Document 4v8bBYVE52z0e6L5RG4Dg6qV
N10108
pHYCo 00? 97
Scope of the report Financial condition of the company Company operations Income or loss from sundry investments Inoome from and investment in subsidiaries Statement of funds received and disbursed Distribution of Balance Sheet and Inoome Account to
departments
Financial statements and explanatory schedules (see alphabetical index)
INTERI 1943.
consol report
PN*C0000079a
" ^
Account to tedulea
.
r
I pQtiON. PcuoutcT & Ca.
' ectrtr'co *uiuC ac c o u n t an t *
New Yo r k
To the Board of Directors,
International Smelting and Refining Company, 25 Broadway, New York 4, New York.
Dear Sirs:
We have made a general audit of the books and accounts of
INTERNATIONAL SMELTING AND REFdlNG COMPANY for the year ended December 31,
1943, and present the various statements listed on the opposite page.
The accounts of the following wholly owned subsidiaries have not been consolidated with those of International Smelting and Refining Company in this
report:
international Building Association, whose operations are not an integral part of the operations of the parent company, and
Afterthought Mines Corporation, New Jersey Storage and Warehouse Company and Raritan Terminal and Transportation Company,
which are not operating.
International Smelting and Refining Company is a 10058 owned con
solidated 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 Inter
national Smelting and Refining Company on the same basis and under the same
classifications as shown in the consolidated report, but in somewhat greater
detail. In the consolidated accounts of Anaconda Copper Mining Company aad
subsidiary companies the investment of International Smelting and Refining
Company in shares of National Tunnel and Mines Company (acquired in exchange
for shares of tftah-Delaware Mining Company) has been reduced by $136,307.60
to reflect losses of Utah-Delaware Mining Company during the period of its in
clusion in such consolidated accounts. This reduction has also been given
effect to in this report as shown on pages 12 and 16.
p h y c o o o o o i^
PIMABCUtf.
z
Summarized, the changea iu financial condition during the year were aa
follows:
Fixed assets, lass reserves
applicable thereto Deferred charges
Current aid other assets - net, except notes payable to
Anaconda Copper Mining Gcmpany
At Deoember 31,
1942
$ 15,215,163.81 1,171,687.64
At December 31,
1943
14,797,919.75 1,904,913*06
Inoreeee
crease* in investment
417,514.06* 733|025.22
6.973.384.04 6.531.752.67 441.631.37*
Reserves for workmen's compensation insurance
23,360,735.69 23.234.61S.46 126.120.21*
73.666.43
56.544.09 15.144.34*
Equity of Anaoonda Copper Mining Company
$ 23,267,047.26 23,176,071.39 110,975.67*
The equity of Anaconda Copper Mining Company at December 31, 1943 is
represented by:
Capital stock Debentures Votes Surplus
$ 12,262,300*00
8,000,000*00 2,500,000*00
413,571*28
As abore
23,176,071*38
and represents investment in the following net assets:
Principal smelting, refining and manufacturing plants (details page 3)
Securities of and advances to other companies, to. (details pages 4 and 41)
As above
4 16,283,461.85 6.692.589*44
$ 23,176,071.38
Bio decrease in equity during the year 1943 is the result of the net lose
for the year, after provision of $297,642*94 for contingencies
$ 227,665.29
Advances to Afterthought Hinas Company written off
24.900,30
252,785.59
Less overaoorual of Federal income tax for the year 1942
141,609,72
Deoreaae, as above
| 110,975.87
Changes in ourrent position were as follows:
Deoember 31, December 31
1942
1945
Increase or decrease*
Ourrent assets Ourrent liabilities
$ 9,774,403.63 10,219,504.30 445,100.67 3.274.560*12 3.976.112*00 701.551*68
$-6,499,643.51 6,243,392*30 256,451.21*
Ourrent ratio
3.0 to 1
2.6 to 1
i
PNYC000008CC
QggBATXOgg
3
Operations of International Smelting and Hafining Company for tha past
three years oompara as follows: Cross sales and earning9
Year 1941
Year 1942
Yar 1943
$ 27,906,251,98 20,341,958.03 22,046,552.29
Cross profit on plant operations t 1,881,979.16
Inoome (loss*) from sundry in
vestments
305.626.B5
1,042,376.03 192.598.21
Interest paid to Anaconda Copper
Mining Company on debentures and notes Provision for Federal income taxes - estimated Provision for contingencies Investments in and advances to sundry companies written off
2.267.606.01 1.234.975.04
612,418.37 537,400.00
596.875.00 160.700.00
1.288.833.99
2.436.652.36
777.575.00
Net Income (Loss*)
* 189,046.35* 457,400.04
784,377.08 67.745.23*
696.632.63
596,875.00 30,000.00
297,642.94
924.517.94 227,885.29*
Cross profit on operations of the various plants and departm.aa.ta of the
company and income from sundry investments for the past three years together with
the respective investment therein at December 31, 1943 are shown in the following
summary:
SROSS PROFIT (LOSS* I OH PLAWT OPBtATIOKS
Year 1941
Year 1948
Year 1943
Investment at
December 31, 1943
Tooele plant
I 262,924.14
28,320.46
394,775.34*
Copper Canyon lease
Miami plant
10,037.81* 121,098.88
133,925.85
lead refinery
150,472.95
36,773.18* 32,969.95
Zinc oxide department
279,320.45* 150,804.77*
90,618.19*
White lead department
67,435.97
19,177.67*
16,823.50*
Raritan refinery
1,823,117.56 1,203,369.23 1,216,453.14
Raritan secondary
metals department
53,001.81*
Raritan electro-sheet
department
27,833.73
15,600.35*
34,409.50*
Hot aliooated (details
page 42)
107.445.11*
88.075.77*
82.344,37*
5,352,314.51 1,153,358.68 1,458,978.02
749,479.62 972,717.99 606,957.16 7,696,560.47
298,884.01
2.005.766.51*
Cross profit on plant
operations * as
above
| 1,881,979.16 1,042,376.83
764,377.88 16,283,481.95
Details of the above figures for 1943 are shown on the Balance Sheet and leone Aooount by departments on pages 13 and 14 respectively.
pny c o o o c o s o i
fflCOMt (LOSS*) FROM 3UNDH7 IH7B3TM1WTS
Year 1841
Mountain City Copper
Company, dividends $ 365,733.50
National Tunnel and
Mines Company,
interest
3,654.16
Walter Mining Company,
Interest
18,554.23
Other investments and
advances net loss*
{details page 41)
2.S15.04*
Year 1542 219,440.10
20,833.31 12,379.24
60.0S4.441
Income (loss*) from in vestments - per page 3
$ 385,626.65
192,598.21
Yeer 1943
Investment at December
31. 1043
- - 1,143,089.13
44,365.37 --
2,797,394.89 200,000.00
112.110.60* 2.752,105.42
67,745.23* 6,892,589.44
Details of the above figures are shown on the Balance Sheet and Income
Account by departments on pages 13 and 14 respectively. TNCOM8 YROM AND INTKSTtfgKT IN SUBSIDIARIES
The Investment, including net advances, of International Smelting and
Beflning Company in its four small wholly owned subsidiaries amounted to
$183,556.26 at December 31, 1943 and combined net loss of such companies amounted
to $17,623.33 for the year 1943 (details page 20). No dividends were reoeived
during 1943. Interest amounting to $3,707.24 was aocrued during 1943 on advances
to International Building Association.
Investment, Including noncurrent advances, in subsidiaries not wholly
owned by the company amounted to $4,910,235.00 at December 31, 1943 compared with
$4,744,795.53 at Deoamber 31, 1942 as shown in the following table:
December 31 1942
December 31, 1943
Mountain City Coppar Company National Tunnel and Minas Company:
Investment Advances Walker Mining Company - advanoes Other subsidiaries: Investments
Advances
$ 1,143,281.33
779,386.32 1,559,553.05
497,288.69
' 702,495.93 62.790.21
$ 4,744,795.53
1,143,281.33
,779,386.32
2,018,008.57 200 000,00
702,495.93 67.062.65
4,910,235.00
Market values based on market quotations of securities which are quoted on various stook exchanges amounted to $3,319,614.38 at Deoamber 31, 1943 (details page 19} oompared with $3,411,656.13 at Deoeober 31, 1942.
The company's share of the oomblned net loss of these subsidiaries amounted to $217,431.60 for the year 1943 (details page 18) as compared with a loss of $129,424.49 for the year 1942. A dividend of $219,440.10 was declared
PNYC00000802
by Mountain City Copper Company in 1942.
None was declared in 1943.
Interest
5
accrued on noncurrent advances amounted to $46,038.68 in 1943 as compared with
$36,663.74 in 1942.
Advances to Welker Mining Company in excess of $200,000.00 at December
31, 1^43 were reserved for by a charge of $297,642.94 to Reserve for contingen
cies*
qTAT3>GNT 0? FUNDS RSCST7SD AND 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)
$ 1,428,613.93
Increase in indebtedness to Anaconda Sales
Company
957,129.86
Decrease in accounts receivable (details
page 6)
243,111.30
Fixed assets disposed of
7.446.18 2,636,303:35
funds were disbursed as follows; Increase in deferred items (details page 6) Interest paid on debentures and notes payable
Increase in inventories (details page 6) Fixed assets purchased (details page 6) Decrease in current liabilities other than
indebtedness to Anaconda Sales Company
601,022.98 596,875.00 502,517.42 322,997.92
112,768.26
2.136.181.58
Resulting ia an increase in cash, including United States Treasury tax notes in the amount of $250,000.00 purchased during the year 1943
$ 500,121.77
Operating profit before deducting non-cash items and interest paid on debentures and notes payable to Ar.acor.da Copper Mining Company
Net loss* per Income Account - page 11 Add back charges to income not requiring cash:
Depreciation on. deliveries (details page 17)
Provision for contingencies Options written off Tdetails below)
Sundry items - net
$
$ 682,755.97 297,642.94 78,372.46
________ 652.85
227,885.29*
Add back interest paid on debentures and notes payable to Anaconda Copper Mining Company
1,059,624.22 596.875.00
1,656,499.22
As above
$ 1,428,613.93
Options written off (Salt Lake City office)
H. B. Chessher option Iron Canyon option D. ?. Shovelin option KoDonald-Clarke option
As above
$ 49,506.06 18,762.82 9,203.58 9CO.CO
$ 78,372.46
PNrC00000803
n^veaae la acoounta receivable
Current: Accounts receivable - trade Aocounts with affiliates
Accounts with subsidiaries not wholly owned, principally Mountain City Copper Company
$ 240,740.82 85,428.54
224.385.29
Decrease In current receivables
550,552.65
Not current:
Net increase in advances to subsidiaries not wholly owned:
National Tunnel and Minas Company
| 458,455,52
Other subsidiaries not wholly owned - net
4,626.69
Increase in advances to subsidiaries wholly owned,
principally International Building Association
463,082.41 29,539.02
Less:
Decrease in advances to Tooele Talley
Railway Company
f
Decrease in installment land sales
contracts
20,000.00 176.63
492,621,43 20,176.63
Net decrease in advances to sundry companies and individuals {details page 32): Accounts collected Accounts written off
227,695.28 46,044.79
Less advances trade
275,740.07 110,736.54
165,003,53
165,,180,.16
Net Increase in receivables - not current Net decrease, per page 5
307,,441,.27 I 243,,111.,38
Increase In deferred items - net
Mine development: Guild Adams lease operations Victoria lease operations Glacier Peak project operations Copper Canyon operations
* 435,,310..14 87.,835.,64
60,,353..33 26,,426..56
Less decrease in other deferred itarns
609,,925,.87 6,,902.,89
i Net increase per page 5
601,,022,,98
Increase in inventories - net
Metals and manufactured products - finished (details page 26) - in prooess
Supplies (decrease*)
Net increase, per page 5
JSlpendlturas for fixed assets
595,,805.,35 15,,892.,83
109,, 18C.,76*
* 502,,517,.42
Buildings and machinery: Guild Adams lease Tooele pLant Other plants
Mines and mining claims and lands: Guild Adams lease Sundry options and claims - Salt Lake City office Tooele plant
Total, per page 5
124,,900..69 115,,307,,79 23,,353,.36
263,,561.,86
49,095.96 10,185.47 154.63
59,,436..06
I 322,r 997,.92
i
PNYCOOOQOfiOA
I nT.gTBXSPnO-^-Py SAL'tKCS 5HBBT. AND INCOME ACCOUHT TO DTgARTV^rrs
7
[ ^ ietaii schedules which support the Balance Sheet and Incase Account
| by departments (pagee 13 and 14 respectively) ara presented in tan divisions, the
' eight principal oparating departments:
1. Tooela plant, Z. Copper Canyon lease, 3. Miami plant,
4. lead refinery, 5. Zinc oxide department,
6. White lead department, 7. Raritan refinery,
8. Raritan electro-sheet department, together with
a ninth division,
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, Items not allocated to departments.
In making this rearrangement, the accounts of the company as shown on
its various ledgers have been redistributed and allocated to the departments to
which they apply, except for a few items for which there is no exact .basis for
allocation and which ara shown separately in the last division mentioned above,
{Details of aocounts which appear in the ninth and tenth divisions are shown on
$&gee 41 and 4 respectively,
land at Seat Chicago, and Land, buildings end machinery, and reserve
for depreciation at Perth Amboy have been allocated among the various depart-
heats on a basis believed to be approximately correct.
frcOPE OF AUDIT
1 We have made a general audit of the books and records of International
Imsltlng and Refining Company and its subsidiary corporations for the calendar ear ended Deoeaber 31, 1943* In connection with our audit wa examined or ested the accounting records of the company and its subsidiaries and other suporting evidence and made a general review of the accounting methods, including
as system of internal check and control and of the operating and income -accounts )r the year, but we did not make a detailed audit of the transactions except In i oaae of Miami plant, which is not examined by the caapany's own internal tdltors.
In the case' of all other companies and departments we satisfied our-
Ives that International Smelting and Refining Company and all subsidiary apanie* were included in the scope of the work of the internal auditors of the
Kpany,
P^cooo
r
examined Into tile sufficiency of the Internal audit end examined the reports of the Internal auditors.
8
Investments, seourltlas, cash, notes receivable and payable, debentures ttA capital stock hare been v.rlrlsd by inspection, eertlricat. or correspondence and found in order.
Accounts receivable, where these-are of material anount, 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 debtors. The company's Internal auditors have also verified the accounts receivable of certain departments by direct canmunication with the debtors and, anile such confirmation by Internal auditors cannot be substituted for a similar procedure by the company's independent auditors, it has been given full con sideration in determining the nature and extent of our verification of accounts receivable. Trade and installment accounts receivable and advances to sundry mining companies were examined in detail and those considered bad or doubtful have been written off or have been provided for In reserve.
Certificates of responsible officials have been raoelved certifying to the correctness of quantities, descriptions and ownership of Inventories and we have made tests of the clerical accuracy of tha Inventories.
In accordance with what is now generally agreed to be accepted audit ing procedure, our audit Included physical tests of inventories. Inventories St all plants are not tested nor la a complete count made of Inventories at any jjna plant. Inventories are not all tested at the close of the calendar year
nd the physical tests are in no way Intended as a substitute for the taking of
5hysical Inventories by oompany employees. Tha purpose is to establish the xistence of a proper system for taking and recording physical inventories and c satisfy ourselves that the systems are operating effectively and as planned, n the course of this work, a very substantial part (measured in money value} f the physical inventories is actually inspected by us. While this inspection t not our primary evidence of the exlatenoe and value of the inventories which nt lie in the records of the oompany, it is of great value as a confirmation f tha company's records and representations. Of stocks of metals and products Id for the company or its subsidiaries by others or held by the oompany for ie accounts of others a substantial part has been verified by direct communi-
tlon. It Is the general practice of the company's internal auditors to make
p*yco0,
physio! testa from time to time of inventories of supplies and, while these
teats cannot take the place of similar testa by independent auditors, they are
given full consideration in determining the nature and extent of the tests made
by us.
fr
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 suoh securities. The values of fixed assets are shown on this
basis and do not indicate current values, which could be established only by
ourrent appraisals* All other assets are oarried at cash cost.
We received during the year the usual courtesy from the officers and
staff throughout the company.
Respectfully submitted,
Certified Public Accountants
KewTork, June 26, 1944
l
9
PNYC00000807
i BgEgRHATTCBAL SHgLTq
COMPARATIVE
P
15 16 17
10 20 21
19 20
ASSETS
FIXED ASSETS: Mines and mining claims 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 - not wholly owned - wholly owned Other security investments Indebtedness of subsidiaries - not current: Hot wholly owned Wholly owned
22 FUNDS PROVIDED BY GOVERNMENT AGENCY - expended or on hand
DEFERRED CHARGES: 23 Mine development 24 Prepaid expenses 25 Deferred expenses
CURRENT AND OTHER ASSETS: Current assets:
15 Supplies on hand 15 Metals and manufactured products - in process 26 - finished
Accounts and notes receivable: 27 Trade, less reserve 28 Affiliates 29 Subsidiaries - not wholly owned - current
United States Government securities 50 Cash
Other assets: 51 Installment land sales and other accounts receivable,
less reserve 52 Advances to sundry mining companies, including advances on
ores, less reserve Advances to Tooele Valley Railway Company
LIABILITIES
33 CAPITAL STOCK - Issued and outstanding - 163,500 shares of the par value of $75*00 each
22 ADVANCES Br GOVERNMENT AGENCY
34 RESERVE POR WORKMEN'S COMPENSATION INSURANCE CURRENT LIABILITIES:
December 51.
t 26.933,935-00 18.6oq'a6.15
j
1,073,887.26 67,180.14 30.820,44
1
1.304.084.14 2.549.006.15 3,412,698.56
1,744,957.65 112,022.88 273,726.65-
377.927.60
9,
8,464.63
347,200.55 IiL.3T5.r2? _
$ 26,
$ 12,
pNrcoooooaoa
id lerlea
DiraatATiqm, s me l t h t o gas KPimira c o mpa r y COMPARATIVE BALAJfCE SHEET DECEMBER 31, 1943 Aim 1041
December Jl, 1$42
December 31. 1941
r. * 1,449,402 01
* 26,933,935.00 18.609.9*6.15
8,323,988.85 1,00
2,625.163.58 43,000.00
496,390.36
2,119,631.95 ___ 157.385.76
15,215,463.81
) 1,268,615.68
$ 27,198,943.43 19.280.760.20
7,913,183.23 1.00
2,625,163.58 42,000.00
496,890.36
2,285,071.42 162.024.48
14,797,949.75 300,000.00
1,073,887.26 67,180.14 30.820.44
1,171,887.84
1,830,959.71 70,833.39 3,119.96
1,904,913.06
265,008.43 670.814.05
180,766.63* 405,805.62*
1,000.00*
165,439.47 4.638.72
417,514.06* 300,000.00
757,072.45 3,653.25
27.700.48*
733.025.22
:3 on
1.304.084.14 2.549.006.15 3,412,698.56
1,744,937.65 112,022.88 273,726.65-
377.927.60 - 9,774,403.63
8,464.63
347,200.55 117.875.35
473,540.53
$ 26,635,295.81
1,194,903.38 2,564,898.96 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
109,180.76* 15,892.83
588,819.48
240,740.82* 85,426.54*
224,365-.29*250,000.00 250.121.77
445,100.67
176.63*
165,003.53* 20.000.00*
185.180.16*
* 875,431.67
' the tPAHY
t 12,262,500.00 --
73,688.43
* 1,330,363.81
275,990.26
1,628,554.05 18,937.09 20.714.91
3,274,560.12
10,500,000.00
624.547.26
* 26,635,295-81
4 12,262,500.00 300,000.00 58,544.09
300,000.00 15,144.34*
* 1,277,113.77 42,059.64
2,589.406.55 47,063.82 20.468.22
3,976,112.00
10,500,000.00
413,571.39 $ 27,510,727.48
53,250.04* 233,930.62* 960,852.50
28,126.73 246.69*
701,551.86
--
uo^zaJi*
875,431.67
pNVCO00O0flO9
8
i
HCJ
VKC\ OOC-VCfCVf4 o\ ss
i-t <M
INTERNATIONAL 3MBITINO AND R2TININ0 COMPANY SURPLUS ACCOUNT
YZAR ENDED DECgVRgR 31. 1943
12
Balance December 31, 1942 Overaccrual of Federal income tax for the year 1942 Advances to Afterthought Hina a Corporation written off Net loaa* of the year 1943 - page 11
Per Balance Sheet, December 31, 1943 - page 10
$ 524,547.26 141,809.72 24,900.30" 227,885.29*
$ 413,571.39
Investment in National Tunnel acd Mines 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-Delawar9 lining Company on dissolution in 1937.
}
A3 SET 3 FIXED ASSETS:
Mines and mining claims and lands Buildings and `machinery Reserve for depreciation* Patents
Investments: Securities of subsidiaries: Not wholly owned Wholly owned
Other security investments Indebtedness of subsidiaries - not current:
Not wholly owned Wholly owned
Total pegs 10
Elimic
$ 1,268,615.66 27,198,943.43 19,280,760.20* 1.00
2,625,163.58 42,000.00
496,890.36
2,285,071.42 162,024.48
FUNDS PROVIDED BY GOVERNMENT AGENCY, expended or on hand
300,000.00
DEFERRED CHARGES: Mine development
Prepaid expenses Deferred expenses
1,830,959.71 70,833.39 3,119.96
CURRENT ASSETS: Supplies on hand Metals and manufactured products: In process Finished Accounts and notes receivable:
Trade, less reserve Affiliates
Subsidiaries - act wholly owned - current United States' Treasury tax savings notea Cash
1,194,90308
2,564,898.98 4,001,518.04
1,504,196.83 26,596.34 49,341.36
250,000.00 628,049.37
.86
756.
OTHER ASSETS: Installment land sales and other accounts receivable, less reserve
Advances to sundry mining companies, including advances on ores, leas reserve
8,268.00 182,197.02
LIABILITIES
ADVANCES BY QgVBRNMHNT A6BHCY
RESERVE for workmen's compensation Insurance
CURRENT LIABILITIES: Accounts and wages payable Accrued taxes Indebtedness ~ to affiliates - to subsidiaries - not wholly owned - wholly owned
Net investment
CAPITAL STOCK u j s
$ 27,510.727.*8
84?.c
t 300", 000.00 58,5**.09
1.277,113.77 *2,059.6*
2,589.*06.55 *7,063.82 20.*68.22
86.2 756.7
845.0
* ?7U7S.,Jl ;3g... ,
$ 12,262,500.00 ___ azun.ua
-
! PNircoooooeii
Italia of
ent: led or on hand
Total page IQ
EltmlngXlotis*
Tooele plant
1,268,615.68 27,198,9*3*43 19,280,760.20*
1.00
356,520.52 7,855,569.026,296,661.41*
2,625,163.58 42,000.00
496,890.36
2,285,071.42 162,024.48
300,000.00
250,000.00
Copper
Canyon leaee
Miami plant
56,419.72 3,103,550.21 3,103,550.21
Lead refinery 130,665.27 1,
1.00
Zinc den a
,22
628, 469,
8,600.00
50,000.00
1,830,959.71 70,833.39 3,119.96
1,063,760.88
10,126.11
5,177.74
3,119.96
13,279.21
11,575.61
1,194,903.38
432,920.20
58,085.83 122,358.19
89,659.06 32, <
2,564,898.98 4,001,518.04
1,351,104*70 1,423,915.26
460,619*01 311,708.76 405/ 59,176.95 , 131,924.26 290/
1,504,196.83 26,596.34
86.29*
255,482.44
10'il:l9
838,315.03
16,711.80 38/ 7,1
snt
49,341.36
756.n*
34,055.07
250,000.00
628,049.37
232,609.12
1,017.02
7,242,79
9,489.54 25,c
3 receivable, less Ludiag advances on 7
8,288.00
182,197.02 97.875.35
$ 27,510,727-48
1
300,000.00
: 58,544.09
843.00*
8,288.00 149,627.51
32,569.51
6.066.476.50 1,179,330.18 1.607,410.90 1,045,021-35 980,6
250,000.00 31,305.05
50,000.00
7,808.90 7,9
ly owned >vned
1,277,113.77 42,059.64
2,589.406.65 47,063.82 20.468.22
4.334,656.09
23,176,071.39
$ 12,262,500.00 ___ B3.SB-2?
12,676,071.39 0PPER KmIRQ COMPART 10.500.000.00
* <2L-22
86.29* 756.71*
843.00*
-_
343,5U.OO 25,461.86 17,527.95 46,356.13
714.161.99
5,352,314.51 .
15,571.14 9,128.16
1,272.20
78.888.55 19,516.88
27.45
25.971.50 148.4-32,88 1,458,978.02
280,538.03 6,970.88 223.92
295,5*1.73 7,9: 749.479*62 972,7
PNYC0000061
of total
1
41t jl*at
L*A refine it
2Inc oxide Vhite lead deoartaent deoartaent
Raritan refinery
5,419.7?
130,665.?7 22,073.16
3,550.21 1,153.825.51 628,529-17
3,550.21 810,539*46* 469,160.10*
1.00
13,243.90
409,751.25
789,724.32 13,140,610.43
580,531.02* 7,909.306.99*
Raritan electro-sheet
department
4,349.45 393,328.28 111,011.01*
Investments end advances
- details page 41
275,792*41 133,806.49
Items not allocated to
departments - details page 4a
0,000.00
2.625,163.58 42,000.00
488,290.36
2,205,071*42 162,024.48
3,279*21
11,575-61
28,458.07
767,198.83 2,216.65
2,356,19 0,619.01 9.176.95 3,315.03
7,242.79
89,659.06 32,044.20 311,708.76 405,592.43 131,924.26 290,677-72
16,711.80 38,489.86 7,409.62
9,489.54 25.000.00
22,579*77
323,191-85 40,971.93
399.064.92
35.874.08, 1,753,826.81 }
296,954.47 *
19.l86.72fc, 16,043.00*' 79,054.^
V
t
18,805.19
38,191.21 3,867.72 5,567-92
3,370.67
250,000.00 268,068.52
7,410.90 1,045,021.35 980.656.06
609,180.75
' ____ _________________ 97^875
_
6,269,517.22
305.471.91 6.927,066.42
521,439.19
?,ooo-. oe
7,808.90 7.938.07
1,592.26
9,899.81
3,888.55 9,516.88
27.45
.432.88 .978.02
280,538.0} 6,970.88
223.92
631.33
537,052.57 24,592.00 1,412.37
6,587.90
295.541.73 7.938.07 ____ 2.223.59 749.479.62 972.717.99 606,957.16
572.956.75
6.587.90
7,696,560.47-- 298.884.01
12,206.55 1,610.01 192.20
20.468.22 34.476.98 6,892,589.44
2,75**03 45,220.1-3* 2,569,669.82
2.527.207,70 2,005,768.51.
i
Pn *c o q o q o
IlfCQME ACCOOHT _jo
Total Page 11
Interdepartment elimination
Tooele Dl&nt
Seles of copper
$
Sine
lead
silver
gold
miscellaneous metals
tine oxide
white lead
electro-sheet copper
residue, ores, etc.
Premium payment on production
in excess of quota
Tolls
1,670,949-33 255,281.18
2,750,231.39 2,821,635.87 1,904,877.19
333,895.51 892,328.99 883,913.99
22,242.33 1,472,274.46
366,826.49 8,672,095.56
50,088.22* 538,469.17*
116.00* 188.55*
1,194,854.15
2,973,509.01 1,818,182.34
985,551.06 68,287.10
14,407.93* 1,354,787.33
2,096,253.03*
366,826.49 820,534.57
Sales and tolls
22,046,552.29 .2,699,522-90* 9,582,532.05
Cost of sales Interdepartment
20,743,109.86
9,045,206.09
- _ 2,622^22 ,90*_____126,313.15
go. TO,109.86____g^95^32._9Q 9,771,519-24
Miami t 225,7 241,6 125,6
2,589,8: 3,182.9* 1,683,6] 1.367.0<
3.050,6]
(Income or loss*) Provision for depreciation and
loss (or gain#) on dis posal or dismantlement of fixed assets
1,303,442.43 682,630.08
188,987.19* 132,2'i 215,799.73
Income or loss* from operations
Other Income:
*.
Interest received - net Miscellaneous lncuae
620,812.35
404,786.92*
132,27
64,637.59 11,182.71
75.880.50-
10,011.58
_______
3
10, OU. 581.6
(Income or loss*) United States Income tax -
estimated
696,632.65 30.000.00
394,775;'34
133,92
(Income or loee*)
666,632.65
394,775.34*
133.92
Interest on debentures and
notes payable to Anaconda Cappan n-f ng Company.
596^875.00.
Provision for contingenciee
297.642.94
____ ggi.aZi?5:
Ret Income or loss*
t 227,885.29*
394,775.54* 133,92
smas- -r&tmmi 31. 1943 - b t PB'JurocBi'Ks
14
Detallg of total
Lead refinerv
Zinc oxide department
White lead department
Raritan refinery
Raritan electro
sheet department
Investmenta Items not
and allocated to
advances - departments -
pace 41
nae 42.
50 250,302.68
305,369^40
315,191.55
r0 562,740.54
199,020.29
*9 437,901.28
355,785.36
3,172.55
262,435.86
892,444.99
884,102.54
184.04
131,711.02
22,242.33
>2_ 395,792.44 22 1.714,982.40
32 1,575,971.03 *9 67,632.82 51 1.643.603.85
91 71,378.55
1,329.525.41 884,102.54
1,380,720.55 4,865.53
1.385.586.08
334,567.71 533.647-91
868.215.62
56,060.67* 15,886.92
6.962,199.05 8,029,743.24 6,463,013.05
6,463,013.05 1,566,730.19
22,242.33 52,805-76
124,860.17
52.805.76 124.860.17 30,563.43 124,860.17*
82,353.68
82.353.68 82,353-68*
38.408.60
. 34,557-52
32.712.32
359,345.76
3,846.15
2.040.00#
?1 3g,969.95 90.618.19* 16.825.40* 1,207,384.43 34,409.58 122.820.17* 82.353.68*
d 6* DO ?* 35 32,969.95
3 32,969.95
90,618.19* 90.618.19*
1.82
9.068.71
1.82
9.068.71
16,823.58* 1,216,453.14
16.823.58* 1.216.453.14
34,409.58* 34.409.58*
54,652.94 422.00
9.31
55,074.94.
9.31
67,745.23* 82,344,37*
30-000-00
67.745.23* 112-.344-37*
- 596,875.00 297.642.94 297.642.94 596,875-00
35 32,969.95 90,618.19* 16,823.58* 1,216,453.14 34,409.58* 365,388.17* 709,219.37*
T
imreS AND MINING CT.iTMfl AMD LUTOB
15
Balance December 31,
1942
lands for metal-produoing
plants:
Tooele plant
#
Miami plant
lead refinery
Heritan refinery .
353,665.89 56,191.60
130,665.27 409.751.25
950.274.01
lande for manufacturing plants:
Ziso oxide department White.lead department
Raritan eleotro-aheet
department
22,073.16 13,243.90
4.349.45
39.666.51
Other lands: Tooele
Uiemi
2,500.00 226.12
2.728.12
Total lands
992,668.64
Additions
154.63 154.63 154.63
Other ohanges
add or deduot* - see note below
Balanoe December 31,
1943
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
2,654.63 228.12
2.882.75 992,823.27
(Sines and mining claims: Invsstments and advanoea:
Salt Lake City office Uiemi Cuild-Adams leaae
436,675,13 20,058.54 --
456.733.67
Per Balance Sheet page 10
$ 1,449,403,31
10,105.47 284,764.92*(1) 49.095.96 44.542.23 59,281.43 240.222.69*
162,095.68 20,058.54 93,638.19
275,792.41
59,436.06 240,222.69*
1,268,615.68
B0T3 1 * lllnas and mining olelms sold: New Tork - Bonanza group claims
Options written off (details page 8) Transferred to Guild-Adama lease:
Ulnae and mining claims (as above) Ulna development (see page 23) Buildings, machinery and equipment
(see page 16)
As above
$ 44,542.23 147,146.58
8.905.80
I 5,797,85 78,372.46
200.594.61 # 284,764.92
PNYC0000081
pntcoooooa
4 - Represents pounds o f lead anodes corroded.
expectancy.
- Rate baaed on re m a in in g
2 - Accrued on m o n th ly b a la n ce s.} l i f e
NOTE 1 - In c lu d e s $145.^7 a d ju s tm e n t f o r p r io r years
SS5S83|
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*!
pNtCOOOOOSl^
y
in v e s t me n t in s e c u r it ie s
CF SUBSIDIARIES NOT WHOLLY OWNED
IS
Shares
Par value
Amount
Equity in intone or
loss* Year 1943
Mountain City Cooper Company
1,462,934 $ 73,146.70 $ 1,143.281.33 $ 88,628.69*
Nations.. Tunnel & Mines Company Walker Mining Company
328,200
no par
882,042 882,042.00
779.306.32
114,034.92* 19,336,95*
Other unconsolidated
subsidiaries:
Comet Coalition Mines Company Eureka Bullion Mining Company
760,246 190,071.50 756,000 37,800.00
340,891.71 187,923.49
-
Mountain View Mining Company
728,420 72,842.00
68,806.23
4,773,82*
North Lily Mining Company
475,000 47,500.00
66,527.78
9,846,69
Victor Consolidated Mining
Company
365,390 182,695.00
18,306,52
47,25*
Yankee Consolidated Mining
Company
501,005 50,100.50
20,040.20
456,36*
702,495.93 _____________
$ 217,431.80*
Per Balance Sheet, December 31, 1943 - page 10
$ 2,625,163.58
Investment in National Tunnel and Mines 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-Delaware
Mining Company.on dissolution in 1937.
SSfc;;.;.' /..
PNYC0000082
T
INVESTMENT IN AND INDEBTSDN2SS 0? SPBSIDIARIBS NOT WFQLT.Y nWCTtn
19
Investment - Indebtedness not current
Total
Market
quotations December 33.,
1943
Mountain City Copper
Company
% 1,143,281.33
National Tunnel i
Mines Company
779,386.32
Walker Mining Company
--
Comet Coalition Mines
Company
340,891.71
Sureka Bullion Mining
Company
187,923.49
Mountain View Mining
Company
68,806.23
North Lily Mining
Company
66,527.78
Viator Consolidated
Mining Company
18,306.52
Yankee Consolidated
Mining Company
20.040.20
2,018,008.57 200,000.00 39,745.40 21,780.68 1,934.20
3.560.26
1,143,281.33 2,797,394.89
200,000.00 380,637.11 209,704.17
70,740.43 86,527.78 18,306.52 23.600.46
2,194,401.00 451,275.00 242,561.55 66,521.53 96,390.00 20,031.55 225,625.00 12,788.65 10.020.10
2,625,163.58 2,285,029.11 4,910,192.69 $ 3,319,614.38
Sundry indirect aubsidiariea
42.31
42.31
Per Balance Sheet, December 31,
1943 - page 10
* 2,625,163.58 2,285,071.42 4,910,235.00
Indebtedness not current
December 31, December 31,
1942
1943
National Tunnel & Minas Company # 1 .559. 553.,05
Walker Mining Company
497, 288.,69
Comet Coalition Mines Company
34, 598.,99
Sureka Bullion Mining Company
24, 361.,16
Mountain View Mining Company
1, 116.,35
Yankee Consolidated Mining Company
2, 655.,76
Sundry indireot subsidiaries
57.,95
2,018 ,008. 57 200 ,000. 00 39 ,745. 40 21 ,780. 68
1 ,934. 20 3 ,560. 26
42. 31
$ 2,119,631.95 2,285,071.42
Increase or decrease*
458 ,455. 52 297 ,288. 69*
5 ,146. 41 2 ,580. 48*
817. 85 904. 50
15. 64*
165,439.47
u?
t) 9 I- -
S S e*5
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ado
38
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3? E g^S 3*S^2 uaaa _
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PNtC000008
OTHER SECURITY INVESTMENTS
21
Copper Canyon Mining Company stook
Park-Utah Consolidated Minas Company stook
Prlnoa Consolidated Mining Company stook
Par value Shares
Amount
Market
quotations
December 31. 1943
* 6,400.00
64,000
8,600.00 24,000.00
69,800.00
69,800
441,157.50
111,680.00
80,000.00 800,000
47.132.86
146.000.00
t 281,680.00
Per Balance Sheet December 31. 1943 - page 10
$ 496,890.36
22
FUNDS PROVIDED BY GOVERNMENT AGENCY
Advanced by Metals Reserve Company for the purpose of making ad vance payments to producers for production in excess of quotas - per Balance Sheet December 31, 1943 - page 10
Tooele Plant
Miami Plant
Total
$ 250,000.00 50,000.00 300,000.00
An offsetting credit, "Advances by Government Agency," is included in the Comparative Balance Sheet - page 10.
J
Copper Canyon lease details below
Guild Adams lease
Victoria lease
Glacier Peak project
Per Balance Sheet page 10
MJNB pgym.OT'Mmn'
z
Balance December 31,
1942
Bxpanditures
Transferred year 1943,
from
less
mines and
proceeds
mining claims of ore
{see na*e 15) sales
Balance December 31,
1945
$ 1,037,334.32
26,426.56 1,063,760.88
- - 147,146.58 435,310.14
582,456.72
36,552.94
__
87,835.84 60.353.33
124,388.78 60.353.33
* 1,073,887.26 147,146.58 609,925.87 1,830,959.71
Details of Conner Canyon lease
Original development expenditures: Mines, mining claims, etc. Buildings, machinery and equipment Mine development General expense
Plant facilities
# 8,973.29
599,175.63 172,543.74
54,461.79 3.603.63
Less - royalty reoelved - miscellaneous income received during development
$ 2,317.13 ______ 26.49
836,758.08 2.343.62
Total original development expenditures
834,414.46
Inventory of ore on hand at December 31,
1943
Operating loss (exolusive of reimburse
ment of development expenditures,
per contraot - see note):
Tear 1942
158,986.75
Tear 1943
19.263.66
51,096.01 178.250.41
As above
I 1,063,760.88
NOTB - Beimbursament of original development expenditures, per contract, at #1 .75 per ton produced would inorease operating losses shown above, as follows:
Tear 1942 Tear 1943
64,889.217 tons 74.465.714 tons
* 113,556.13 130.315.00
139,354.931 tons
* 243,871.13
l
PREPAID EZPEWgKS
24
Prepaid insurance Prepaid taxes Sundry
Per Balance Sheet - page 10
December 31, 1942
$ 64,232.37
2,947.77
December 31, 1943
70,642.57
7.50
183.32
Increase deorease*
6,410.20
7.50
2,764.45*
$ 67,180.14
70,833.39
3,653.25
PNVC00000826
DETERRSD KtPBNSBS
25
Tooele plant: Slag hauling Sundry deferred expenaea, principally employees' expense accounts
December 31, 1942
* 10.667.15 10,667.15
Zino oxide department: Club memberships Deferred expenses in connection with plant dismantlement
1,000.00 590.14
1,590.14
Baritan refinery:
Perth Amboy General Hospital building fund
Blast furnace slag treatment expense Reserve for treating silver slag and
sludge
6,249.99 6,702.92
398.95
13,351.86
Investments and advances - Mines department, outside exploration, eto.
5,211.29
Per Balance Sheet - page 10
$ 30,820.44
December 31. 1943
3,053.97 65.99
3,119.96
--
--
--
--
-3,119.96
:
METALS AMD MAKPVio-wTPVn PRODCCTS .
AMOUET
Copper Zinc Lead Silver Oold 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,
1942
Increase or
decrease*
Total December 31,
1943
Tooele plant
Mi si
$ 1,322,329.54 41,440.46
543,418.03 752,992.03 598,867.66
53,942.85
228,519.04 316,285-78
9,901.76 29,587.93 14.224.28
3,911,509-36
498,810.80
* 3,412,698.56
528,491.47 76,642.55
2,165.34* 41,847.02* 66,647.16
65,573.93
1,850,821.01 118,083.01
541,242.69 711,145.Oi 665,514.82 119,516.78
58,009.25* 16,062.90*
8,903.43
61,452.09 4,915.48*
170,509.79 300,222.88
18,805.19 91,040.02
9.308.80
684,700.64 4,596,210.00
95,881.16 . 594,691.96
588,819.48 4,001,518.04
479,379-34 514,636.73 551,404.22 214,688.45
1,235.26
1,561,344.00 137.428.74
1,423,915.26
258, 29, 23,
312, 252.
59,
Decrease In depreciation Included In above Inven tories - details page 17
Per page 6
6 985 87 $ 595.805.35
POTJEDS
Copper Zinc Lead
14,278,926 565.167
11,108,421
5,780,293 938,033 140,919
20,059,219 1,503,200
11,249.340
4,343,961 10,833,234
2,!
CEHTS PER POPUP
Copper Zinc Lead
9.261
7-332 4.892
9-227
7.855 4.811
11.036 4.751
SILVER - total Tor
departments - not covered by affidavits - produced prior to August 15, 1942 - produced since August 15, 1942
PNYC00000828
Il S- Aim MANUFACTURED PR0DPCT3 - PIBISHEB
26
3tal sober 31* 1242
Tooele slant
Miami plant
Details of total at December 71, 1943
Lead refiner?
Zinc oxide White lead department department
Raritan refinery
Raritan electro
sheet department
50.821.01 18.083.01 +1,242.69 11,145.01 55,514.82 19,516.78
70,509-79 30,222.88 18,805.19 91,040.02 9,308.80
96,210.00
94,691.96
31,518.04
479,379.34 514,636.73 351,404.22 214,688.45
1,235.26
1,561,344.00 137.428.74
1,423,915.26
258,902.40 29,749.47 23,413.18
312,065.05 252.888.10
59,176.95
10,860.87 118,011.94
3,051.45
131,924.26 131,924.26
118,083.01
170,509.79 2.084.92
290,677.72 290,677.72
15,745.09
300,222.88 7.223.88
323,191.85 323,191.85
1,112,539-27
211,979.38 427,413.19 115,230.07
91,040.02
1,958,201.93 204,375.12
1,753,826.81
18,805.19 18,805.19 18,805.19
3,059,219 1,503,200
1,249,340
4,343,961 10,833,234
2,571,187
170,089
1,503,200
246,017
13,144,071
9.227 7.855 4.811
11.036 4,751
10.069
gasa
luced prior to August 15, 1942 luced sines August 15, 1942
6.385
7.855
6.400
8.464
Ounces
1,416,565.40 226.828.40
1,643,393.80 165,272.52
1,808,666.32
Prloe
34.75 l* 44.75
36.13 71.0238
39-3188*
nilnV+viiuiimnvt *_ as above
492,256.48 101,505.71
593,762.19 117.382.82
$ 711,145.01
19,431.196
* 34.250
* 665,514.82
pNrC0000082
ACCOUNTS AMD NOTES HECBTVanT.E - TRl
Total December 31,
1942
Total December 31,
1943
Tooele plant
For tolls and for metals and manufactured products:
Inspiration Consolidated Copper Company $ 252,064.05 * 143,476.00
International Minerals and Metals Company 34,269.45
37,950.01 * 37,950.01
Irvington Smelting and Refining Works
99,265.73
19,562.55
Kennecott Copper Company
36,495-93
--
Metal3 Reserve Company
225,538.00
228,290.76
Miami Copper Company
463,263.02
628,197.90
United States Government - Treasury Department
91,837.72
--
Utah Copper Company
43,611.59
--
Sundry customers
213.143.36
234.654.47 17.350.64
Copper Canyon
lease
For premiums on production In excess of quota - Metals Reserve Company
Sundry debtors
Less reserve for doubtful notes and accounts
Per Balance Sheet - page 10
1,459,488.85 1,292,131.69 55,300.65
67,285.94
181,763.81 171,366.66 9,929.60
263.510.41
75.300.36 28.315.13
103.31
1,790,285.20 1,549,195.86 255,482.44 10,032.91
.45.347.55
44.999.03
*1,744,937.65 *1,504,196.83 *255,482.44 10,032.91
Denotes credit balance
PNYC000008:
\
I0TE3 RECEIVABLE - TRADE T.TIS3 RESERVE
27
Tooele olant
Copper Canyon
lease
Miami plant
Details of total at December 31. 1043
Lead
Zinc oxide White lead Raritan
refinery department deoartreent refinery
Items not Investments allocated
and to advances departments
f 37,950.01
$ 99,587.26 629,357.52
43,888.74
19,562.55
228,290.76 1,159.62*
1.7.?50,-64________________ 92,735.64
531-92 68,124.25 55.616.47_______ 295-55
55,300.65 171,366.66
28.315.13 255,482.44
9,929-60 103.31
10,032.91
821,680.42-
53T-92- 68,124.25
l6.634.6l 16.179.88
370.95
838,315-03 16,711.80 68,495.20
55,616.47
349.15 55,965.62
290,877.98 467.55
6.076.49 3.400.17 296,954.47 3,867.72
30.005.34 14,993.69 255,482.44 10,032.91 838,315.03 16,711.80 38,489.86 40,971.93 296,954.47 3,867-72
3.370.67 3,370.67
3,370.67
PNYC00000831
ACCOUNTS WITH A77ILIATS3 - CURRENT
28
Aocounta receivable from: Anaconda Copper Mining Company Anaconda Wire and Cable Company Basio Magneaiua, Incorporated Copper Export Aaaooiation Chile Exploration Company Tooele Talley Railway Company
Net off aocounta payable to: Anaconda Copper Mining Company Anaoonda Wire and Cable Company Tooele Talley Railway Company
Per Balenee Sheet - page 10
Deoember 31, 1942
December 31, 1943
Increaae decrease*
1 7,133.28 14,103.95 403.06 97,470.77 53.74
119.164.80
e> --
26,566.47
__
29.87 86.29
26.682.63
7,133.28* 12,462.52
403.06* 97,470.77*
23.87* 86.29
92.482.17*
7,133.28 8.64
7.141.92 % 112,022.88
86.29 86.29 26,596.34
7,133.28* 8.64*
86.29
7.055.63
85,426.54*
Aocounta payable to:
The American Brass Company
* 214.04
Anaconda Copper Mining Company
21,290.69
Anaconda Salea Company (ourrent
aocount)
1,591,249.27
Anaconda Wire and Cable Company
8.64
Chile Steamahip Company Incorporated
236.64
Montana Hardware Company
6,610.32
Tooele Talley Railway Company
16.086.37
1,635,695.97
Net off aocounta receivable aa above
7.141.92
Per Balance Sheet - page 10
# 1,628,554.05
631.33 21,290.69
2,548,379.13
159.57 2,798.00 16,234.12
2,589,492.84
86.29
2,589,406.55
417.29
957,129.86 8.64*
77.07* 3,812.32*
147.75
953,796.87
7.055.63*
960,852.50
ACCOUNTS WITH SUBSIDIARIES NOT WHOLLY OWNED - r.Tmuwr
29
Accounts receivable from! Mountain City Copper Company Sundry indirect subsidiaries
Net off acoounts payable to: Mountain City Copper Company Sundry indirect subsidiaries
Per Balance Sheet - page 10
Decrease
December 31, December 31.t
or
1942
1943
increase*
$ 273,686.65 40.00
273.726.65
50,048.83 49.24
50.098.07
223,637.82 9.24*
223.628.58
-
t 273,726.65
714.40 42.31
756.71
49,341.36
714.40* 42.31*
756.71*
224,385.29
Accounts payable to: Mountain City Copper Company National Tunnel and Mines Company North lily Mining Company Parle Konold Mines Corporation Park Premier Mining Company Wallace Mining Company Sundry indirect subsidiaries
Net off accounts receivable - as above
Per Balance Sheet - page 10
420.55 1,038.54
12,152.56 54.81
1,354.22 3,716.41
200.00
18.937.09
* 18,937.09
714.40
-
46,906.13
--
200.00
47.820.53
756.71
47,063.82
293.85* 1,038.54 34,753.57*
54.81 1,354.22 3,716.41
28.883.44*
756.71*
28,126.73*
J
CASH
30
Deoember 31, 1948
Cash in banks: Chase National Bank, New Tork Continental National Bank and Trust Company of Salt Lake City, Utah First National Bank of Salt Lake City, Tooele, Utah Battle Uountain State Bank, Battle Mountain, Nevada Nevada Bank of Commeree - Battle Uountain Branch, Battle Mountain, Nevada Valley National Bank, Globe, 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
# 211,053.40 89,181.78 49,910.43 856.87
9,387.49 15,483.99
-25,000.00 51.222.25
Less outstanding drafts on New York offioe, deposited in banks
452,036.21 74.901.52
377,134.69
Petty cash
792.91
Per Balanoe Sheet - page 10
% 377,927.60
Deoember 31. 1943
268,068.52 214,223.24
49,977.98 --
644.34 11,056.54 15,635.04
5,500.00 25,000.00 78.876.35 668,982.01 41.922.99 627,059.02
990.35
628,049.37
INSTALIK3NT LAND SALES AND OTHER ACCOUNTS RECEIVABLE LESS RESERVE
31
Tooele:
Installment land sale - Tom Buzzianis' contract
Cash in closed bank - Tooele County State Bank
Less reserve for doubtful accounts
Per Balance SLeet - page 10
December 31, 1942
December 31, 1943
$ 8,434.63
' 8,288.00
1. 717,28107,33
10,181.91
8,395.33
1,717.28
107.33
? 8,434.63
8,288.. 00
ADVANCES TO SUNDRY MINING COMPANIES, INCLUDING ADVANCES ON ORES - LESS RESERVE
32
Ore purchase accounts: Current items Advances - good - good but slow - fair but slow
Other notes and aooounts: Copper Canyon Mining Company New Quincy Mining Company Panther Mines Company Prinoe Consolidated Mining Company Snyder Mines, Inc. Sundry - Tooele plant - Copper Canyon lease
Less reserve for doubtful accounts Per Balance Sheet - page 10
Investments and advances - Prinoe Consolidated Mining Company
Copper Canyon lease: Copper Canyon Mining Company Sundry ao count a
Tooele plant: Ore purchase aooounts New Quincy Mining Company Panther Mines Company Snyder Mines, Ino. Sundry aooounts
Less reserve for doubtful aooounts
As stove
December 31, December 31, Decrease
1942
1943
inorease*
# 5,358.17 31,819.69
39.114.24
76.292.10
22,208.84 300.00 537.59
23.046.43
5,358.17 9,610.85
300.00* 38.576.65
53.245.67
19,353.83 69,938.46
9,535.86 14,764.06 202,095.21
4,226.04 284.16
320.197.62
396,489.72
49.289.17
$ 347,200.55
32,353.83
173,211.32 2,658.93 215.68
208.439.76 231,486.19
49.289.17 182,197.02
13,000.00* 69,938.46
9,535.86 14,764.06 28,883.89
1,567.11 68.48
111.757.86
165,003.53
_
165,003.53
t 14,764.06
14,764.06
19,353.83 284.16
19.637.99
32,353.83 215.68
32.569.51
13,000.00* 68.48
12.931.52
76,292.10 69,938.46
9,535.86 202,095.21
4.226.04
362,087.67 49.289.17
312.798.50
* 347,200.55
23, 046.43
---
173,211.32 2.658.93
198,916.68 49.289.17
149.627.51
182,197.02
53,245.67 69,938.46
9,535.86 28,883.89
1.567.11
163,170.99 * **
163.170.99
165,003.53
CAPITAL STOCK Issued and outstanding - details below
33
Shares
Amount
163,500 $ 12,262,500.00
Issued by International Smelting
Company to Anaconda Copper
Par
Date Issued
Minina Company for:
yalue
i.:ay 27, 1914 Properties of International Smelting and Refining Company 4 100.00
Nov. 30, 1915 Cash
100.00
Total stock issued by
International Smelting Company
100.00
95,000 4 9,5CC,C00.Cc
25.000
2.500.000.00
120,000 4 12,000,000.00
Issued by International Smelting and Refining Company to Anaconda Copper Mining Company for:
Deo. 21, 1934
120,000 shares of International Smelting
Company stock
Dec. 21, 1934 Oct. 1, 1936'
(Together with $8,000,000 principal amount 15-year 6% debentures) Properties of International Lead Refining Company and Raritan Copper Works
Properties of Anaconda Lead Products Company
Issued and outstanding - per Balance Sheet December 31, 1943 - page 10
Unissued
75.00
75.00 75.00 75.00 75.00
120,000 | 9,000,000.00
30,000 13.500
2,250,000.00 1.012.500.00
163,500
12,262,500.00
36.500
2.737.500.00
200,000 4 15,000,000.00
I
BB3BHVB FOR WORKMEN'S COMPENSATION IHStJRANCB
Tooele plant Lead refinery Zinc oxide department White lead department Haritan refinery
Per Balance Sheet page 10
Balanoe
December 31, 1942
$ 30,155.45 10,181.38
8,774.78 2,324.27 22,252.55
.
Additions details below
35,057.77 2,535.10 1,201.80 593.13
14,707.69
Deductions compensation paid, medical and hospital
expenses, etc.
33,908.17 4,907.58 2,038.51 1,325.14
27,060.43
Balance December 31
1943
31,305.05 7,808.90 7,938.07 1,592.26 9,899.81
1 73,688.43
54,095.49
69,239.83
58,544.09
Details of additions - year 1943
Tooela plant Lead refinery Zinc oxide department White lead department Haritan refinery
Total as above
# 35,057.77 2,535.10 1,201.80 593.13
14,707.69
) 54,095.49
Charged cost
24,184.16 2,535.10 1,201.80 593.13
14,707.69
Pay roll deductions
10,873.61
43,221.88
10,873.61
PNYC00000,
ACCOUNTS AMD WAGES PAYABLE
35
Ore purchases - Tooele 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 accounts payable
Per Balanoe Sheet - page 10
December 31, 1942
* 95,530.08
435,013.50 116,033.70
31,071.57 10,905.42
11,072.88 630,736.66
December 31, 1943
149,196.70
387,776.62 105,346.27
25,352.75 12,917.67
6,587.90 589) 935.86
t 1,330,363.81
1,277,113.77
Details of Wages navable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advances
As above
* 46,269.28 9,997.48 8,563.31
14,454.93 34,624.48
2,124.22
* U6.033.70
22,113.91 6,708.92
19,346.14 20,909.35 35,277.76
990.19
105,346.27
Details of Reserve for repairs - Raritan electro-sheet department
Balanoe
Additions
Deductions -
December 31, charged oper- expended for
1942
ating expense
repairs
Reserve for lead anode
renewals
$ 2,881*42
Reserve for drum surfaoe renewals
8,191.45
308.14 303.10
332.24 4,763.98
As above
$ 11,072.88
611.24
5,096.22
Balance December 31
1943
3,730.58
6,587.90
NOTE ( 1 ) * D e b it re p re s e n ts overpaym ent o f 19*11 F e d e ra l In ca se ta x am ounting to $79,977.27 le s s 1943 a c c ru a l am ounting to $ 3 0 ,0 0 0 ,0 0 ,
;K> SS O
o oa fi o-p u
*'* a d
o
Sp*-d eo C >
&
KO\
rH
VO
c> fi fi 4J
fi
d fi as
ov ON
ffii CO <-31 o.p* &o
S3
a
rH P O
w 8S ft
Or4 e-o-l in
CO <st rH ov
fi *J &
S3
SsIi
*"J
00
& oo
r4 K\
6 Oo
a
o o o m in rH
o o o
m CM 9
o& H 3
S1 53
3 I*o foi
.if ~9 fi*33 4 *> d
On ON
fi
03
tfHi
d
I s s j w mc
PNtcoooooe^
DSHSRTPRBS AND NOTES PAYABLE TO ANACONDA COPPER MINING COMPANY
37
15 year 3$ debenturea
due 1950 .
Par Balanoe Sheet Deoember
31, 1943 - page 10
# 8,000,000.00
Demand note. Interest at 5St
2,250,000.00
Time note, Interest
at 1-3 Hi
250,000.00
Total 10,500,000.00
Interest aoorued and paid
Balanoe Deoember 31, 1942
#
Aoorued 1943, per Inoome Aooount - page 11
21,098.90 480,000.00
Paid 1943
501,098.90 480,000.00
Balanoe Deoember 31 j 1943
$ 21,098.90
112,500.00 112,500.00 112,500.00
"
4,375.00 4,375.00 4,375.00
*" --
21,098.90 598,875.00 617,973.90 596,875.00
21,098.90
INTEREST RECEIVED - NET
38
On advances: To subsidiaries not wholly owned: Comet Coalition Mines. Company Eureka Bullion Mining Company Yankee Consolidated Mining Company
National Tunnel and Mines Company Walker Mining Company
International Building Association Tooele Valley Railway Company Prince Consolidated Mining Company
Snyder Mines, Inc.
Miscellaneous - net
Per Income Account - page 11
Year 1942
Year 1943
# 1,992.62 1,355.67 102.90
3,451.19 20,833.31 12.379.24
36,663.74 2,630.01 2,455.78 678.67
42,428.20 4,921.21
47,349.41 102.45
2,155.62 1,365.65
152.04
3,673.31 44,365.37
-
48,038.68 3,707.24 2,705.79 201.23
54,652.94 7.841.54
62,494.48 2,143.11
$ 47,451.86 64,637.59
1
MISCELLANEOUS INCOME
Year 1942
Tooele plant: Profit on supplies - fire loss Profit on sale of land
$ 9,465.04 1.773.78
11.238.82
Miami plant: Loss on sale of land Rents
6,746.88* 1.728.00
5.018.88*
Zinc oxide department: Loss on sale of mortgage on Akron property
5.000.00*
Raritan refinery: Record storage rents Copper storage rants Discount on prepayment of taxes Loading and unloading lighters - net
Boring out American Brass Company copper moulds - net
1,350.00 9,259.12 2,890.74 2,263.80
--
15.763.66
Investments and advances: Park-Utah Consolidated Mines Company reimbursement for dividends of prior years not received by the company
Outside property income, Tooele - net Ophir Hill rents
1,300.00 1,560.76
10.00
2,870.76
Year 1943
1.692.00 1,692.00
1,360.00 2,723.93 3,715.04 1,008.85
270,89 9.068.71
412.00 10.00
422.00
Par Income Account - page 11
. $ 19,854.36
11,182.71
i *&-
GAP SHEET
There is an inadvertent gap in the numbering sequence from:
MCOOOOOS_^t o
PAJVc _o MOO?f
rng&s--(
Total pages 13
and 14
Wholly
ovned subsidiaries
Mountain City
Copper Company
Natl' Tun!
&M
QSB
BALANCE SHEET ITEMS
Mines and mining claims and lands
$ 275,792.41
Buildings and machinery
133,806.49
Investments:
Securities of subsidiaries:
Not vholly owned
Wholly owned Other security investments
2,625,163.58 42,000.00
488,290.36
Indebtedness of subsidiaries -
not current: Not wholly owned Vholly owned
2,285,071.42 162,024.48
Mine development
767,198.83
Prepaid expenses
2.216.65
Supplies on hand
38,191.21
Accounts and notes receivable - trade
less reserve
3,867.72
Casn
5,567.92
Advances to Tooele Valley Hallway
Company
97.875.35
42,000.00 162,024.48
1,143,281.33
779, 2,018,
6.927.066.42 204.024.48 1.143.281.33 2.797
Accounts and wages payable
Accrued taxes Indebtedness to subsidiaries:
Not vholly owned Wholly owned
12,206.55 1,610.01
192.20 20.468.22
34.476.98
20.468.22 20.468.22
392.20 3.92.20
Net Investment
$ 6,892,589.*4 183,556.26 1,143,089.13 2,797
INCOME.ACCOUNT ITEMS Cost of sales Gain# on disposal or dismantlement of fixed aesets Income or lose* from operations Other income: Interest received - net Miscellaneous Income
Income or loss*
Provision for contingencies
Net income or loos*
$ 124,860.17 2.040.00#
122.820.17*
54,652.94 422.00
55.074.94 67,745.23* 297,642.94
3,707.24
3.707.24 3.707.24
$ ' "365,388.17* 3,707.24
4 4 4
PNYC0000I
r ' Iii.iamOTTS AMD ADVAHCE3
41
Details of total
Other
Prince
Mines
ial subsidiaries Park-Utah Consoli
Tooele
department,
a Walker
not Consolidated dated
Victoria Guild-Adema Valley
outside
.68 Mining vholly
Mines
Mining
lease
lease
Railway
exploration
ill
Company
ovned
Company
Comoany operations operations Company
etc.
93,638.19 133,806.49
182,154.22
6.32
702,495.93 441,157.50 47,132.86
8.57 200,000.00 67,062.85
124,388.78 582,456.72
704.61
1,401.36
9,803-25 26,699.84
60,353.33 110.68
1,688.12
2,012.73 67.92
1,209-27 5,500.00
645.72
97.875.35 4.89 200.000.00 769,558.78 441.167.50 47.132.86 136,977-29 844.711.87 97.875.35 244.952.07
2,309.99 244.41
9,853.49 1,250.22
43.07 115-38
2.664.40 11.103.71______________________163.46 '4.89 200,000.00 769,558.78 441,157.50 47,132.86 134,422.89 833,608.16 97,875-35 244,793-62
4,545.09.
4.545.09
i-37
3,673.31
S.37 37
297,642.94
3.673.31 8.218.40
;.37 297,642.94* 8,218.40
201.23 201.23 ... 2QLl 23
201.23
129,405.26 2.040.00#
127,365.26*
2,705.79
422.00
. 2.705,79.
422.00
2.705.79 126.943.26*
2,705.79 126,943.26*
aB,T?aaea
DETAILS ny TTHW WOT AT.T.OGATSD TO DEPARTMENTS
42
BAUmcg SHEET TTKVR
Assets: Accounts receivable - trade - Johnson and Higgins Cash - Chase National Bank, New Tork United States Treasury tax savings notes
I 3,370.67
268,068.52 250.000.00
521.439,19
Liabilities:
Aocounts payable - Chadbourne, Wallace, Parke
and Whiteside
$
- sundry
2,630.54 127.48
2,758.03
Taxes accrued - Federal income tax (debit*) - Federal capital 3tock tax
- employer's portion of soolal security taxes on New Tork employees (debit*)
49,977.27* 5,000.00
242.88*
45,220.15*
Indebtedness to affiliates - Anaconda Copper
Mining Company - interest accrued, etc. - Anaconda Sales Company - cur rent account
21,290.69 2.548.379.13
2.569.669.82
Excess of liabilities over assets - page 13
2.527.207.70 $ 2,005,768.51
INCOME ACCOUNT ITEMS
Cost of sales - Administrative expenses New Tork office
- Capital stock tax - Unclaimed pay roll checks -
New Tork (oredit*) - sundry taxes
Other Income - interest received on freight claim (credit*)
United States inoome tax - estimated
Interest on debentures and notes payable to Anaoonda Copper Mining Company
Net loss - page 14
# 72,649.12 10,000.00
297.44* __________ 2.00
82,353.68
9.31* 30,000.00
596.875.00 $ 709,219.37
There is an inadvertent gap in the numbering sequence from:
fWlCOfiOOMU TO PA^c OQOOOZ ^
44
Page
15 40
L
Lands, mines and mining claims and Loss or gain on disposal or dismantlement of fixed assets
16 Machinery, buildings and 26 Metals and manufactured products - finished
23 Mine development 15 Mines and mining claims and lands 39 Miscellaneous income or loss
37 Motes payable to Anaconda Copper Mining Company
3 Operations by departments - comparative 31 Other accounts receivable, installment land sales and 21 Other security investments
24 Prepaid expenses 3 Profit on plant operations
R
17 Reserve for - depreciation 34 - workmen's compensation insurance
S
18 Securities - of subsidiaries - not wholly owned 20 - wholly owned 21 - other 29 Subsidiaries, accounts with 19 Subsidiaries, investment in and advances to - not wholly owned 20 - wholly owned 12 Surplus account
T
36 Taxes acorued
W
2 Working.oapital 34 Workmen's compensation, reserve for