker Mining Company Other subsidiaries
Other oompenias: National Tunnel i Mines Company - see below Park Utah Consolidated Mines Company Prince Consolidated Mining Company Copper Canyon Mining Company
December 31, December 31,
1943
1944
$ 1,143,281.33 2,797,394.89 200,000.00 769.558.78
4.910.235.00
996,987.93
200,142.21 797,553.01 1.994,683.15
441,157.50 47,132.86
8.600.00
2,729,366.32 441,157.50 47,132.86 8.600.00
As above
496.890.36 3.226.276.68 5,407,125.36 5,220,959.83
By reason of the merger of National Tunnel & Minas Company with Utah Metal and Tunnel Company, the stock interest of Anaoonda Copper Mining Company and subsidiaries was Isss than 50jf at December 31, 1944.
Market values of the above securities based on market quotations of seouritias whioh are quoted on various stock exchanges amounted to $4,412,319.70
000856
at December 31, 19*-* compared vith $3,601,294.38 at December 31, 1943 (details on pages 20 and 21),
The company's share of the combined net Income of subsidiaries not
wholly ovned amounted to $85,551.64 for the year 1944, compared with a loss
of $217,431.80 for the year 1943. Dividends received from Mountain City
Copper Company amounting to $146,293.40 were credited to investment in that company.
There is included in the Income Accounts of the years 1943 and 1944 the following income and expense relating to the above investments:
Interest on advances Dividends Loss reserved for advances
Net income from investments
Year 1943 $ ^8,259.91
$ 48,239.91
Year 1944
52.739.40 6,980.00
51,98a.06*
6,737.34
STATEMENT OF FUNDS RECEIVED AMD DISBURSED
Funds were made available to the company during the year as follows:
Operating profit before deducting non-cash
Items and Interest paid on debentures
and notes payable to Anaconda Copper
Mining Company (details below)
$ 1,085,626.77
Decrease In Inventories (details page )
1,370,382.65
United States Treasury tax notes disposed of
250,000.00
Decrease In accounts receivable (details
page 6)
151,950.00
Dividends received credited to Investment
In Mountain City Copper Company
146,293.40
Cash received from dissolution of Interna
tional Building Association
20,204.14
Fixed assets disposed of
862.14 3,025,319.10
Funds were disbursed as follows:
Decrease In Indebtedness to Anaconda gales
Company
1,941,593.58
Increase in deferred Items (details page 6)
436,486.19
Interest paid on debentures and notes payable 395,912.44
Fixed assets purchased (details page 7) '
245,405.43
Decrease In current liabilities other than
Indebtedness to Anaconda Sales Company
111.722.66
3.13lll20.30
Resulting In a decrease in cash of
$ 105,801.20
Operating profit before deducting non-cash Items and Interest paid on debentures and notes payable to Anaconda Copper Mining Company
Net loss* per Income account - page 11.
Add back charges to Income not requiring cash:
Depreciation (details page 17)
$ 654,443.42
Olaoier Peak option written off
60,710.95
Advances to subsidiary companies written
off (details page 6)
51,982.06
Loss on dismantlement or sale of fixed
assets (details page 39) Sundry
15,411.13 1.467.38
94,300)61*
^ Add back Interest paid on debentures and
notes payable to Anaconda Copper Mining Company
As above
784,014.94
395 912.44 1,179,927-38 % 1,085,626.77
Advances to subsidiary companies written ofr
Comet Coalition Mines Company Yankee Consolidated Mining Company Mountain Vlev Mining Company
Total advances vritten off - per page 5
6
* 45,9*9.88 4,085.48
-1.2*6.7
* 51,982.06
Decrease In Inventories
Metals and manufactured products - finished
Supplies
(details page 25) - In process
Net decrease per page 5
$ 869,792.02 421,890.27
___ Zg,7-- ?6
$ 1,370,382.65
Degrease In accounts receivable
Currents
Accounts receivable - trade
Accounts with subsidiaries not vholly owned, principally Mountain City Copper Company
Accounts with affiliates
$
Decrease In current receivables
Not current!
Net Increase In advances to subsidiaries
not vholly owned; principally North
Lily Mining Company
$
Net Increase in advances to sundry companies
and Individuals (details page 31):
Advances made
$ 338,005.76
Less payments received
315.443.19
80,118.50
Accounts written off or reserved for
22,562.57 891.84
21.670.73
Decrease In advances to Tooele Valley Railway Company
Decrease In Installment land
sales contracts
17,809.85 2.215.67
101,789.23 20,.025.52
Net increase In receivables - not current
Net decrease, per page 5
%
212,309.08 19.065.38
233,713.71
81,763.71 151,950.00
Increase In deferred Items - net
Mine development: Guild Adams lease operations Victoria lease operations Copper Canyon operations Glacier Peak project operations
Total Increase (details page 22) Lees decrease in other deferred items
Net Increase, per page 5
237.307.93 122,589.95
82,458.62 ______357.6.2
442,714.12 6,227.93
| 436,486.19
r
Expenditures for fixed assets
Hines and mining olalms and lands i Guild Adams lease Salt Lake City office, principally development of Tlntlc District
Total (details page 15)
Buildings and machinery (details page 16)
Total expenditures, per page 5
$ 96,616.56 72,764,33
169,380.89 76.0S4.54
* 245,405.43
DX3TRIBCTTI0K OF BALASCK 3HEET AHD INCOME ACCOUNT TO DEPARTMENTS
The detail schedules vhlch support the Balance Sheet and Income
Acoount by departments (pages 13 and 14 respectively) are presented In ten
divisions, the Sight principal operating departments:
a ninth division,
1. Tooele plant, 2. Copper Canyon lease, 3. Miami plant, 4. Lead refinery, 5. Zlno oxide department, 6. White lead department, 7. Raritan refinery, 8. Raritan electro-sheet department, together vlth
9. Investments and advances,
which Includes the activities of the company other than the principal smelting,
refining and Manufacturing operations, and a tenth division,
10. Iteiss not allocated to departsients.
In making this rearrangement, the accounts of the company as shown on
Its various ledgers have been redistributed and allocated to the departments to
vhlch they apply, except for a few Items for which there is no exact basis for
allocation and which are shown separately In the last division mentioned above.
Details of acoounts which appear In the ninth and tenth divisions are shown on
pages 40 and 41 respectively.
Land at East Chicago, and land, buildings and machinery, and reserve
for depredation at Perth Amboy have been allocated among the various depart
ments on a baals believed to be approximately correct.
SCOPE OP AUDIT
We have made a general audit of the books and records of International Smelting sad Refining Company end Its subsidiary corporations for the calendar year ended December 31, 1944. In connection vlth our audit we examined or tested the accounting records of the company and Its subsidiaries and other sup porting evidence and made a general review of the accounting methods, including
PNYC00000859
8 the system of Internal check and control and of the operating and Income aooounta for the year, hut ve did not make a detailed audit of the transactions except in the oaso of Miami plant, vhlch la not examined by the company's own Internal auditors
In the case of all other companies and departments ve satisfied our selves that International Smelting and Refining Company and all subsidiary companies vere included In the scope of the vorlc of the Internal auditors of the company.
We examined Into the sufflolenoy of the Internal audit and examined the reports of the Internal auditors.
Investments, securities, cash, notes receivable and payable, deben tures and capital stock have been verified by Inspection, certificate or correspondence and found In order.
Accounts receivable, where these are of material amount, vere tested by selecting certain accounts for confirmation by direct cosmunloation with the debtors or, where possible, by direct comparison with the books and records of the debtors. The company's internal auditors have also verified the accounts receivable of certain departments by direct coassunlcation with the debtors and, while suoh confirmation by Internal auditors cannot be substituted for a similar procedure by the company's Independent auditors. It has been given full consideration In determining the nature and extent of our verifi cation of accounts receivable. Trade and Installment accounts receivable and advances to sundry mining companies vere examined In detail and those considered bad or doubtful have been written off or have been provided for In reserve.
Certificates of responsible offlolals have been received certifying to the eorreotness of quantities, descriptions and ovnerahlp of Inventories and ve have made teats of the clerical aocuraoy at the Inventories.
In aooordanoe with vhat Is now generally agreed to be accepted auditing procedure, our audit Included physical teats of Inventories. In ventories at all plants are not 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 physical testa 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
9
recording physical Inventories and to satisfy ourselves that the systems are operating effectively and as planned. In the course of this vorlc, 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 vhich 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 produots held for the company or its subsidiaries by others or held by the company for the accounts of others a substantial part has bean verified by direct communication. It is the general practice of the company's Internal auditors to make physical testa from time to time of inventories of supplies and, vhlle 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 shovn on this basis and do not indicate ourrent values, vhich could be established only by current appraisals. All other assets are carried at cash cost.
We received during the year the usual courtesy from the officers and staff throughout the aompany.
Respectfully submitted.
r
I record!*1 physical inventories and to satisfy ourselves that the systems are I operating effectively and as planned. In the course of this work, a very j 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 vhlch 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 products held for the company or its subsidiaries by others or held by the company for the accounts of others a substantial part has been verified by direct communication. 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 eimilar teats by Independent auditore, they are given i i 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 auch securities. The values of fixed assets are shown on this baels and do not lndieate ourrent values, which could be established only by current appraisals. All other assets are carried at cash cost.
We received during the year the usual courtesy from the officers and staff throughout the company.
Respectfully submitted.
US
(.7 t.5
!..3
I.Q
I:!
Hew lork, June 18, 19*5
i. i:
INTERNATIORAL SMELTT^
SOMTARATTVE i^t , DECEMBER
U&s. FIXED ASSETS:
ASSETS
15 Mines and mining claims, water rights and lands for metal producing and manufacturing plants
16 Buildings and machinery at mines, reduction works, refineries
and manufacturing plants
17 Less reserve for depreciation Patents
Investments:
10 Securities of subsidiaries - wholly owned
19 21 Other Investments
- not wholly owned
Indebtedness of subsidiaries - not current:
20 Wholly owned
Rot wholly owned
Decamfa
27,198,945. 19,28ol7fin.
FUNDS PROVIDE) BY GOVERNMENT AGENCY * expended or on hand
DEFERRED CHARGES: 22 Mine development 25 Prepaid expenses 24 Deferred expenses
CURRENT AND OTHER ASSETS:
Current assets:
I 13
Supplies on hand
I 13 25
Metals and manufactured products - In process - finished
Accounts and notea receivable-:
26 Trade, less reserve
27 Afflliatee
28 Subsidiaries - not vholly owned - current
United States Government securities
29 Cash
Other assets:
30 Installment lend sales and other accounts receivable,
lees reserve
31 Advances to sundry mining companies. Including advances on
ores, less reserve
Advances to Tooele Valley Railway Company
1.830,959.' 70,833.: 3.119.
1,194,903. 2,564,898. 4,001,518.
1,504,196. 26,596. 49,341.
250,000. 628,049.
8,288.
182,197.
9.7., 875,:
LIABILITIES
32 CAPITAL STOCK - Issued and outstanding - 163,500 shares of the par value of $75.00 each
ADVANCES BY GOVBRNHHfT AGENCY
i 33 RESERVE FOR VORSKBK'S COMWESATION INSURANCE
,, CURRENT LIABILITIES: 34 Accounts and wages payable 35 Accrued taxes 27 Indebtedness - to affiliates It - to subsidiaries - wholly owned 28 - not wholly owned
36 DEBENTURES AND NOTES PAYABIE TO ANACONDA COPPER MINING COMPANY
12 SURPLUS
1,277,113.' 42,059.'
2,589,406. 20,468.:
47.063.'
ATI ORAL aHELTOTO tBD REPIKIKG COMPANY COMPARATIVE BALANCE SHEET DECEMBER 31. 1943 AMD 1944
Deoember VI. 19*3
December 11, 1944
Decrease or ^ncreaaa*
$ 1,268,615.68
1,450,588.94
* 181,973.26*
27,198,943.43 19.280.760.20
7,918,183.23 1.00
$ 27,242,920.04 19.894.595.62
% 43,976.61*
7,348,324.42
613.835.42*
1.00
569,858.81
42,000.00 2,625,163.58
496,890.36
41,000.00 1,699,483.86 3,226,276.68
' 1,000.00
925,679.72 2,729,386.32*
162,024.48 2.285.071.42
14,797,949.75 300,000.00
295.199.29 14,060,874.19
162,024.48 1^89,872.13.
737,075.56 300,000.00
1,830,959.71 70,833.39 ?,.H9tg6
1,904,913.06
2,212,962.88 56,951.83 4.606.14
2,274,520.85
382,003-17* 13,881.56 1.486.18*
369,607.79*
1,194,903.38 2,564,898.98 4,001,518.04
1,504,196.83 26,596.34 49,341.36
250,000.00 628.049.37
10,219,504.30
8,288.00
182,197.02 97.875.35
288.360.37
$ 27,510,727.48
1,116,203.02 2,143,008.71 3,108,310.60
1,346,952.60 24,257.09 30,275.98
___ 522.248,17
8,291,256.17
21,502.97
2Jfc874.82 80.065.50
318,443.29 * 24,945,094.50
78,700.36 421,690.27 893,207.44
157,244.23 2.339-25
19,065.38 250,000.00 105.801.20
1,928,248.13
13,214.97*
34,677.80* 17.809,85
30.082.92*
* 2,565,632.98
i J2.05S
2,589.;o 6 20,468
>7.063
4 12,262,500.00 300,000.00 58,544.09
3,976,112.00 10,500,000.00
413.571.39
t 27,510,727.48
$ 12,262,500.00 --
52,376.64
* 1,260,014.35 , 2,534.90* 610,738.97 23,f^ ~
1,898.793.76 10,500,000.00
___ 22Li2iil
t 24,945,094.50
17,099.42 44,594.54 1,978,667.58
3,428.31*
46.383,01
300,000.00 6,167.*5
2,083,316.24
176.149.29 % 2,565,632.98
PNYC00000865
IWTEBRATIORAL SMELTIEQ ASP RgFIKIRO COMPARY SURPLUS ACCOUNT
YEAR ENDED DECEMBER 31. 1944
Balance December 31, 1943 Overaccrual of Federal Income tax for the year 1943 Investment In International Building Association vritten off Advances to International Building Association vritten off Net loss* of the year 1944 - page 11
Per Balance Sheet, December 31, 1944 - page 10
413,571.39 30,000.00
, . *1 000 00
110,848.66* 94,300.61*
$ 237,422.10
Investment In Rational Tunnel and Minos Company In this report, as in the report on Anaconda Copper Mining Company and consolidated subsidiaries, has been reduced from the amount shown on the books of International Smelting and Refining Company by $136,307.60, the amount of the deficit of Utah-Delavar# Mining Company on dissolution in 1937.
V
BALANCE SHEET - QECBCggfl
*SM
ASSETS
FIXED ASSETS: Mines and wiring claims, vater rights and lands
Buildings and machinery Reserve for depreciation* Patents Investments:
Securities of subsidiaries: Wholly owned KoC wholly owned
Other investments Indebtedness of subsidiaries - not wholly
owned - not current
Total page 10
Eliminations*
Tooele plant
* l, 450,588.91
27,2*2,920,04 19,894,595.62*
1.00
368,919. 7,843,086. 6.191,313.
41,000.00 1,699,483.86 3,226,276.68
295,199.29
DEFERRED CHARGES: Mine development Prepaid expenses Deferred expenses
CURRENT ASSETS: Supplies on hand Metals and manufactured products: In process Finished Accounts and notes receivable: Trade, less reserve Affiliates Subsidiaries - not wholly owned - current Cash
2,212,962.88 56,951.83 4,606.14
22,914. 1,597.
1,116,203.02
2,11(3,008.71 3,108,310.60
1,3*6,952.60 21,257.09 30,275.98
522,248.17
2,193.35* 722.16*
395,589. 1,335,807.
913,918. 90,359* 4,507. 19,338.
198,814.
OTHER ASSETS: Installment, house and land sales and other accounts receivable Advances to sundry mining companies, including advances on ores, less reserve Advances to Tooele Valley Rsllway Company
21,502.97
216,871.82 80.065.50
21,502161,828.
* 21.915,091.50 3,215.51* 1,916,813.
LIABILITIES
RESERVE for workmen's compensation insurance
1 52,376.61
27,311.
CURRENT LIABILITIES: Accounts and wages payable Accrued taxes Indebtedness - to affiliates - to subsidiaries - wholly owned - not vholly owned
1,260,014.35 2,534.90*
610,738.97 23,896*53 6&0.81
2,193.35* 722.16*
311,831. 23,464. 1,037.
680.
SET INVESTMENT
i.??.^a.io,,. ?.??** _ 361,359.
22,999,922.10
--
>.552,181. -
j
rsO oo
oo
o
oo
u Jt-- a
SHEET - UiSCEMBER 31. 194% - BY DEPARTMENTS
Patella of total
Eliminations*
Tooele plant
V 568,919.89 i 7,843,086.42
6,494,343.11* )
) S i
?
Copper Canyon
lease
Miami plant
Lead refinery
Zinc oxide White lead department department
Raritan refine rr
56,419.72 3,103,550.21 3.103,550.21*
130,665-27 1,171.386.25
845,532.40* 1.00
22,073.16 638,140.45 490,578.80*
13,243.90 796,350.58 607,665.52*
409,75113,143,560.
8,239.264.
8,600.00
3 1,146,219*50
)
22,914.21
5.247.66
+ 4,597.82
2 395,589.74
i 1,335,807.54 943,918.54
} 9 2.493.35* 3 722.16* r
90,359.61 4,507.86
19,338.42 198,814.51
67,108.43
13,336.70 1,214.99
1,616.27
102,877-77 609,684.78 114,746.86* 987,859.63
15,076.61
2.530.20 8.32
106,395.46
137,011.50 220,184.76
13,529.28 10,159.11
6,741.68
31,004.16 45,955.91 254,123.33 51,071.99
25,000.00
25,450.23
277,271.59 90,812.46 133.64
22,180,
345.108. 14,548,
1,515,728. 88,535* 11,949, 11,659. 81,816,
7 21,502.97
2
161,828.91
44,850.53
10,195.38
0
0 5,215.51* 4,916,843.33 1,286,577.81 1,668,983-30
952.880.43 576,790.20 595,596.88 7,405.576.
4 27,341.95
5 0* 7 2, *95.35*
l 722.16*
3.215.51*
311,834.63 23,464.48 1,037.42
680.81
364,359.29
4,552,484.04
20,616.32 7,859.26
722.16 29.197.74 1,257,380.07
60,204.12 14,107.85
653.48
74.965.45 1,594,017.85
6,445.87
185,257.41 5,973.20 271.78
5,979-33 178.09
180.83
12,428.
663,540. 21,<58. 2,066.
197.948.26 754,932.17
6,157.42 570,632.78
180.83 595,416.05
699.494. 6,706,081.
0
allocated to departments - details
p-g- *i
22,180.33
41,000.00 1,699,483.86 3,217,676.68
295.199.29
1,066,7*3.38 2,663.16
S*fi S.'&2
6,7*1.68
jl.OO*.16
45,955.91 254,123.33 51,071.99
25,000.00
25,^50.2?
277,271*59 90,812.46 133.64
345,108.77
14,5*8.98 1,515,728.85
88,535.45 11,9*9.83 11,659.72 81,816.60
11,830.39
42.668.46
11,447.48 4,145.38 189,438.40
jgr.MO.t; 576.790.20 595.596.88
7,*05.576.38
____________________80.065.50________________ 295,846.83 7,059,776.45 189,438.40
6,4*5.87 5,979.33
180.83
12,428.66
21,*58.83 2,066.99
8,070.84
6,996.47 1.744.99
23,896.53
3,494.37 77,143.51* 609,024.56
6.157.42 SR.632.78
180.83 595,416.05
699,*9*.67 6,706,081.71
8,070.8*________ 32.637.99 287,775.99 7,027,138.46
535.375.42 345,937.02*
I
PNYC0000Q869
T
-- -sup--.--'
*<*ty*. mcpm ACCOUST - YBAH BMDKD pgft
Total - pae 11
Salea of copper
2 Inc lead silver gold miscellaneous metals zinc oxide white lead electro-sheet copper residue, ores, etc. Premliaa payment on production in excess of quota Tolls
$ 2,165,*79-65 41,143.80
2,669,881.91 2,904,034.33 2,537,815.40
327,254.73 1,403,960.89 1,106,178.23
39,993.17 1,833,643.21
279,126.81 6.810.481.77
Sales and tolls
21.918.993.90
Cost of sales Interdependent
21,029,222.04
21.029.222.04
(Income or loss*) Provision for depreciation and
loas (or gain#) on dis posal or dismantlement of fixed aesets
889,771.86 669.854.55
Income or loss* from operations
219.917.31
Other Income: Dividends and Interest received - net Miscellaneous Income
72.475.94 9.218.58
81.694.52
(Income or loss*)
301,611.83
Interest on debentures and notes payable to Anaconda Copper Mining Company
395,912.44
Interdepartment elimination
Tooele plant
Miami plant
53,972.88* 647,516.63*
797.16* 225.48* 853.85*
1,444,223.99
2,793,851.59 1,779,724.31
938,975-92 49,242.74
33,861.63* 1,722,275.18
583,508.02
215,391.06 135,466.61
2.502.656.07*
279,126.81 753.202.72 2.673.618.42
3.239.883.70* 9.760.623.26 3.607.984.11
9,075,914.73 1,754,430.59
3,239.883.70*
791.250.23 1.708.108.88
3.239.883.70* 9.867.164.96 3.462.539.47
106,541.70*
145,444.64
244.572.99 351.114.69*
145.444.64
6,506.81 398.90
6.905.71
344,208.98*
1.728.00 1.728.00 147,172.64
1. 1,
1.
Hat lnecme or loss*
$ 94,300.61*
344,208.98*
147,172.64
\
c t t u p irgmamuR 31. 1944 - BY p s p a o t w h c t s
k*si 3.02
1.06 5.6l
Details of total
Lead refinerv
Zinc oxide denartment
White lead department
523,546.95 566,389.10 390,271.48
13,698.84
95,116.68
1,404,186.37 131,530.82
1,107,032.08
Raritan reflaerr
137,747.64
Raritan electro-
sheet deportment
Investments Items not
and allocated to
advances - department* -
netze 4o
page 41
*
342,529.86
873,101.39 278,809.15
39,993.17
3.42 4.11 :3
9.47 4.6*
437.047.30
1.930.953.67 1,768,224.14
JJI.512.87
1.859.737.01 71,216.66
1.630.833.87 1'59845MJ
12.648.64 1.611.402.18
19,431.69
5.449.269.40
1.107.032.08 ,7.081.457.44 39.993.17
457,507.70 6,027,213.62
634.867.99 _
1.495,09
58,888.69
176,184.33
112,104.70
1.092.375.69 6.02^.708.71^ 58.888.69 176.184.33 112.104.70
14,656.39 1,052,7*8.73 18,895.52* 176,184.33* 112,104.70*
34.992.94 .6 --- 36,223,7?
21.322.66
...36.358,38 .
2.650.28
_ 1.890.97*-- 21.7frl99^ 722JS1JI3___ 1,5*3,80* Il6.l8,33 ng,.lQ*ia
8.00 '.00
.64
36,223.72
2.64
36,223.72
1,890.97*
. ....
.07 6.731.68
6.731.75
21,701.99* 729,523.18
65,219.06 360.00
750.00
65.579.06
750.00
21,5*5.80* 110,605.27* 111,354.70*
1,890.97*
395,912.44 21.7ta.99* 7*5,3*3.18 21,5*5.80* 110,605.27* 507,267.14*
C-- : [SC
WT-.
r
MINES AND MINING cune. WATER RIGHTS AND LANDS
15
Other changes -
Balance
add -
Balance
December 31,
see notes
Deoember 31,
1943
Additions
below
1944
lands for metal producing
plants:
Tooele plant
3
Miami plant
Lead refinery
Raritan refinery
353,665.89 56,191.60
130,665.27
409.751.25
353,665.89 56,191.60
130,665.27 409.751.25
950.274.01
950.274.01
Lands for manufacturing
plants: Zinc oxide department White lead department Raritan electro-sheet
department
22,073.16 13,243.90
4.349.45
22,073.16 13,243.90
4.349.45
Other lands: Tooele Miami
39.666.51
2.654.63 228.12
2.882.75
7.00 6,342.37(1) 7.00 6.342.37
39.666.51
9,004.00 228.12
9.232.12
'iVater rights - Tooele
6.250.00(2)
6,250.00
Total lands and water rights
992.823.27
7.00 12.592.37
1.005.422,64
Mines and mining claims: Investments and advances Salt Lake City office
Miami Guild-Adams lease
162,095.68 72,757.33
20,058.54 93.638.19 96.616.58
234,853.01 20,058.54
190.254.75
Total mines and mining claims
275.792.41 169.373.89
-
445.166.30
Per Balance Sheet page 10
3 1,268,815.68 169,380.89 12,592.37
1,450,588.94
NOTE 1 - lands transferred and sold;
lands in Tooele, Utali transferred to International
Smelting and Refining Company by International
Building Association
$ 8,493.47
lass. --I* of four lots in Salt lake City aoquired from
Diamond Coal and Coke Company In 1943 (see page 38)
151.IQ
As above
6,342.37
2 - Water rights transferred to International Smelting and Refining Company by International Building Association:
122J shares Middle Canyon Irrigation Company stock Water rights
As above
3 4,310.00 1.940.00
3 6,250.00
pN*C000008
BnTTJVrfQS AMD KACHt mt o y
Tooele plant Miami plant Lead refinery Zinc oxide department White lead department Raritan refinery Raritan electro-aheet department Investments and advanoes - Guild-Adanw lease
Per Balance Sheet - page 10
Balance December 31,
1943
3 7,855.569.02
3,103,550.21
d Construction
17,949.95
1,153,825.51 . 628,529.17 789,724.32
17,560.74 9,611.28 6,626.26
13,140,610.43
3,656.63
393,328.28
133,806.49
20,619.68
$ 27,198,943.43
76,024.54
NCTE 1 - Hospital building transferred to International Smelting and Refining Company NOTE Z - Depredation of automotive equipment written off NOTE 3 - Equipment sorapped at Guild Adams lease eharged to development.
800000DANd
BUILDUPS AND MAUt t t mt o v -
IS
uw lease
Balance December 31,
1943
$ 7,855,569.02 3,103,550.21
1,153,825.51
628,529.17 789,724.32
13,140,610.43 393,328.28 133,806.49
Construction
Deduct* sales and d ismantiemanta - details
17,949.95
34,124.01*
17,560.74 9,611.28 6,626.28 3,656.63
20,619.68
148.00*
Other changes -
add or deduot* 3,691.46^(1)
706.17*(2)
761.21*(3)
3 27,198,943.43
76,024.54
34,272.01*
2,224.08
Balance December 31,
1944 7,843,086.42 3,103,550.21 1,171,386.25
638,140.45 796,350.58 13,143,560.89 393,328.28 153,516.96
27,242,920.04
d to International Smelting and Refining Company by International Building Association. quipment written off. idams lease charged to development.
RESERVE FOR PEPEE
Tooele plant Miami plant Lead refinery Zinc oxide department White lead department Raritan refinery Raritan electro-sheet department
Per Balance Sheet - page 10
Balance December 31,
1943
$ 6,296,661.41 3,103,550.21 810,539.46 469,160.10 580,531.02 7,909,306.99 111.011.01
$ 19,280,760.20
Details qf depreciation on 1944 operations
Depreciation applicable to 1944 opera
Straiyht-liae method
Production net
Cost
Tooele plant:
Lead plant *
Sulphide concentrator
Oxide concentrator
# 617,706.09
Slag plant
512,846.78 .
Automotive equip
ment
2,681.07
Rate
5* 2056(2) 2556
Quantltv
' 42,851,938 pounds 101,275.525 tons
Lead refinery Furniture and fixtures
19,066.17 5% to 20*
Zinc oxide department
636,140.45 3.3564?t(3)
White lead department: White lead production White lead retreated
Raritan refinery
Raritan electro-sheet departme nt
Per Income Account, year 1944 - page 11
36,955.008 tons
12,604,849 pounds 15.850 pounds
12,620,699 pounds 164,978.650 tons 176,686 pounds
NOTE 1 - Depreciation reserve on hospital building transferred to Inten Building Association.
2 - Accrued on monthly balances. 3 - Rate based on remaining life expectancy.
5
V
\ 7B FOR DEPRSCIATIOH
17
an co ber 31, 943
6,661.41 3,550.21 0,539.46 9,160.10 0,531.02 9,306.99 1.011.01
0,760.20
Depreciation on 1944
operations details below
214,874.28 *
34,992.94 21,418.70' 27,134.50 329,957.30
2.650.28-
V 9UD4
addition to reserve -
see note below
957.26(1)
Deductions* for sales and dismantlements
- pase 39
18,149.84*
631,028.00
957.26
18,149.04* .
Balance I(ecember 31.
1944
6,494,343.11 3,103,550.21
845,532.40 490,578.80 607,665.52 8,239,264.29 113,661.29
19,894,595.62
o 1944 ODerations - as above oduotion method
tity
Bate
Amount
Depreciation
applicable Depreciation
to inventory per Income
December 31,
Account
1943
- paae 11
8 pounds 5.525 tons
.131? 22.500?
# 56,136.04" 22,787.00"
30,885.30 ' 104,395.67
670.27
.008 tons 89.000^
32,889.96 2.102.98
214,874.28 34,992.94 21,418.70
14,191.54 14,191.54
70,327.58 22,787.00 30,885.30 104,395.67
670.27
229,065.82
34,992.94
21,418.70
=9 pounds
1>0 pounds 9 pounds '8.650 tons
.215? $ 3.00
Ii6 pounds
1.500?
27,134.80 329,957.30
2.650.28
$ 631,028.00
9,223.88 23,415.42
36,358.38 329,957.30
2.650.28
654,443.42
ed to International a*el ting and Befining Company by International
PNYC00000676
18
INVESTMENT IN WHOLLY OWNED 3TJB3ID TJLRIBS
Shares
Far value
Net loss
(inoorae*)
of the
year 1944 -
see Note 1
Investma nt
below
New Jersey Storage and Warehouse Company
Raritan Terminal and Transportation Company
io 3i.ooo.oo $ l.ooo.oo $ e.oo
400 - - 40,000.00 1.633.74*
International Building Association (2)
10 1.000.00
1,627.74* - - 84.562,08
Per Balance Sheet, December 31, 1944 page 10
$41,000.00 $82,934.34
Less indebtedness to wholly owned
subsidiaries:
New Jersey Storage and Warehouse Company 4
694.93
Raritan Terminal and Transportation
Company
23.201.60
Per Balance Sheet, Deoember 31, 1944 page 10
23.896,53
Net investment
17,103.47
The above net investment at December 31,
1944 is represented as follows:
Assets:
Lands
Railroad construction
$ 20,065.35
Less reserve Ibr depre
ciation
20.065.35
7,891.34 -
Less liabilities: Taxes accrued
7,891.34 541.67
Net assets
7.349,67
Difference, being accumulated operating deficits to Deoember 31, 1944
# 9,753.80
Net Investment - Deoember 31, 1943 Advances to International Building
Association written off Assets of International Building
Association transferred to International Smelting and Refining Company Net increase in indebtedness to Raritan Terminal and Transportation Company
and New Jersey Storage and Warehouse Company
Investment in International Building Association written off
$183,556.26 $110,848.68
51,175.80
3,428.31
1,000.00166.452.79
Net investma nt - December 31, 1944 - as above
$ 17,103.47
NOTE 1 - Net loss shown above includes intercompany surplus adjustment for overacorual of 1943 Federal lnoome tax of $62.48 far Raritan
Terminal and Transportation Company. 2 - Investment in International Building Association was written off at
December 31, 1944, that company then being in the process of
dissolution.
INVESTMENT IN SECURITIES OT SUBSIDIARIES NOT WHOLLY OVrNTO
Shares
PM XfikSt
Mountain City Copper Company Walker Mining Company Other unconsolidated
subBidiaries:
Comet Coalition Mines Company Eureka Bullion Mining Company Uountain View Mining Company North lily Mining Company Viator Consolidated Mining .
Company Yankee Consolidated Mining
Company
.,442,934 1 73,146.70 * 882,042 882,042.00
760,244 756,000 728,420 475,000
190,071.50 37,800.00
72,842.00 47,500.00
365,390 182,696.00
501,005 50,100.50
Amount
Equity in income or
loss* Year 1944
996.987.93 88,216.98
340,891.71 187,923.49
68,806;23 66,527.78
18,306,52
20,040.20
583.08* 1,996.57*
46.54*
39.15*
702,405,93
# 85,551.64
t
Per Balance Sheet, Deoemhar 31,1944 - page 10
$ 1,899,483,85
a
1 j
PNYC00000878
20
INVESTMENT IN AND INDSBTEENESS OF SUBSIDIARIES NOT VmoT.T.Y nwwm
Mountain City Copper
Company
$
Walker Mining Company
Comet Coalition Mines
Company
Eureka Bullion Mining
Company
Mountain View Mining
Company
North lily Mining
Company
Viator Consolidated
Mining Company
Yankee Consolidated
Mining Company
IV 0 Indebtedness
Dfttfe 19
not ourrent
996,987.93
340,891.71 187,923.49 .68,806.23
66,527.78 18,306.52 20.040.20
200,142.21 27,328.47 67,728.61
Per Balance Sheet, Deoember 31,
1944 - page 10
$ 1,699,483.66
295,199.29
Total
Market quotations Deoember 31,
1944
996,987.93 $ 2,925,868.00
200,142.21
44|l02.10
340,891.71
144,446.74
215,251.96
107,730.00
68,806.23
18,210.50
134,256.39
228,000.00
18,306.52
9,134.75
20.040.20
11.272.61
1,994,683.15 $ 3,488,764.70
Indebtedneaa not current
Deoember 31, 1943
National Tunnel as Mines Company 0) | 2,013,008.57
Welker Mining Company
200,000.00
Comet Coalition Ulnaa Company
39,745.40
Sureka Bullion Mining Company
21,780.68
Mountain View Mining Company
1,934.20
North Lily-Mining Company
Yankee Oonaolidated Mining Company
3,560.26
Sundry indirect subsidiaries
_______ 42.31
Per Balanoe Sheet - page 10
$ 2,285,071.43
Deoember 31, 1944
Deorease* or inoreaae
2,018,008.57*
200,142.21
142.21
39,745.40*
27,328.47
5,547.79
1,934.20*
67,728.61
67,728.61
3,560;26*.
__________________ !&*
295,199.29
1,989,872.13*
NOTE 1. Not a subsidiary at Deoember 31, 1944.
21
OTHER INVESTMENTS
Par value of stook. Faoe value
of note
Shares
Amount
Market quotations
Deoember 31. 1944
Copper Canyon Mining Company
stook
$ 8,400.00
National Tunnel & Minas Company
stock (1) (2)
328,200.00
National Tunnel & Mines Company
note (3) Park Utah Consolidate! Mines
1,950,000.00
Company stock
69,800.00
Prince Consolidated Mining
Company stook
80,000.00
64 ,000 $
8 ,600.00 $ 23,,680,.00
328 ,200
779 ,386,32 615,,375,,00
1,950 ,000.00
--
69 ,800 800 ,000
441 ,157.50 47 ,132.86
174,,500,,00
no,,000,,00
Per Balanoe Sheet Deoemher 31, 1944 - page 10
$ 3,226,276.68 $ 923,555.00
NOTE 1 - Investment in the stook of National Tunnel & Mines Company in this roport, as in the report on Anaoonda Copper Mining Company and consolidated sub sidiaries, has been reduced from the amount shown on the books of International Smelting and Refining Company by $136,307.60, the amount of the deflolt of Utah-Delaware Mining Company on dissolution in 1937.
NOTE 2 - Transferred from "Investment in subsidiaries not wholly owned," upon merger of National Tunnel & Mines Company with Utah Metal and Tunnel Company.
NOTE 3 - Transferred from "Indebtedness of subsidiaries not wholly owned" upon . merger of National Tunnel & Mines Company with Utah Metal and Tunnel Company.
PNYC00000880i
T
MIHB DEVELOPMENT
22
Balance December 31#
1242
Expenditures
year 1944,
less
Mine
proceeds development
of ore sales
vrltten off
Balance
December 31, 1944
Copper Canyon lease . details belov $ 1,063,760.88
82,458.62
1,146,219.50
Guild-Adams lease Victoria lease
582,456.72 237,307.93 124,388.78 122,589.95
819,764.65 246,978.73
Glacier Peak project
- 9sZa JZ______JSL-fe 0j.mtSL
Per Balance Sheet -
page 10
$ 1,830,959.71 442,714,12 60,710.95 2,212,962.88
Details of Copper Canyon lease
Original development expenditures! Mines, mining claims, etc. Buildings, machinery and equipment Mine development General expense
Plant facilities
6,973.29 600,475.63 172,543.74
54,461.79 ,, 3,603.63
Less - royalty received . miscellaneous Income received during development
2,317.13 26.49
838,058.08 2.343.62
Total original development expenditures Inventory of ore on hand at December 31, 1944
835,714.46 45,100.85
Operating loss (exclusive of reimbursement of
development expenditures, per contract -
.see note):
Year 1942 Year 1943
158,986.75 19,263.66
Year 1944
-ttiig-ia
As above
265.404.19 1,146,219.50
HOTE - Reimbursement of original development expenditures, per contract, at |1.25 per ton produced would Increase operating losses shown above, as follows:
Year 1942 Year 1943 Year 1944
90,844.90 tons 104,252.00 tons
80.117.49 tons
* 113,556.13 130,315.00 100,146.86
275,214.39 tons
I 344,017.99
tY coooooaei
PREPAID ECEENSSS
23
Prepaid insurance Prepaid taxes Sundry
Per Balance Sheet - page 10
December 31,
3SL
$ 70,042.57
Deoember 31, 1944
55,476.25
7.50
133.32
1,475.50
Deorease lnorease*
15,166.32
7.50
1,292.26*
$ 70,333.39
56,951.83
13,881.56
PNYCQ0000882
PSTORRSD STPBT333
34
Tooele plant:
Deoember 31. 1943
Deoember 31 ioaa
Slag tattling
Sundry deferred expenses, principally employees' expense aooounta
lead refinery:
$ 3,053.97
| 4,597.82
65,99 3,119,94
- - 4,597.82
Deferred expenses in oonneotion with depredation in inventory
Per Balance Sheet - page 10
4 3,119.96
8.32
4 4,606.14
MffEAIB A.
AMOUNT
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.
Per Balance Sheet - page 10
Total December 31,
19*3
Decrease
Total
or December 31,
increase*
12**
T' E
i 1,850,821.01 118,083.01
5*1,2*2.69 711,1*5.01 665,51*.82 119,516.78
307,891.55 28,168.05
131,708.27 36,769.72
12,1*0.69 82,868.46
1.5*2,929.46 89,914.96
*09,534.42 674,375.29 653,374.13
36,648.32
280
383 280 106
2
170,509.79 300,222.88
18,805.19 91,0*0.02
9.308.80
8,5*0.35 *8,862.40
6,974.80
*7,533.39 246.32*
161,969.4* 251,360.48
11,830.39 *3,506.63
9,555.12
*,596,210.00 711,211.36 3.884,998.64 1,05*
59*.691.96 181,996.08
776.688.04
no
' *,001,518.04 893,207.44 3,108,310.60
9*3
Decrease in depreciation in cluded in above inven tories - details page 17
Per page 6
23.415.42 * 869,792.02
POUNDS
Copper Zinc Lead
CENTS PER POUND
Copper Zinc Lead
20,059,219 1,503,200
11,249,3*0
2,758,420 3*3,172
2,257,557
17,300,799 1,160,028
8,991.783
2.1 8,!
9.227
7.855 4.811
8.918
7.751 4.555
SILVER - total for all departments - not covered.by.affidavits - produced prior tc - covered by affidavits
As above
GOLD - total for all departments - as above
K3YAL8 tXD MAW3FACT0KBD PRODUCTS - irrHTrmgp
- 31,
Tooele plant
Kim plant (credit*)
Details of total at December ^l. iq4
Lead reflnerr
Zinc
KMfce
oxide
lead
department department
Raritan reflnerr
Raritan
electro-sheet department
39.46 14.96 54.42 C5.29 74.13 38.32
59.44 50.48 50.39 36.63 55.12
280,961.39
383,430.77 280,907.12 106,844.79
2,428.42
28,983.38
18,236.57 47,542.03
7,508.73 210,122.05
2,553.98
98.64 1,054,572.49 94,761.98 220,184.76
38,04 ___ UO.653.95 209.508.84
10.60
943,918.54 114,746.86* 220,184.76
89,914.96 18,594.92
161,969.44 251,360.48
2.238.93 . 7.316.19 254,123.33 277,271.59
254,123.33 277,271.59
1,232,984.69
165,109.55 498,987.31
31,665.92
43,506.63
1,972,254.10 456.525.25
1,515,728.85
11,830.39 11,830.39 11,830.39
3,799 3,028
1,783
2,846,000 8,582,373
287,837
118,377 .
1,160,028
291,033
14,166,962
3.918
751 555
9.872 4.468
10.070
6.343
7.751
6.389
8.703
iced prior to August 15, 19*2
Quag#a
1,797,413.4*- . 70.q>.92
1,867,494.36
frige
3*.75 4 71.0538
36.1112#
Amount m above
* 624,601.16 49,774.13
% 674,375.29
' 19,0*9.096
4 34.3536
% 653,374.13
PHYC00000685
,wr
ACCOOHTS ASP NOTES RBCZTVABLS - 1
For tolls and for matala and mantn* factored products:
Total December 31,
12*3
Total Deoember 31,
1944
Tooele plant
Coppe Canyo
leas
Inspiration Consolidated Copper Company
International Minerals and Metals Company
Metals Reserve Company Miami Copper Company
Sundry customers
For premiums on production lx excess of quota - Metals Reserve Company
Sundry debtors
* 143,476.00* 199,857.59 *
37,950.01
__
228,290.76
40,996.10
628,197.90
570,038.73
254.217.02
412.695.01 10.717.60
1,292,131,69 1,223,587.43 10,717.80
181,763.81 75.300.36
49,552.42 36,901.12 12,651
119.645.62 42.740.69
685
Less reserve for doubtful notes and aeoounts
1,549,195.88 1,392,785.47 90,359.61 13,336
44.999.03
45.832.87
Per Balance Sheet - page 10
*1,504,196.83 *1,346,952.60 * 90,359.61 13,336.
1TOS AMD NOTES BECEIYASLE - TRACE. T.3S.q BTWgmrg
26
Total enter SI,
1944
Tooele plant
Copper Canyon
lease
Details of total at Deoember 31. 1944
Miami plant
lead
Zinc oxide Whits lead
refinery department dennrtment.
Investments
Raritan
and
refinery advances
.99,857.59 $
199,857.59
40,996.10 70,038.73 =12.695.01 10.717.80 23,587.43 10,717.80
565,394.13 214.207.90 979,459.62
40,996.10
81.165.61 106.551.71
4,644.60 51.99
81,165.61 106,561.71 45,692.69
49,552.42 36,901.12 12,651.30
.19.645.62 42.740.69
685.40
8.400.01 13.529.28
42.842.76 11.447.48
.92,785.47 90,359.61 13,336.70 987,859.63 13,529.28 81,165.61 106,551.71 88,535.45 11,447.48
45.832.87
30.093.62
<-6,952.60 |90,359.61 13,336,70 987,859.63 13,529.28 51,071.99
15.739.25 90,812,46 88,535.45 11,447.48
PNYC00000887
ACCOOKTS wrra AFFILIATES - CnHHBHT
7
Aooounts receivable from: Tbs Amerioan Br\fls Company Anaconda Copper Mining Company Anaoonda Wire and. Cable Company Chile Exploration Company Chile Steamship Company Incorporated Tooele Valley Railway Company
Deoember 31, Deoember 31,
1943
1944
$ 111.37
10,159.11
36,566.47 11,48.80
39.87
50.49
493.81
88. 9 ____ 4.507.86
Decrease lnorease*
111.37* 10,159.11* 15,137.67
30.83*
493.81* 4.431.57*
6.688.65 6.750.4467. Bl*
Net off aooounts payable to: Anaconda Copper Mining Company Anaoonda Wire and Cable Company Tooele Valley Railway Company
86.39
'354.34
354.34* 86.39
86.39
3.493.35
3.407.06*
Ter Balance Sheet - page 10
$ 36,596.34 34,357.09
3,339,35
Aooounts payable to: The American Brass Company Anaconda Copper Mining Oompany Anaoonda Sales Company (current account)
Anaoonda Wire and Cable Company Chile Steamship Company
Incorporated Montana Hardware Company Tooele Valley Railway Company
* 631.33 1,390.69
3,548,379.13
159.57 3,798.00 16.334.13
3,339.01 606,785.55
354.34
3,953.43
3,589,493.84 613,333.33
Net off aooounts receivable as above
86.39
3.493.35
Per Balanoe Sheet - page 10
$ 3,589,406,55 610,738.97
631.33 19,051.68
1,941,593.58 354.34*
159.57 1,155.43* 16.334.13
1,976,360.53
3.407.06*
1,978,667.58
PNYC00000888
ACCOUNTS WI1B SUBSIDIARIES HOT WHOLLY 0WN3D - OTTPPTWP
Accounts receivable fron: Mountain City Copper Company Sundry indlreot subsidiaries
Net off accounts payable to: Mountain City Copper Company Sundry indireot subsidiaries
Per Balance Sheet - page 10
December 31, December 31,
1943
1944
Decrease or
laoreaae*
$ 50,048.83 49.24
50.098.07
30,975.64 22.50
30.998.14
19,073.19 26.74
19.099.93
714.40 42.31
756.71
1 49,341.36
722.16
722.16 30,275,98
7.76* 42.31
34.55
19,065.38
Accounts payable to:
Mountain City Copper Company North Lily Mining Company Sundry indirect subsidiaries
$ 714.40 46,906.13 200.00
47,820.53
Net off accounts receivable - as above
756.71
Per Balance Sheet - page 10
# 47,063.82
722.16 680.81 1,402.97 722.16 680,81
7.76* 46,906.13
480.81*
46,417.56
34.55
46,383.01
PNVC00000889
29
Cash In banks: Chase National Bank, New York Continental National Bank and Trust Company of Salt Lake City, Utah First National Bank of Salt lake City, Tooele, Utah Walker Bank and Trust Company, Salt Lake City, Utah Nevada Bank of Comaeroe - Battle Uountain Branch, Battle Mountain, Nevada Valley National Bank, Olobe, Arizona First National Bank in Bast Chioago, Indiana First National Bank of Nevada - Yerington Branch, Yerington, Nevada Firestone Park Trust and Savings Bank, Akron, Ohio First Bank and Trust Company, Perth Amboy, New Jersey
Less outstanding drafts on New York office. deposited in banks
PettJ cash
December 31, December 31,
1943
1944
* 268, 068. 52
19Sa 916 iff*
214, 223. 24
123,,479 .82
49, 977. 98
90, 909 .33
80, 597 .30
644. 34
11, 056. 54 15, 635, 04
725 .91 18, 042 .10
is] 682 .90
5, 500. 00
4, 064 .44
25, 000. 00
25, 000 .00
_za> 876,122--__ 2j 044 ,10
668, 982.,01
629,,462 .13
41. 922, 99
108.J8 |S4
627, 059,,02
520,,993 .59
990. 35
1,,254 .58
Per Balance Sheet - page 10
1 628, 049. 37
522,,248 .17
PNYC00000890
1
INSTALLMENT LAND SALES AND OTHER ACCOUNTS RECEIVABLE IESS RESERVE
30
Transferred Other
from
changes -
Deduct
Inter-
net
payments
Balance national addition received Balance
December 33, Building (see note 1 year December 31,
1943 Association below)
1944 1944
Tooele:
House sales contracts Installment land sale
- Tom Buzzianifs contract Cash in closed bank Tooele County State Bank
15,493.99 705.71(1) 2,631.47 13,568.23
6,288,00
353.26 7,934.74
107.33
107.33*
8,39 5.33 15,493.99 705.71
3,092.06 21,502.97
Less reserve for
doubtful accounts
107.33
Per Balance Sheet -
page 10
8,288.00
15,493.99
705.71
107.33
__
2,984.73 21,502.97
NOTE (1) Details of other changes:
Charges (debits) : Taxes Interest Fire insurance Rater, sewer and irrigation assessments
* 403.59 240.50 136.50
46.11
Deductions (credits): Discounts allowed in full payment of contracts Transferred to sundry debtors (page 26)
57.64 63.35
Net - as above
826.70
120.99 3 705.71
PNYCCi0000891
-NOTE 1 Transferred from o X a e o ifio a tlo n "Good* to " oood but eio**
CAPITAL STOCK
Isauad and outstanding - per Balance Sheet page 10 {details below)
32
Shares
Amount
183,500 * 12,282,500.00
Issued by International Smelting
Date Issued
Company to Anaoonda Copper Minina Conroany for:
Par ralue
May 27, 1914
Properties of International Smelting and Refining Company $ 100.00
Nov. 30, 1915 Cash
100.00
Total stook issued by International Smelting Company
100.00
95,000 9,500,000.00
25.000
8.500.000.00
120,000 # 18,000,000.00
Issued by International Etaeltlng
and Refining Company to
Anaoonda Copper Mining Comoany for:
Deo. 21, 1934
120,000 shares of
International Smelting Company stook
Deo. 21, 1934
(Together with $8,000,000
principal amount 1.5-year s debentures) Properties of International
Lead Refining Company and Raritan Copper Works
Oot. 1, 1936
Properties of Anaoonda Lead Products Company
Issued and outstanding - as abore
Unissued
75.00
75.00 75.00 75.00 75.00
120,000 1 9,000,000.00
30,000
2,250,000.00
13.500
1.012.500.00
163,500
12,262,500.00
36.600
2.737.500.00
800,000 $ 15,000,000.00
PNYC00000B93
33
RESERVE TOR WORKMEN'S COMPENSATION INSURANCE
Tooele plant Lead refinery Zino oxide department White lead department Raritan refinery
Per Balanoe Sheet page 10
Balance December 31,
19*3
Additions details
below
$ 31,305.05 7,308.90 7,938.07 1,592.26
9,899.81
31,509.27 4,253.15 1,567.92 1,290.91
14,786.63
# 58,544.09
53,407.88
Deductions -
compensation
paid, medical
and hospital
Balanoe
expenses, December 31,
eta.
19**
35,472.37 5,616.18 3,526.66 2,702.34
12,257.78
27,341.95 6,445.87 5,979.33 180.83
12,428.66
39,575.33
52,376.64
Details of additions - year 1944
Tooele plant Lead refinery Zinc oxide department White lead department Raritan refinery
Total as above
$ 31,509.27 4,253.15 1,567.92 1,290,91
14,786.63
| 53,407.88
Charged cost
22,066.80 4,253.15 1.567.92 1j 290.91
14,786.63
43,967.41
Pay roll deductions
9,440.47
9,440.47
a c c o u n t s AND WAGES PAYABU.
34
Ore purchases - Tooale plant Reserve for unearned tolls - Raritan
refinery Wages payable - details below Payroll deductions for employees' war
bond purchases Employees' deposits - Tooele plant Reserve for repairs - Raritan eleotro-
sheet department - details below Sundry aooounts payable
Per Balanoe Sheet - page 10
Details of Waaes payable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advances
Ae above
Deoember 31, 1943
# 149,196.70
387,776.62 105,346.27
25,352.75 12,917.67
6,587.90 589,935.86
# 1,277,113.77
December 31, 1944
142,578.31
506,625.34 110,882,86
30,125.99 7,104.43
8,070.84 454,626.58
1,260,014.35
$ 22,113.91 6,706.92
19,346.14 20,909.35 35,277.76
990.19
$ 105,346.27
24,403.61 12,900.24 17,157.93 17,114.64 37,799.58
1,506,86
110,882.86
Details of Reserve for repairs - Raritan aleotro-sheet department
Balanoe
Additions - Deductions -
Balanoe
Deoember 31, charged oper- expended for Deoember 31
1943
ating expense . repairs
1944
Reserve for lead anode
renewals
f 2,857.32
Reserve for drum
surface renewals
3,730,58
189.00 2,738.53
47.24 1,397.35
2,999.08 5,071.76
As above
$ 6,587.90
2,927.53
1,444.59
8,070.84
PNYC00000895
NOT* (1) - D e b it r * p r M n t* overpayment o f 1 M 1 Federal inoooe
3
I
*i 7,
1
O' ao O o o
o
o >
a2.
DIVIDEND AMD INTEREST RECEIVED - SET
37
Interest received - net:
Year 1943
Year 1944
On advanoes:
'
To wholly owned subsidiaries:
International Building
Association To subsidiaries not wholly
* 3,707.24
$ 3,309.51
owned:
Comet Coalition Mines
Company
$ 2,155.62
Eureka Bullion Mining
$ 2,418.67
Company Yankee Consolidated Mining
1,365.65
1,372.35
Company To other companies partly
152.04
197.29
owned:
National Tunnel * Mines
Company Prince Consolidated
44,365.37
48,751.09
Mining Company
201.23 48,239.91
52,739.40
On other aooounts: Tooele Valley Railway Company Snyder Mines, Inc. Miscellaneous - net
2,705.79 7,841.54
-3,1*?.11
12,690.44
2,190.15 8,214.89
JLfltt.Ml
9,447.03
Dividends received:
Park Utah Consolidated Mines Company
64,637.59
65,495.94 6,980.00
Per Income Acooumt - page 11
0 64,637.59
5 72,475.94
PNYC0Q000898
tfTHr.gTT^waoTTR TNflfara
38
Tooele Pleat: Profit on sale of land, (details below)
19 A.P.43
--
Year 1944 1 398,90
Miami Plant: Renta
$ 1,693.00
1,738.00
Raritan Refinery:
Reoord storage rents
0 1,350.00
Copper storage rants
3,723.93
Discount on prepayment of tares
3,715.04
Loading and unloading lighters -
net
1,008.85
Boring out Amerioan Brass
Company oopper moulds - net
370.89
$ 1,350.00 4,594.94
9,068.71
786.74 , -, -
6.731.68
Investments and advanoes: Outside property income, Tooele net Ophir Hill rents
412.00 1<M?Q
432.00
360,00 --
360.00
Per Income Account - page 11
11,183.71
* 9,318.58
Details of profit on sale of land Pour lots in Clearmont Subdivision, Salt Lake City: Sales prioe Cost (see Note 1, page 15)
Profit, as above
I 550,00 151.10
398.90
NST LOSS ON DISPOSAL OH DXSMAKTmogfT Of mm AS3BT3
Cost of
buildings and
maobinery sold Accumulated
or dismantled depreciation
r. jage .3,0,
- page 17
Deduot salvage lass dis mantling
*pense
Loss
Tooele plant
| 34,124.01
18,149.84
487.00
15,307.17
Zino Oxide department {Akron plant salvage)
96.04
98.04*
Investments and advanoes: Suild-Adams lease
148.00
148.00
* 34,272,01
18,149.84
711.04
Par Income Aocount, year 1944 - page 11
# 15,411.13
<y lijfASBgijtfa ffKJ
IAfiCE SHEET ITEMS
Total -
pages 13 and 14
Wholly owned
subsidiaries
Mountain City
Copper Company
FIXED ASSETS:
Ninas and mining claims and lands $ 445.166.30
Buildings and machinery Investments:
153,516.96
Securities of subsidiaries:
Wholly aimed
41,000.00
Not vfaolly owned
1,699,483.86
Other investments
3,217,676.68
Indebtedness of subsidiaries not
wholly owned - not current 295,199-29
41,000.00
996,987.93
DEFERRED CHARGES:
Mine development Prepaid expenses
1,066,743.38 2,663.16
CURRENT ASSETS:
Supplies on hand
Accounts and notes receivable trade, less reserve
Cash
42,668.46
11,447.48 4,145.38
OTHER ASSETS: Advances to Tooele Valley Railway Company
80,065.50
7,059.776.45 41.000.00 996,987.93
CTBBBNT LIABILITIES: Accounts and wages payable Accrued taxes Indebtedness to subsidiaries wholly
owned
6,996.47 1,744.99
23.896.53
23,896.53
avBsaaag
3N.637.S9
t 7,oej,138.46
23.896.53 17.103.47
996,987.93
Walker Mining Company
200,142.21
200.142.21
200,142.21
Other subaldiarl
not wholl owned
702,495.9; 95,057.01
797,553.01
797,553.01
IMS ACCOUNT ITEMS
-oat of sales
$
Loss from operations
Other lmeeme: Dividend and Interest received net
KiscsllaaeoQs Income
Net loss (income*)
$
176.18N.33 176,184.33
65,219.06 360.00
65,579.06 110,605,27
3,309.51
3,309.51 3,309.51*
51,982.06 51.982.06
3,988.31 3.988.31 47,993.75
wr iiariea dxjlly
led
Rational Tunnel
& Mines Ccmp&ny
Park-Utah
Prince
Consolidated Consolidated
Mines
Mining '
Company
Company
Victoria lease
operations
Oulld-Adams lease
operations
Tooele
Valley Rallvay Company
Mines
department outside
exploration etc.
190,254.75 153,516.96
254,911.55
>95.93 >57.08
2,729,386.32
441,157.50
47,132.86
6,980.00
246,978.73 788.74
18,100.90
8.79 80.94
819,764.65 1,874.42
23,847.92
4,458.69 4,064.44
719.64
53*01
2,729,386.32
448,137.50
47.132.86
265.958.10
.. PuiIJO?-?u
1^197,781.83
80.065.50 -'8551631.19
4,408.74
339^84-
2.513.73 1,415.15
3.01
2,729,386.32
448,137-50
47,132.86
4,818.58 861,145.52
3,928.88 1,193,852.95
80,065.50 255,631.19
^2.06 82.00
88.31
8&.31 93.75
48,751.09
48.751.09 48,751.09*
6,980.00
6,980.00 6,980.00*
124,202.27 124.202.27
2,190.15
360.00
2.190.15
360.00
2,190.15* 123,842.27
P N vrnnnnnan?
OBTAIia 01' SUMS SOT ALLOCATED TO DHPAHT.mrra
BALANCE smw ITEMS
Assets: Cash - Chase National Bank, New York
Liabilities: Accounts payable:
Chadbourne, Wallace, Parke and Whiteside
Sundry (debit*) Taxes accrued:
Federal income tax (debit*) Federal oapital stook tax New York state franchise tax Employer's portion of sooial
security taxes on New York employees Indebtedness to affiliates: Anaoonda Copper Mining Company: Interest adarued, etc. Anaoonda Sales Company: Current aooount Total liabilities
$ 3,500.00 5.63*
79,977.87* 2,500.00 300.00
22aZ
2,239.01 606.785.55
3,494,37 77,143.61* 609.024.56
189,498.4C 556.375.42
Excess of liabilities over assets - page 13
I 346,937.02
INCOME ACCOUNT IT31S
Cost of sales: Administrative expenses. New York offloe Capital stook tax fiaployer's portion of social security taxes on New York employees Sundry taxes
Other Income: Interest reoelved on United States Treasury tax notes (credit*)
loss, per pages 3 and 14
Interest on debentures and notes payable to Anaconda Copper Mining Company
Net loss--page 14
I 106,991.-13 3,730.00
1,081.57 302.00
112,104.70
750.0011 111,354.70
395,912,44 # 507,267.14
i
Page
a l p h a b e t ic a l proa
34 Accounts and waga3 payable 26 Accounts reoaivabla - trade, less reserve 30 - Installment, etc. 27 Aooounts with affiliates 28 Aooounts with subsidiaries not wholly owned 35 Accrued taxes 20 Advances to subsidiaries - not wholly owned 18 - wholly owned 31 Advances to sundry mining companies 27 Affiliates, accounts with
B 13 Balanoe Sheet - by departments is - comparative 16 Buildings and machinery
32 ~ Capital Stock 29 Cash
36 Debentures and notes payable to Anaconda Copper Mining Company24 Deferred expenses
17 Depreciation, provision for 17 Depreciation, reserve for 44 Details of - investments and advanoes 41 - items cot allocated to departments 22 Development, mine
39 Disposal or dismantlement of fixed assets, net loss on
37 Dividend and interest received
3
24 23
F
3* ~ 5-7
Expenses, deferred Expenses, prepaid
Fixed assets, net loss on disposal or dismantlement of Funds reoelved and disbursed
0 3 ~ . Gross profit on plant operations
I 14 ~ 11 27 27 29 18 28 3$ 33 37
25 26,28
l4
19 id
21 41
Income Account - by departments - comparative
Indebtedness of affiliates Indebtedness to affiliates Indebtedness of subsidiaries not wholly owned - not current Indebtedness to subsidiaries - wholly owned
- not wholly owned Installment land sales and other aooounts reoeivable Insuranoe, reserve for workmen's oonpensatlon Interest and dividend reoelved
Inventories, finished Investment in end indebtedness of subsidiaries - not wholly owne4
wholly owned
Investment in securities of subsidiaries - not wholly owned Investments and advanoes, details of
Investments, other Items not ailooated to departments* details sf
PNYC00000904
43
Page
15 39
15 25 23 15 38
39 36
i. M
S
lands, mines and mining olaims, water rights and Loss or gain on disposal or dismantlement of fixed assets
Machinery, buildings and Metals and manufactured produots - finished Mine development Mines and mining claims, water rights and lands I'isoellaneous lnoomo
Net loss on disposal or dismantlement of fixed assets Notes payable to Anaoonda Copper Mining Company
3,14 30 21
33 3
38
17 33
14 26 18 88 80 18 18
P ~
E ~
S
Operations by departments - comparative `>ther accounts reoelvable, installment land sales and 'ther investments
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
35 Taxes aoarusd
S
15 Water rights 8 Working capital
33 Workmen's compensation insurance, reserve for