Document 91v37V84V86Oy9anL8dNyyqyD
N10107
Po*<*M- PciOUSCT & Co. U*I-'C ACCOUNTANT*
New ropK
To the Board of Directors, International Smelting and Refining Company, 25 Broadway, New York
Dear Sira: '/re bare made a general audit of tbe books and accounts of
INTERNATIONAL SMELTING AND REFINING COMPANY for tbe year ended December 31, 1942, and present herewith Balance Sheet and Income Account and Surplus Account, followed by various supporting schedules.
The accounts of the following wholly owned subsidiaries have not been consolidated with those of International Smelting and Refining Company in this report:
Afterthought Mines Corporation and International Building Association,
whose operations are not an integral part of the operations of the parent company, and New Jersey Storage and Warehouse Company, Raritan Copper Works, and Raritan Terminal and Transportation Company, which are not operating International Smelting and Refining Company is a 100# owned consoli dated 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 is somewhat greater detail. A consolidating entry, the deficit on dissolution of Utah-Delaware Mining Company, applied in the consolidated report to the investment of Inter national Smelting and Refining Company- in National Tunnel k Mines Company, has been given effect to in this report, as shove on pages 11 and 17.
PNYC0000074S
ffpgRJLTIOKg Operations of International Smelting and Refining Company for the past
tiiree years coacare as follows:
Year 1940
Tsar 1941
Year 1942
Gross sales and earnings
* 27,841,404.22 27,966,251.98 20,341,958.03
Gross profit on plant operations * 2,161,042.44
Income from sundry investments
233.437.44
2.414.479.56
Interest paid to Anaconda Copper Wining Company on notes and
debentures Provision for Federal incooe
taxes - estimated Investments in and advances to
sundry companies written off
658,618.07 271,477.25 379.745.54
1.309.840.86
Net Income (Loss*)
* 1,104,639.02
1,381,979.16 385.626.B5
2,267.606.01
1,042,376.83 192,598.21
1.234.975.04
612,418 37 537,400 00 1 266.833.99 2,436.652.36 169,046.35*
556.875.00 180.700.00
777.575.00 457,400.04
Gross profit on operatioas of the various plants oni departments of the company end income from sundry investments for the past three years and the respective investment therein at December 31, 1942 are shown in the following
FROFT? f LOSS*) ON PLANT QP3RATI0NS
Year 1940
Year 1941
Year 1942
Tooele plant
$ 175,950.65
262,924.14
Copper Canyon lease
Wiarai plant
76,359.47
10,037.61*
Ophir Hill plant
46,043.75
Lead refinery
152,247.61
150,472.95
Zinc oxide
department-
71,992.00* 279,320.46*
White lead
department
15,213.40
67,435.97
Raritan refinery
1,792,626.42 1,823,117.56
Raritan secondary
metals depart
ment
62,223.03
53,001.81*
Raritan electro sheet
department
10,948 ,84
27.833.73
Not allocated
80.883.93* 107.445.11*
28.320,46 121.098.88
36,773.19 150,504.77'
19,177.67' 203,389.23
15.600.35 88.0^5 ,',7
Gross profit on
plant operatioas
- as above
$ 2,181,042.44 1,801,979.16 1,042,376-83
Investment, at December 31. 1942
$ 5,547.666.46 1,115,239.34 1,391,232.72 751,931.09 754,812.9? 634 030.78 7,741,355.21
289,341.75 967,475.46*
$17,258,934.86
9
P^coooo
0 749
TTr-n^ FROM SPNTRY .I?rT5S3:ffljTS
Investment et Year 1940 Year 1941 Year 1942 December 31. 1942
Mountain City Copper
Company, dividends
National Tunnel and Hines Company, interest
WeIKor Mining Company, Interest
Other investments arid advances - net
1265,723.50 365,733.50 219,440.10
L6,795.49
3.Q54.16 13.554.23
20,933.31 12,379.24
149,091.55* 2.515 04* 60.054.44'
Income from investments -
as above
$233,437 44 395,626.55 192,598.21
1,143,201.33 2,338,939.37 497,208.69 2.040.603,01
6,020,112.40
Details of the above figures are shown on the Balance Sheet and Income Account by departments on pages 12 and 13.
TMCOMS FROM AND INVESTMENT IN SUBSIDIARIES
The investment, including net advances, of International Smelting
and Refining Company in its five small wholly owned subsidiaries amounted to
179,370.85 at December 31, 1942 and combined net loss of such companies
amounted to lS.SS? 53 for the year 1942 `'details page 19). No dividends were
received during 1942.
Investment, including noncurreat advances in subsidiaries Qot
wholly owned by the company amounted to 4,744,795.53 at December 31, 1942
compared with 13,945,979.62 at December 31, 1941 as shown Ln the following
table:
December 1941
December 31, 1942
Mountain City Copper Company National Tunnel and Mines Company:
Investment Advances Walker Mining Company: Advances (investment written off
Other subsidiaries: Investments Advances
.a 1941)
1,143,281.33
915.693.92 470 j 554.16
657,391.97
702.495.93 56,462.31
1,143.201.33
779,306.32 1,559,553.05
497,280.69
702,495.93 62,790.21
| 3,945,379.62
4,744,795.53
Market values based on market quotations of securities which are quoted on various stock exchanges amounted to 3,411,656,13 at December 31, 1942 (details page 18) compared with 4,668,800.68 at December 31, 1941
PNYC00000750
The company's share of the combined net loss of those subsidiaries
4
amounted to 4129,424.49 for the year 1942 as compared with income of 4210,726.18
for the year 1941* A dividend of 4365,733.50 was received from Mountain City Copper Company in 1941, and a dividend of $219,440,10 was declared In 1942,
; payable In January 19*3-
g'^a'TTTMVNT 0? yQNDS RECEIVED AND D ISBURSED
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)
$ 1,681,758.73
Increase in indebtedness to Anaconda Sales
Company
1,906,196.59
Increase in other current liabilities
288,849.46
Decrease in inventories (details page 5)
50,059.17
Fixed assets disposed of
33.698.72 3,960,562.67
Funds were disbursed as follows:
Fixed assets purchased (details below)
662,424.44
Interest paid on debentures and notes payable
596,875.00
Increase in deferred items, principally Copper
Canyon lease operations
530,942.46
Advances to subsidiaries and sundry mining
companies - net (details below)
1,262,570.41
Increase in current accounts receivable
785,080.78
Increase in noncurrent accounts receivable
6.464.63 3.866.357.72
And there was an increase in cash of
Operating profit, before deducting non-cash items and Interest paid on debentures and notes oavable to Anaconda Cooper Minina Comoanv
* 94,204.95
Net Income, per Income Account - page 10 Add back charges to income not requiring funds:
Depreciation on deliveries
Depreciation on automotive equipment written
off Add back Interest paid on debentures and notes
payable to. Anaconda Copper Mining Company
t
* 635,653.32
1,321.08 596.875.00
457,400.04
Less gain on disposal or dismantlement of fixed assets
1,233,849.40 9.490.71 1.224.358.69
As above
$ 1,681,758.73
i EXPENDITURES FOR FIXED ASSETS
Buildings and machinery: Tooele plant Raritan refinery Other plants
Mines, mining claims and lands, Tooele
As above
* 186,900.76 119,355.49 54.429.84
360,686.09 321.730.35
* 682,424.44
i PNYCOOOC07
TV AD7ANCS3 TO StTBSmUSIBS AKD SUNDRY MTNIKQ COMPANIB - K8T
5
MAtional Tunnel and Mines Company SalJcer Mining Company {decrease*} Snyder Mines, Inc. Otber subsidiaries and sundry mining companies - net
Increase - per page 4
$ 1,08a,998,69 160,103,28* 202,093,21 131.579.59
$ 1,262,570.41
prfTBEASE IN INVENTORIES
petals and manufactured products - finished (details page 24) - in process (increase*)
Supplies (increase*)
Decrease - per page 4
591,354.03 535,280.15*
6.014.71*
* 50,059.17
miANCIAL
Summarized, the changes in financial condition, during the year were as
follows:
At December 31,
1941
At
December 31, 1942
Increase or
decrease* in investment
fixed assets, less reserves applicable thereto
Deferred charges Current and other assets - net.
except notes payable to Anaconda Copper Mining Company
* 14.220,988.13 624,971.00
7.729.495.50
15,215,463.81 1,171,887.64
6.973.384.04
994,475.68 540,916.84
758.111.46*
22,575,454.63
Reserves for workmen's compensation
insurance
57.714.05
23,360,735.69 73.688.43
785,281.06 15.974.38
Equity of Anaconda Copper Mining
Company
t 22,517,740.58 23,287,047.26 769,306.66
The equity of Anaconda Copper Mining Company at December 31, 1942 is
represented by:
Capital stock Debentures Notes
Surplus
% 12,262,500.00
8,000,000.00 2,500,000.00
524.547.26
As above
$ 23,287,047.26
The increase in such equity during the year 1942 is the result of the
net income of the year
# 457,400.04
and adjustment of over-accrual of Federal income
and excess profits taxes for the year 1941
311.906.64
Ae above
$ 769,306.66
t
f
Changes in current position were as follows:
December 31, 1341
December 31, 1942
Current assets Current liabilities
9,251,980.66 1.706,568.03
9,774,403.63 3.274.560.12
$ 7,545,612.63
6,499,843.51
Current ratio
5,4 to 1
3,0 to 1
Increase or decrease*
522,422.97 1.568,192.09
1,045,769.12*
DISTRIBUTION o f b a l a n c e s h e et a n d in c o me a c c o u n t t o d e pa r t me n t s
The detail schedules which support the Balance Sheet and Income Account
sy departments (pages 12 and 13) are presented in ten divisions, the eight prin
cipal operating departments:
1. Tooele plant, 2. Copper Canyon iease, 3. Lliarai plant, 4. lead refinery, 5. Zinc oxide department, 6. White lead department, 7. Raritan refinery,
8. Raritan electro-sheet department, and
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 malting this rearrangement, the accounts of the company as shown on
its various ledgers have teen 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 are shown separately in the last division mentioned above.
'Details of accounts which appear in this division are shown on page 38.
land at Bast Chicago, and land, buildings and machinery, and reserve
I for depreciation at Perth Amboy have been allocated among the various depart
ments on a basis believed to be approximately correct.
SCOPS OF AUDIT We have made a general audit of the books end records of International
Smelting and Refining Company and its subsidiary corporations for the calendar year ended December 31, 1942. In connection with our audit we examined or tested the accounting records of the company -and its subsidiaries and other supporting evidence and made a general review of the accounting methods, includ-
FJflg the system of internal check and control and of the operating and income jCcour.t3 for the year, but we did not make a detailed audit of the transactions <xcept in the case of liiam.1 plant, which is not examined by the company's own internal auditors.
In the case of all other companies and departments we satisfied our selves that International Smelting and Refining Company and all subsidiary companies were included in the scope of the work of the internal auditors of the company,
We examined into the sufficiency of the internal audit and examined che reports of the internal auditors.
Investments, securities, cash, notes receivable and payable, debentures and capital stock have been verified by inspection, certificate or correspondence and found in order.
Accounts receivable were examined in detail and those considered bad or doubtful have been written off or have been provided for in reserve. Accounts receivable, where these are of material amount, were tested by selecting certain accounts for confirmation by direct communication with the debtors or, where possible, by direct comparison with the books and records of the debtors. The company's internal auditors have also verified the accounts receivable of certain departments by direct communication with the debtors and, while such 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 verification of accounts receivable.
Certificates of responsible officials have been received certifying to the correctness of quantities, descriptions and ownership of inventories and we have made tests of the clerical accuracy of the inventories.
In accordance with what Is new generally agreed to be accepted auditing procedure, our audit included physical tests of inventories. Inventories 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 tests are in no way intended as a substitute for the taking of physical inventories by company employees. The purpose is to establish the existence of a proper system for taking and recording physical inventories and to satisfy curselves that the systems are operating effectively and as planned, la the course of thi3 work, a very substantial part (laeasurad. in money value)
PNVC00000754
the physical inventories is actually inspected by us. While this inspection
IS not our primary evidence of the existence and value of the inventories which
-ust lie in the records of the company, it is of great value as a confirmation
the company's records and representat ions. Cf stocksof metals and products
jjeld 1'or 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 communi
cation. It is the general practice of the company's internal auditors to make physical tests from tine to time of Inventories of supplies aai, while these
lasts cannot take the place of similar tests by independent auditors, they are
Siren full consideration in determining the nature and extent of the tests made
by us.
'.Ye received during the year the usual courtesy from the officers and
staff throughout the company.
Respectfully submitted,
2f
Certified Public Accountants
N'ew York, June 15, 1943
PNYC00000755
INTERNATIONAL SMELTING AND ftpgf COMPARATIVE BALANCE qH DECEMBER 31. 194i Awn
ASSETS
FIXED ASSETS: 14 Mines and mining claims and lands for metal producing and
manufacturing plants 15 Buildings and machinery at reduction works, refineries and
manufacturing plants 16 Less reserve for depreciation
Patents Investments: 17 Securities of subsidiaries - not wholly owned 19 - wholly owned 20 Other security investments
Indebtedness of subsidiaries - not current: 18 Not wholly owned 19 Wholly owned
DEFERRED CHARGES: 21 Mine development 22 Prepaid expenses 23 Deferred expenses
CURRENT AND OTHER ASSETS: Current assets: Supplies on hand Metals and manufactured products - in process
24 - finished Accounts and notes receivable:
25 Trade, less reserve 26 Affiliates 18 Subsidiaries - not wholly owned - current 27 Cash
Other assets: 28 Installment house and land sales, and other accounts
receivable, less reserve 29 Advances to sundry mining companies, including advances on
ores, less reserve Advances to Tooele Valley Railway Company
LIABILITIES
CAPITAL STOCK - issued and outstanding - 163,500 shares of the par value of $75*00 each
50 RESERVE FOR WORKMEN'S COMPENSATION INSURANCE
CURRENT LIABILITIES: (Accounts payable - trade
51 (Wages payable (other accrued liabilities (Employees1 deposits
52 Accrued taxes 26 Indebtedness - to affiliates
- to subsidiaries - not wholly owned 19 - wholly owned
53 DEBENTURES AND NOTES PAYABLE TO ANACONDA COPPER MINING COMPANY
11 SURPLUS (deficit*)
2
$ 26, C'S 17.97
5: ; ;
1,2! 2,0! 3,9! 1,2'
7___ 2
$ 8] 12 1 66 1 1
-----
# See pages 11 and 17
!
P"*C0000C 756
iL SMELTING AND REFINING COMPANY 4PARATIVE BALANCE SHEET :MBER 31. 1941 AND 1^42
neceober 31. 1941
December 31. 1942
9 Increase or decrease*
$
26,586,504.44 17 977.703.16
1,151,491.58
8,608,801.28 1.00
$
$ 26.933,935-00 18.609.946.15
1,449,402.31 8,323.988.85
1.00
*
2,625,163.58# 43.000.00
496,890.36
2,625,163.58 43,000.00
496,890.36
1,184,408.44 111.231.89
14,220,988.13
2,119,631.95 ___ 157.385.76 15,215.463.81
548,526.51 39,695.66 36.748.33
624,971.00
1,073,887.26 67,180.14 30.820.44
1,171,887-84
347,430.56 632.242.99
t
525.360.75 27,484.48 5.928.39*
297,910.73
284,812.43* --
:
535,223*51 46.1=3.37
994,475*63
546,916.64
1,298,069.43 2,013,726.00 3,995.908.36
1,259,938.33 326,483.50 74,081.39 283.722.65
9,251,980.66
_
88,882.87 9*3.000.00
183.882.87
$ 24,281,822.66
1.304.084.14 2.549.006.15 3,412,698.56
1,7*4,937.65 112,022.88 273,726.65 377.927.60
9,774,403.63
8,464.63
347,200.55 _-lA7..8l5.^5
473.540.53
$ 26,635,295.81
6,014.71 535,280.15 583,210.30*
484,948.32 214,460.62* 199.645.26
94.204.95
522/422.97
8,464.63
258,317.68 ____02,875:35
289,657.66 $ 2,353,473.15
the
$ 12,262,500.00
t 12,862,500.00
57,71*1.05
75,688.**?
15,97** -?8
$ 810,716.10) 122,420.04)
11,606.15)
9,334.48)
662,177-22 38,945.50 30,777-80 20.560.76
$ 1,330,363.81
1,706,368.03
275,990.26
1,628,554.05 18,937.09 20.714.91
$ 376,287.06
3.274,560.12
386,186.96*
1,589.608.55 11,840.71* 524,15
1,568.192.09
ANY
10,500,000.00
10,500,000.00
2**1* .759.42*#
524,547 .26
769.506 .63
t 24,281,822.66
t 26,635,295.81
$ 2,353.473 .15
}
P*YC000007
'
xirrsHrATicrAL s ?~it in c COMPARATIVE IN'
YEARS ENDED DEC^^m
13 Sales and tolls
Other income: dividend from Mountain City Cooper Company
34 Other dividends and interest -'net 35 Miscellaneous income or loss*
Less;
Cost of sales
16 Provision for leorecietion
36 Loss or .;ain* on disposal or dismantlement of fixed assets
33 Interest cn iceentures and notes payable to Anaconda Conner
Mining Company
**
Investment in and advances to oertain subsidiary mining
.. companies written off, operations Having been discontinued united States income and profits taxes - estimated
Net income (loss*)
'i Dece
1U3, /O 36,32 15,53
25,2',Q,7." 7C5(9.> 22,4 *5' 612,411
I,2a6,e2; 537,40C
$
PNrcooooo75a
T5RNATI0PAL gtSLTINO AMD RZFTNINO COMPANY CCIEPARATIVS INCQMS ACCOUNT
c z a r s a*pBB DEca-ssa si, 1941 a n d 1942
1
Yean ended Decegber 31, 1941
$ 27,966,251.98
ts per
atinued
$ 365,733.50 38,325.90
15,533,06*
388,526.34
25,278,738.08 785,937,05
22,497.18
28,354,778.32
612,418,37
1,286,833,99 537,400.00 20,523,824.67
$ 169,046.35*
Year ended. Deceaber 3l 1942
$ 20,341,958.03
$ 219,440.10 47,451.86 19,854.36
286.746.32
20,628,704.35
18,767,566.70
635,653.32 C,45C.71*
596,875.00
180,700.00 20,171,504.31 457,400.04
Increase or decrease# $ 7,624,293.95;
146,293,40# 9,125.96
35,387.42
101,760.02
7,726,073.97
6,511,171.38#
150,283.73# 31,967.89#
15,543.37#
1,286,833.99# 356,700.00# 8,352,20.36,
* 626,446.39
Cooo 0 ?s9
INTERNATIONAL SMELTING AND REFINING COMPANY SURPLUS ACCOUNT
TZAR ENDED DECEMBER 31. 1943
3alance December 31, 1941 - per books (deficit*)
Deficit of Uteh-Delaware Mining Company on dissolution in 1937 credited to investment of International Smelting and Refining Company in National Tunnel &. Mines Company, (This adjustment puts this report on same basis as report for Anaconda Copper Mining Company and Consolidated Subsidiaries)
Per Balance Sheet, December 31, 1941 - page 9 (deficit*)
Overaccrual of Federal income and excess profits taxes for the year 1941
Nat income of the year 1942
Per Balance Sheet, December 31, 1942 - page 9 (surplus)
i 108,451,=
136.307.6 244.759.4 311.906.5
67,147.2 457,400.0 $ 524,547.?.!
5
PNYC00000760
A3 S ST3
Tooele plant
Hines 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
Mine development prepaid expenses Deferred expenses Supplies on hand Metals and manufactured products:
In process Finished Accounts and notes receivable: Trade, less reserve Affiliates Subsidiaries - not wholly owned - current
Cash Installment house and land sales and other accounts
receivable, less reserve Advances to sundry mining companies, including advances
ores, less reserve Advances to Tooele Valley Railway Company
t 356,165.89 7,741,861.23 6,082,820.24*
21,616.95 15,878.44 455,681.48 1,680,706.66 1,130,137.41 201,782.22 54,286.55 75,989.82
8,464.63 327,562.56
Copper Canyon lease
8;6oo.oo
1,037,334.32 5,411.64
65,573.53
21,553.34 862.79
19,637.99
5,987,313.60 1,158,973.61 :
LIABILITIES
Reserve for worlonea's compensation insurance Accounts payable Accrued taxes Indebtedness - to. affiliates
- to subsidiaries - not wholly owned - vholly owned
$ 30,155.45 346,504.47 27,855.67 17,960.57 17,170.98
439,647.14
32,024.23 10,509*91
1,200.13
43,734.27
Ret investment
5,547,666.46 1,115,239.34 1
p,'*ooooV4J
BALANCE SHEET - DECEMBER 11 lqlta - BY DEPARTMgvi*.
Tooele plant
$ 356,165.89 7,741,861.25 6,082,820.24*
Copper Canyon lease
Miami
56,419.72
5,105,550-21 3,105,550.21*
Lead reflnerv
130,665.27 1,152,877.35
777,560.06* 1.00
Zinc oxide department
22,073.16 627,766.86 440,504.94*
Vhite lead departmenf
13,243.90 787,125.13 548,829.n*
Rarl refln<
409,' 13,127,'
7,549,t
8;6oo.oo
21,616.95 15,878.44 455,681.48
1,680,706.66 1,130,137.41
201,782.22
it ' accounts iding advances on
54,286.55 75,989.82
8,464.63
327,562,56
5,411.64 65,573.53
21,553.34 862.79
128,912.04 513,883.88
52,539.53* 807,024.77
4,216.66
16,189.54
124,955.87
127,814.82 211,539.93
14,351.80 403.06
9,413.38
1,590.14 34,785.61
187,255.63 274,462.68
26,971.18 4,187.43
25,000,00
44,932.82
326,086.60 14,809.75
23,J 13.' 438,!
39,' 1,513,:
350,1 17,<
51,3
19,637.99
5,987,313-60 1,158,973.61 1,457,917.54 1,010,651.96 763,587.75 637,369.09 8,434,98
ce
y ovned ned
J 30,155.45 346,504.47
27,855.67
17,960.57 17,170.98
32,024.23 10,509*91
1,200.13
46,594.37 19,440.73
649-72
439,647.14
43,734.27
66.684.82
$ 5,547,666.46 1,115,239.34 1,391,232.72
10,181.38
241,688.65 6,632.39 218,45
8,774.78
2,32^*27 214.04
22,25 641,36
25,90
4,11
258,720.87
8,774.78
2,538.31
693,63
751,931.09 754,812.97 634,830.78 7,741,35!
Capital atoc SUTDlUS
Debentures (
PNYC00000762
M - BY DEPARTMENTS
,c oxide artment
,073.16 ,766.86 ,5i.94*
White lead department
13,243.90 787,125.13 548,829.11*
Raritan refinery
Investments
Raritan
and advances
electro-sheet - details
department
page 37
409,751.25 13,127,425.94
7,549,516.73*
4,349.45
395,328.28 107,164.86*
456,733.67
Items not allocated to
departments - details
Page 59
Eliminations
Total pae 9
1,449,402.31
26,933,935.00,, 18,609.946.15*
1.00
,590.14 ,785.61
,255.63 ,462.68
,971.18 ,187.43
,000.00
44,932.82
326,086.60 14,809.75
23,438.56 13,351.86 438,882.16
39,345.16 1,513,109.71
350,758.56 17,049.80
51,391.55
2,625,163.58 43,000.00
488,290.36-
2,119,631.95 157,385.76 36,552.94 523.45
10,360.63
9,901.76
307,686.03 97,5*4.51
219,440.10
211,053.40
,587.75 637,369.09 8,434,987.82
300,414.63
117.875.35 6,055,517.69
835,704.04
2,625,163.58 43,000.00
496,890.36
2,119,631.95 157,385.76
1,073,887.26 67,180.14 30,820.44
1,304,084.14
2,549,006.15 3,412,698-56
7,141.92*
1,744,937.65 112,022.88
273,726.65 377,927.60
8,464.63
347,200.55 117.875.35
7,141,92* 26,635,295.81
,774.78
2,324.27 214.04
22,252.55 641,360.08
25,906.75 4,113.23
,774.78
2,538.31
693,632.61
312.97 634,830.78 7,741,355.21
11,072.88 11,072.88
5,653.06 471.34
565.98 20.714.91
27,405.29
289,341.75 6,028,112.40
5,466.07 185,173.47 1,612,539.96
1,803,179,50
967,475.46*
7,141.92* 7,141.92*
73,688.43 1,330,363.31
275,990.26 1,628,554.05
18,937.09 20.714.91
3,348,248.55
23,287,047.26
Capital stock Surplus
Debentures and notes payable to affiliates As above
$ 12,262,500.00 524.547.26
12,787,047.26 10,600.000.00
$ 23,287,047.26
PNYC0000076-
w
XKCOKE ACCOUNT - vgjtfi HTOB
Tooele clant
MiaSfll nlant
Lead reflnerv
2tnc oxide denartment
Sales of copper
$ 676,903.19
392,284.96
zinc
323,653.43
A lead
2. **95,509-97
309,007.57
sliver
1,931,165.13
369,408.86
946,060.42
gold miscellaneous metals
1,263,539-34 162,448.96
118,751.21
160,978.19
zinc oxide white lead
794,840.92
electro-sheet copper
residue, ores, etc Premium payment on production In
1,308,465.57
11,397.13
239,305-10
excess of quota
216,392.62
Tolls
832.711.30 1 .978.269.12
361.151.26
3.392.136.08 2 .858.714.15 1.788.594.57 1.357.799.45
Cost of sales Interdepartment
8,014,813.58 661.368.51
3.676.182.09
1 ,611,289.53 1 ,121,331.77
5 .732.621.30
1,721,329.11 64.581.15.
1.785.910.26
1,433,443.90 3.=4
1.43-.447.44
Income or loss* Provision for depreciation iand
loss (or gain#) on disposal or dismantlement of fixed
assets
215,953.99
126,092.85
2,684.31
-203. .855-4739.457.49
125,647.99. 2Q.1S8.26
Income or loss* from operations
12.098.52
126.092.85
36,773.18*
145.806.25*
Otn^r fncome: Lividenc received from Mountain City Copper Company Interest received - net Miscellaneous income or loss*
4,983.12 11.238.32
24.91 5. ois.es*
1.48 =.000.00*
16.221.94
4,993.97*
4,998.52*
Income r less* United States income tax -
estimated
28,320.46
121,096.63
36,773.18*
150,804.77*
Income or loss*
28.720.46
121.098.38
36.773.18*
150.304.77*
Interest on debentures and notes payable to Anaconda Copper Mining Company
Net income or loss*
$ 28,320.46 121,098.88
36,773.18*
150,804,77.
PNrC0000076<
O&RQgs**--
' |gM!f|jgpr>gja
_;-3AR BHDBD BBCBBEB 31. 19*2 - B1 DEPARTMENTS
'tflo oxide leoartaaent
White lead department
323,653.43
794,840,92 239,305.10
1,072,775.39
Raritan refinery
428,018.09
74,805.98 42,663.47 288,073.29
Raritan electro-
sheet department
26,649.30
Items Investments r.ot allocated
and to
advances - departments -
page 57
page 38
Inter-de partment
eliminations*
19.194.01* 564,853.27*
7,346.90* 346.64* 499.94
43,506.19t*
Total page 10
1,497, 206.24 304, 459.48
2,239, 664.27 3,381, *40.39 1,590, 932-21
443, 175-35 794, 494.28
1<fl3' 275.45 649.30 1,515, 661.61
357.799.45 1,072.775-39
433,443.90
499,"695.84
_______ 3.,a..,. 564.353.27
433.447.44 1.064.549.11
125,647.99*
8,226.28
6.786.767.53 26.649.30
5,231,684.60 38,781.92 29.340.20
5.261.024.80 3a.781.92
1,525,742.73 12,132.62*
78,450.82
78.450.82 78,450.82*
88,077.40
88.077.40 38,077.40*
1.00*5.771.*9* 7.719.606.89 2.441.478.44* 20.741.958.03
18,767,566.70 2.441.478.44* 2.441.478.44* 18.767.566.70
1,574,391.33
20.158.26 _____27,416,47 . 338.117.16 3.467.73
145.806.25*
19.190.19* 1.187.625.57 15.60?.35*
6.309.97# 72.140.85*
88.077.40*
626.l62.6l 948.228.7?
1.48 5.000.00* 4.998.52* 150,804.77*
150,804.77*
12.52
15.763.66
219,440.10
42,428.20 2.870.76
12.52
15.763.66
264.739.06
19,177.67* 1,203,389-23 15,600.35* 192,598.21
19.177.67* 1.203.389.23 15.600.35* 192.598.21
1.63
1.63 88,075.77* 180.700.00 268,775.77*
219,440.10 47,451.86 19.854.76
236.746.32
l.C'^,975-04
180.700.00
1.054.275.04
50,804.77*
19,177.67* 1,203,389.23 15,600.35* 192,598.21
596.875.00 865,650.77*
596.375.00 457,400.04
pNtCQOOOQ765
CT_J
MINES AND MINING CLAIMS ANP LANDS
14
tends for metal-producing plants:
Tooele plant Miami plant Lead refinery Raritan refinery Raritan secondary metals
department Investments and advances
- Rioo
Lands for manufacturing plants:
Zinc oxide department White lead department Raritan electro-sheet
department
Other lands: Tooele Miami
Total Lands
Balance December 31,
1941
Additions
Sales
Balance
December 31, 1942
| 364,763.43 56,191.60
130,665.27 343,890.04)
) 65,861.21)
2.480.00
963,851.55
3.20 11,100.74
3.20
2.460.00 13.580.74
353,565.69 56,191.60
130,665.27 409,751.25
950,2*74.01
22,073.16 13,243.90
4.349.45 39.666.51
2,500,00 10.475.00 12.975.00 1,016,493.06
10,246.38 10.246.98 3,20 23,327.62
22,073.16 13,243,90
4.349.45 39.666.51
2,500.00 228.12
2.728.12 992,863.64
Mines and mining claims: Investments and advances: Tooele Miami
114,939.96 321,735.15 20.058.54
436,675.13 20.058.54
134.998.52 321.735.15
456.733.57
Per Balance Sheet - page 9 I 1,151,491.88 321,738.35 23,827.62 1,449,402.31
PNYC0000076'
NOTI 1 - H e ln a ta te n a n t o f m achinery and equipm ent deducted in e rro r in 1941.
PNYC00000767
RESERVE TOR DEPRECIATION
. HVQ -< K\
CM CM O 0\
(*-
O O O . Os vO cOof ilOruCrO> Oin oOi du"\
o' CD* Ch Onf- jf in ^
x0s) to* i<
c& do H rt ft * v j u t <a q a 0\ t go vd Orl m Oo Ov t3C3 U HQ.WO r4t! CHO< O Qua aa n
t. -CsMj-
X> O' rd >
QO.. fOV
iTi lAiTi t"-- KVCCO C St OC0 CM
o> n o\ n to t-- rd f- 0s! i-j o
c\ n <o m n n oj s
(MO Oj t
4k0\ n=* cn\ Ck-V MD N t- fft
VO r\ vo' t-- Ox m to
r4 C*- <7\ f
crolOl PCi Oi-s Ci-Oh Oo Wco -ut*f\ e<rromin r- aoc--c m vo
0\fOt-- VO f--f--<-
N04- O h CM On O
co <-t t--
inmco
Cj oO.VoO< oC
Nl-H.
!- O K>1 O
0-=J**CM
<7NO rdsq
ovo CP
O Oi
-a- CM K\
OM -d
K\4 fOOJ O V0 0*0d <M
K'NK'x **. oo m
04 04 r-4 CM CM CM
fS s -o t s a
x>
0400 CO o 04 U'lOl O 4f ffl iTUTi O C-- rd
K<jV\<K-d\ m(M CioO <m--I Oft 41 ri CM
a a *j
t.
+4 4-> 4>
G
g BO
3 4* *
*
5
&
t- >>fc. * S* o c.* ><
V fcT ^ Od O Q
S4c-* q
td o H
h 3 *3 xs 3 u
"assOirH d dd
0.0 <0 u
Mo
HW
g *3
o3 q
<3 ** *4
SI
X} o KH tCd
O *4
uo
44 44
G fr.
O *J
I
>1 0
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PNYC0000076
T INVESTMENT IN SECURITIES OF SUBSIDIARIES NOT WHOLLY OWNED
17
| Amount
Balance December 31, 1941 - per books
$ 2,761 471.16
I Deficit of Ujtah-Delaware Mining Company on dissolu-
: tion in 1937 credited to investment of
International Smelting and Refining Company
j in National Tunnel k Mines Company - see
I
Surplus Account - page 11
136.307.60
Per Balance Sheet, December 31, 1942 - page 9
$ 2,625,163,58
Details of balance at December 31, 1942
Shares
Par value
Amount
Equity in income or
loss* year 1942
Mountain City Copper Company 1 ,462.934
National Tunnel k Mines
Company
328,200
Walker Mining Company
862,042
Other unconsolidated
subsidiaries:
Comet Coalition Mines Company 760,246
Eureka Bullion Mining Company 756,000
Mountain flaw Mining Company 728,420
North Lily Mining Company
475,000
Victor Consolidated Mining
Company
365,390
Yankee Consolidated Mining
Company
501,005
t 73,146.70
no par 882,042.00
190,071.50 37,800.00 72.842.00 47.500.00
182,695.00
50,100.50
*1.143.281.33.
779.386.32 -. '
340,891.71 187,923.49
68,806.23 66,527.78
18,306.52
20.040.20
*125,313.53
196,497.43* 21,403.16*
_ _ 663.88* 35,591.74*
45.40*
536.41*
702.495.95 _____________
As above
$2,625,163.58 $129,424,49*
Net decrease in eoulty - year 1942
Equity in income (loss*) as above Less dividend from Mountain City Copper Company
$129,424.49* 219.440.10
$340,864.59
PNrC00000769
There is an inadvertent gap in the numbering sequence from:
h)1COOOOQ770 t o PUK00000770
*> H c z9 O
*# to o *# a
"8 o0*10 oT <H -4
i ^4
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ch ss *3 <y
88
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c^o to too*
5
c *8
s l 5?
53 o u 6 S. S 0
11O 43
t s
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O'
*
o S&
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4* > 3 A
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3
0* -4 <D
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eo e- a a <a-t
sa
tu
SS
P
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afl
4<3*
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9(4 O0 O0
14
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aa
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WO
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(9o_)
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8 PtO'fl
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)rfW~4I*n
PNYC00000771
OTHSR SECURITY iNTSSTMgWTS
2C
Par value Shares
Amount
Copper Canyon Mining Company stock Park-Utah Consolidated Mines Company stock Prince Consolidated Mining Company stock
Per Balance Sheet - page 9
.1 6,400.00 69,800,00 60,000.00
64,000 | 8,600.00 69,800 441,157.50 800,000 47,132.66
* 436,890.36
5 PNYC00000772
Copper Canyon lease
Victoria lease
Total
Salacce December 3 1, 1941
$
Expenditures year 1942, less proceeds of ore sales
548,526.51 468,807.81
--
36,552.94
548,526.51 525,360.75
per 3alaace Sheet, December 31 1942 -
page 9
$ 1,037,334.32 36,552.94 1,073,887.26
PNYC00000773
DEFERRED EXPENSES
Tooele pleat: Advance on purchase contract Sundry deferred expenses, principally employees * expense accounts
Zinc oxide department: Club memberships Deferred expenses in connection with plant dismantlement
Baritan refinery: Perth Amboy General Hospital building fund Blast furnaoe slag treatment expense Reserve for treating silver slag and sludge
Investments and advances - Uines department, outside exploration, etc.
Per Balance Sheet - page 9
December 31, December 31,
1941
1942
Increase
cr decrease'
* 761.81
761.51'
940.22 1,702.03
10.667.15 10,667.15
9.726.92 8.965.12
700.00 700.00
1,000.00 590.14
1,590.14
300.00 590.14 890.14
18,000.00 13,985.51
31,985.51
6.249.99 6,702.92
398.95 13,351.36
11,750.01' 7,282.59' 398.95
18,633.55'
2,361.29 t 36,748.83
5,211.29 30,820.44
2,850,00 5,928.39
5
PNTCQ000Q77A
:AL3 AJTD MANUFACTURED PRODUCTS - FINISHED
I
24
Lead refinery
Zinc oxide White lead
Raritan
department department .. refinery
Raritan electro-
sheet department
Total December 31,
1942
Total
December 31, 1241
Decrease or
increase*
13,792.29 188,504.g6
9,242.68
41,440*46 228,519.04
____ ,50?.18 211,539-93 274,462.68
211,539-93 274,462-68
79.72
316,285.78 9,721.10
326,086.60 326,086.60
1,069,605.71
188,725.24 374,338.66
41,553.96
29,587.93
1,703,811.50 190.701.79
1,513,109.71
9,901.76 9,901-76 9,901.76
1,322,329.54 $ 1,421,112.19 t 98,782.65
41,440.46
9,814.61
31,625.85*
543.418.03
500,090.43
43,327.60*
752.992.03 1,007,848.84 254,856.81
598,867.66
704,900.85 106,033.19
53,942.85
188,177.49 134,234.64
228,519.04 316,285.78
9,901.76
29,587.93 14.224.20
237.189.89 225,555.82
5,332.76
49,381.96 15.321.03
8,670.85 90,729.96*
4,569.00*
19.794.03 1.096.75
3,911,509-36 4,364,725-87 453,216.51
498.810.80
368.817.01 129.993.79*
3,412,698.56 * 3,995,908.86 $ 583,210.30
217,647
565,167
6.337
7-332
% 591,354.0?
1,733
12,043,693
14,278,926 565,167
U,108,421
\
4.600
a.881
9.261 7-332 4.892
Ounces
1,540,400.69 63,715.04
1,604,115.73 266,375-95
1,870,491.68
Price
34.75 4
44.75
35.15 71.0238
40.1614/
Amount as above
* 535,289.24 28.512.47
563,801.71 189,190.32
* 752,992.03
17,511.785
34.198
$ 598,867.65
15,520,972 198,596
10,467,729
1,242,046
366,571* 640,692*
9.156 4.942
4.777
3
PNYC00000775
METALS AND MANUFACTURED PRODtTr.Tg
a mo u n t
Copper Zinc Lead Sliver 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 9
Increase in depreciation Included in above Inven tories - details page 16
Per page 5
POUNDS
Copper Zinc Lead
CENTS PER POUND
Copper Zinc Lead
Tooele plant
Miami plant
Lead refinery
Zinc oxide Whil department dcp<
$ 200,017.05
529,546.02 354,650.61 184,222.44
3,146,21
52,706.78
21,111.22 40,306.56
13,792.29 188,504.96
9,242-68
41,440.46 228,519.04
316,
1,271,582.33 Hl.ltM.92
$ 1,130,L37.*1
114,124.56 166.664.09
52,539.53#
211,539-93 211,539-93
4,503.18 274,462.63
274,462.68
9. 326,
326,
1,711,783 10,889,041
523,445
11.685 4.862
10.070
217,647
565,167
6.337
7.332
SILVER - total for all departments - not covered by affidavits
PNtC0000077fa
ACCOUNTS AMD NQTgs RECEIVar t
Tooele plant
Copper
Canyon lease
Miami plant
Lead refinery .
For tells and for metals and manufactured
products: Inspiration Consolidated Copper Company
International Minerals and Metals Company Irvington Smelting and Refining works
Kennecott Copper Company Miami Copper Company United States Assay Office United States Government - Treasury Department
Utah Copper Company Sundry customers
54,269.45 36,495.95
43,611.55 15.396.48
235,850.58 459,714.45 110.592.71
129,773.45
30o ,157.5^
For premiums on production in excess of quota - Metals Reserve Company
49,582.49 17,703.h 5
Sundry debtors
22.426.28 3,849.89
867.23 14.551.80
201,782.22 21,553-34 807,024.77 14,351.30
Less reserve for doubtful notes and accounts
Per Balance Sheet - page 9
201,782.22 21,553 -34 807,024.77 14,351-30
PN*coooo 07;
ACCOUNTS AWE NOTES RECEIVABLE - TRADE, LESS P F^FPVy
25
Ccpper Canyon lease
Miami Plant
Lead refinery
Zlr.c oxide white lead Raritan department department refinery
Items not allocated to departments
Total December II.
194^
Total December
':94l
235,950.38
*59,714.45
UC.592.71 806,157.54
16,213.fi?
3,J'S.57
SI,=37.72
56.515,25 _?oaS3a-23L
25.69
56,973.2- 50.153.23 111,625.65
99,265.73
252.06A.05 34.269.45
99 265-73 36 195 9' 463 263.P2
$
91 837.72
111 a1,f19?8-4* .,2c7fj 7v*i1.1:3:q' .i0i6l
213!147 'M
'79.308 31
99,265.73 1,233,950.35
1,228.15?.0;
',703.45
225,538.00
292,823.94 -
.849.39
867.23 14.351.80
,13.594.91 208,420.30
263.510.41
,533.34 907,024.77 14,351,80 56,975.25 30,153-23 350,758.56 307,686.03 1,790,285-20
74.093.59 1,303,152.64
30.004.07 15.343,48
45.347.55
43.163.81
_.3'3.34 807,024.77 14,351-80 26,971.18 14,809.75 350,758.56 307,686.03 1,744,937-65 i 1,259,988.83
PNYC00000778
r m
ACCOUNTS WITH AFFILIATES
26
jccounts receivable from; The American Brass Company
Anaconda Copper Mining Company Anaconda Sales Company
Anaconda Wire and Cable Company Basic Magnesium, Incorporated Tbe Caaanea Consolidated Copper
Company, S. A. Copper Export Association Chile Exploration Company
December 31, December 31,
1941
1942
# 650.30 1,800.22
314,947.32 11,578.26
98.31
329,074.41
7,133.28
14,103.95 403.06
97,470.77 53.74
119,164.60
Net off accounts payable to;
Anaconda Copper Mining Company Anaconda Wire and Cable Company
1,800.22 790.69
2,590.91
7,133.28 8.64
7,141.92
Per Balance Sheet - page 9
t 32S,433.30
112,022.86
Increase decrease*
650,30 5,333.06 314,947.32 2,525.69
403.. 06
98,31' 97,470.77
53. *4 209,909.51'
5,333.06 782 05*
4,551.01
214,460.62*
Accounts payable to: The American Brass Company Anaoonda Copper Mining Company Anaoonda Salas Company (current account) Anaoonda Wire and Cable Company Chile Steamship Company Incorporated Montana Hardware Company Tooele Valley Railway Company
Nat off accounts receivable, as above
Per Balance Sheet - page 9
-21,098.90
790.69
2,335.69 5,095.28 12.215.85
41,536.41
214.04 21,290.69
1,591,249.27 8.64
236.64 6,610.32 16.086.37
1,635,695.97
214.04 191.79
1,591,249.27 782.05*
2.099.05* 1,515.04 3.S70 2
1,594,159.56
2,590.91
7,141.92
4,551 01
4 39,943.30 1,628,554.05 1,589,608 55
5
J
PNYC00000779
T 27 CASH
Cash in banka: Chase National Bank, New Tort Continental National Bank and Trust Company of Balt Lake City, Utah First National Bank of Salt Lake City, Tooele, Utah Battle Mountain State Bank, Battle Mountain, Nevada Valley National Bank, Globe, Arizona First National Bank in East Chicago, Indiana Firestone Park Trust and Savings Bank, Akron, Ohio First Bank and Trust Conpany, Perth Amboy, New Jersey
Less outstanding drafts on New York office. deposited in banks
Petty oesh
Per Balanoe Sheet - page 9
December 31, 1941
December 31, 1942
% 157,776.90
77,992.19
49,843.63
1,638.08 12,165.87 14,107.70
25,000.00
26.731.96
365,256.61
211,053.40
89,181.78
49,910.43
856.87 9,387.49 15,423.99
25,000.00
51.222.25
452,036.21
82.502.81 282,753.80
968.85
74.901.52 377,134.69
792.91
$ 283,722.65
377,927.60
! PNYC00000780
f1
26
INSTALLMENT ROUSE AND LAND SALES AND OTHER ACCOUNTS RECEIVABLE - LESS RESERVE
Tooele: Installment land sale - Tom Buzzianis* contract
Cosh la closed bank - Tooele County State Bank
Leas reserve for doubtful accounts
Per Balance Sheet - page 9
December 31, December 31,
1941
1942
Increase
) 0,464.63 0,464.63
1,717,28 1,717.20 1,717.28
1.717.28 10,181.91
1,717.28
8,464.63
*
--
8,464.63* 8,464.63
9
PNYCOOOOO 76
ADVANCES TO SUNDRY MINING COMPANIES INCLUDING ADVANCES ON ORSS - LKSS airiswnrrg
Me purchase account's: u Current items
Advances - good - fair but slow
ether notes and accounts: Afterthought Mines Corporation (consoli dated at December 31, 1942} Copper Canyon. Mining Company New Quincy Mining Company Panther Mines Company Prince Consolidated Mining Company Snyder Mines, Inc. Sundry - Tooele plant - Copper Canyon leas#
Less reserve for doubtful accounts
per Balance Sheet - page 9
December 31, December 31
1941
1942
464.99 23,131.40 4o.i23.ee
63.720.27
5,358.17 31,819.69 39.114.24
76,292.10
6,440.78 8,353.83 29,668.40 9,579.73 13,672.72
6,129.43 406.88
74.451.77
138,172.04
49.289.17
86,882.87
19,353.63 69,938.46
9,535.66 14,764.06 202,095.21
4.226.04 284.16
320.197.62
396,489.72
49.289.17
347,200.55
Increase decrease*
4,892.18 6,688.29 1.009.64*
12.571.83
6,440.78* 11,000.00 40.270.06
43.87* 891.34 202,095.21 1,903.39* 122.72*
245.745,85
258,317.66
__
250,317.68
Investments and advances: Afterthought Mines Corporation Prince Consolidated Mining Company
Copper Canyon lease: Copper Canyon Mining Company Sundry accounts
Tooele plant: Ore purchase accounts New Quincy Mining Company Panther Mines Company Snyder Mines, Inc. Sundry Accounts
Less reserve for doubtful accounts
As above
6,440.78 13.872.72
20.313.50
14.764.06 14.764.06
6,440.78* 891.34
5.549.44*
8,353.83 406.88
8.760.71
19,353.83 284.18
19.637.99
11,000.00 122.72*
10.877.28
63,720.27 29,666.40
9,579.73
6.129.43
109,097.83 49.289.17
59.608.66
88,682.87
76,292.10 69,936.46
9,535.86 202,095.21
4.226.04
362,087.67 49.289.17
312.798.50
347,200.55
12,571.83 40,270.06
43.87* 202,095.21
1.903.39*
252,989.84
252.989.64
258,317,68
i
PNYC0000078
RTMttPVB FOR 'AfGRKMFW'S COMPENSATION INSURANCE
30
lent mts and advances dr Hill .`inery Lde department 3ad department refinery
asce Sheet - page 9
Deductions -
compensation
paid,
Balance Additions - medical and
December 31, details
hospital
December 31
1941
below
expenses, etc.
1942
, 19,093.7? 41,593.81
32,892.60 30,155.45
2,360.47 10,953.36
9,266.65
3,091.95 12,925.85
2,268.43 1,170.62
650.48 16,205.65
3,040.41 1,664.. 49 1,416.16 8,878.95
10,181,38 8,774,78 2,324.27
22,252,55
$ 57,714.05 63,868.99
47,914.61 73,668.43
a of additions - year 1942
le plant . refinery i oxide department ;e lead department Lten refinery
Total as above
$ 41,593.61 2,266.43 1,170.62 650.46
18,205.65
| 63,866.99
Charged Pay roll cost deductions
31,479.72
2,268.43 1,170.82
650.46 16,205.65
10,114.09
53,774.90 10,114.09
i
9*'
(cfi* Q0<
1
ACCOUNTS PAYIB?J
31
Ore purchases - Tooele plant
Reserve for unearned toils - Raritan
refinery Wages payable - details below Payroll deductions for employees' war
bond purchases Employees* deposits - Tooele plant Reserve for repairs - Raritan electro-
sheet department - details below Sundry accounts payable
December 31, 1941
$ 129,385.91
134,318.13 122,420.04
_
9,334.48
11,525.36 547,092.83
December 31, 1942
95,530.08
435,013.50 116,033.70
31,071-57 10,905.42
11,072.88 630,736-66
$ 954,076.75
1,330,363.81
Details of Wanes oavable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advances
* 56,630.11 5,719.92 ' 8,825.44
26,936.50 24,308.07
"
46,269.23 9,997.48
8,563.31 14,454.93
34,624.48 2,124.22
As above
$ 122,920,0.
116,033.70
Details of Reserve for repairs - Raritan
electro-sheet deoartmeift
Balance
Additions -
December 31, charged oper-
1941
atinn expense
Deductions - Balance
expended for December '31,
repairs
1942
Reserve for lead anode renewals
Reserve for drum surface renewals
% 2,971.86 8,553.30
167.40 394.49
257,04 1,056.53
2,381.42 0.191.46
As above
| 11,525.36
861.89
1,314.37
11,072,88
PNYC00000784
T
Federal old age benefits tax Federal and state unemployment insurance taxes Federal income and excess profits taxes v>der.l capital stock tax Real estate taxes Sundry Per Balance Sheet * page 9
denotes debit
ACCRUED
TAXES
Tooele Plant
$ 6,269.69
20*759.54
Copper Canyon
lease
10.80
2,008.78
Miami Plant
1*591.70
6,904.99
826.44
8,490.55
8,954.21 2,009.5?
27,855.67 10,509.91 19,440.75
PNYC0000078
AC CRPeP
TAXES
32
ooele lagt .269.69 ,759.59
626.44
Copper Canyon
lease 10.80
2,008.78
8,490.33
Ml Mil Plant 1,591.70 6,909.99
3,939.21 2,009.83
Lead refinery
1,661.57
9,970.82
Raritan refinery
Items not
Investments1 allocated and to
advances departments
8,963.03
8.44
379.76*
Total December 31,
i242
18,130.97
16,993.72 299.90
151.77*
51,730.98
180,700.00
180,700.00
5,000.00
5,000,00
168.00
17,592.54
2,836.27
Total December 31,
1241 $ 19,222.99
56,999.68
568,500.82
11,250.00
9,340.06
1,788.72
,355.67 10,509.91 19,440.73 5,632.39 25,906.75 471.34 135,173.97
275,990.26
i 662,177.22
PN*C00CC78t
0SBSSTURS3 AHP NCT33 PATlBU TO AHACOWPA COFPBH ICPTOTO COUPAFT
15 year 6* debentures
due 1950
pr Balance Sheet - peg* 9 , 8,000,000.00
Demand note, interest at 5#
2,250,000.00
Time note, interest
at 1-3/4*
Total
250,000.00 10,500,000.00
mterest accrued and paid
Balance December 31, 1941
$ 21;098,90
Aoorued 1942, per Income Aooount - page 10
480,000.00
Paid 1942
501,098.90 430,000,00
Balance December 31, 1942
| 21,098.90
-
112,500.00 112,500.00 112,500.00
.. _
4,375.00 4,375.00 4,375.00
--
--
21,098.90 596,875.00 617,973.90 596,875.00
21,098.90
PNYC00000787
QTHZa prvTDgtma an d nmegasT
34
Interest received; On advances; To subsidiaries not wholly owned; Comet Coalition Wines Company Eureka Bullion Wining Company Yankee Consolidated Wining Company
National Tunnel and Wines Company Walker Wining Coapany
International Building Association Tooale Valley Hallway Company Prince Consolidated Wining Company
Snyder Wines, Inc.
Miscellaneous - net
Dividends received: Perk-Cteh Consolidated Wines Company Miscellaneous
Per Income Account - page 10
Year 1941
Year 1942
# 1,704.73 1,253.44 17.95
2,976.12 3,654.16 19.554.23
25,364.51 2,637,42 2,674,05
30,695,98
30,695.96 446.04
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
31,344.02 47,451.66
6,980.00 1.88
6,981.66
t 38,325.90
-47,451.86
PNYC00000788
MISCELLANEOUS INCOME OR 1033*
35
Tooele plant: Profit on supplies - fire loss Profit on sale of land details below
Miami plant: Loss on sale of land - details below Seats
Zinc oxide department: Loss on sale of land - Akron (sales price $14,000) Loss on sale of mortgage on Akron property Loss on securities sold
Raritan refinery: Record storage rents Copper storage rents Discount on prepayment of taxes Loading and unloading llgnters - net
Investments and advances: Perk-Utah Consolidated Mines Company reimbursement for dividends of prior years not received by the company Outside property inoome, Tooele - net Ophlr Hill reats Loss on securities
Year 1941 Year 1942
*
--
9,465.04
1,773.78
11.236,82
1.728.00 1.728 , 00
6,746.88' 1,728.00
5,aia,as"
24,749,35* 4.916.37*
29.665.72*
5.CQC.00* 5.000.00*
1,350.00 . 5.323.94
2.976.95 5.286.Iff
1,350.00 9,259.12
2,890.74 2.263-80
14.937.05
15.763.66
1,300.00 579.90 220.00
4.632.29*
2,532.39*
1,300.00 1,560,76'
10.00
2,870-76
Per Income Account - page 10
t 15,533.04* 19,854.36
Details of loss on lands sold
Tooele - Utah Land Board property sold to Tom Buzzlanls
- Whitehouse property sold to L. U. Johnson
- Water rights transferred to International Building Association
Miami - Peter Sachon tract Rico lands
Cost -
H' Sales orioe
Loss (profit*) as above
$ 7.350.00 70.74
8,994.52 200.00
1,644,52* 129.26*
3.680.00
11,100.74 10,245.88
2,480.00
3.680.00
12,874.52 3,500.00 2,480.00
1,773.78* 6,745.88
--
i
coooooi*^ pNt
36 pHYcoaoao7<?o
BALANCE SHEET TTW.S
Wholly owned subsidiaries
Kountaj City Coppe
Coopan
Mines and mining claims and lands
4
Investments:
Securities of subsidiaries - not wholly owned
- wholly owned Other security investments
43,000.00
Indebtedness of subsidiaries - not current - not wholly owned
,. ;-ine development
- wholly owned
157,305.76
Prepaid, expenses
Supplies on hand
Advances to Tooele Valley Hallway Company
1,143,261
200,365.76 1,143,281.
Accounts payable Accrued taxes Indebtedness to subsidiaries - not wholly owned
- wholly owned
20,714.91 20,714.91
Net investment
$ 179,670.85 1,143,281.-.
INCOME ACCOUNT ITELE Cost of sales ?ijvision for depreciation and gain on disposal or dismantlement of fixed assets Income or loss* from operations
Other income*. Dividend from Mountain City Copper Company Interest received Miscellaneous income
Net income or loss*
2,630.01
219,440.1(
2,630.01 $ 2,630.01
219,440.1C 219,440.10
PNYC00000791
PSTAJLS or INYRnvjtNTS AMP ADVANCE
Wholly owned subsidiaries
Mountain City Copper
Company
National Tunnel L Mines Company
Walker tuning Company
Prince
Other
Fark-Utah Co;:3oli-
subsidiaries Consolldated dated
not
Mines
Mining
wholly owned Company
comoanv
Victor!
lease ooeratii
*
43,000.00
wholly owned
lly owned
157,385.76
1,143,281.33
779,386.32 1_S59.553.05
497,288.69
702,495.93 62,790.21
441,157.50
47,132.66
36,552.9 523.4
10,360.6
200,385.76 1,143,261.33 2,336,939.37 497,288.69 765,286.14 441,157,50 47,132.86 47,437.0
20.714.91 20,714.91
5,653.0 302.3565.9i
6,522.31
$ 179,670.85 1,143,281.33 2,338,939.37 497,268.69 765,286.14 441,157.50 47,132.86 40,914.64
*
219,440.10
2,630.01
20,833.31 12,379.24 3,451.19
_____________________________________________________________________
2,630.01 219,440.10
20,833.31 12,379.24 3,451.19
$ 2,630.01 219,440.10
20,833.31 12,379.24 3,451,19
678.67 1.300 .00 _____________
1,300.00
678.67
1,300.00
678.67
! PNYC000007S
f i7
:.
117.675.35 117,875.35
117,675.35
Mines Departnent,
outside
exploration, etc.
Total pages 13
and 13
456,733.67 456,733.67
456,733.67
2,625,163.58 43,000.00
480,290.36 2,119,631.95
157,385.76 36,552.94 523.45 10,360.63 117.875.35
6,055.517.69
168.00 166.00
5,653.06 471.34 565.96
20.714.91
27,405.29
158.00* 456,733.67 6,026,112.40
447.52*
693.57*
1.985.22 4..324.75
1,537.70 3,,631.18
77,309.73* 77,209.73*
78,450.82* 6.309.97
72,140.85*
2,455.78 ________________ 10,00
, 2,455.78
10.00
2.455.78 1*547.70 3,631.18
1,560.76 1,560.76
75,748.97*
19,440.10 42,426.30 2,570.76
264,739.06
192,598.21
PNYCOOOOO793
PNYC00000794
T
I N D St
IMS
A
26 Accounts with affiliates 25 Accounts receivable * trade, less reserve 28 - other 31 Accounts payable - trade 32 Accrued taxes 18 Advances to subsidiaries - not wholly owned 19 - wholly owned 29 Advances to sundry mining companies 26 Affiliates, accounts with
B
12 Balance Sheet - by departments 9 - comparative
15 Buildings and machinery
C
2? Cash
D
33 Debentures and notes payable to Anacoada Copper kilning Company 23 Deferred expenses 16 Depreciation, provision for 16 Depreciation, reserve for
B
23 Bxpenses, deferred 22 Expenses, prepaid
39
Bunds received and disbursed
Income Account - by departments
- comparative Indebtedness of affiliates Indebtedness to subsidiaries - wholly owned
Installment house and land sales and other accounts receivable Interest received Inventories, finished
Investment in and Indebtedness of subsidiaries - not wholly owned
- wholly owned Investment in securities of subsidiaries - not wholly owned Investments and advances Investments, other seourlty Items not allocated to departments
5
40
Pare
U 15 Machinery, buildings and 24 Metals and manufactured products - finished 21 Mine development 14 Mines and mining claims and lands 55 Miscellaneous Income or loss
N 53 Notes payable to Anaconda Copper Mining Company
0 2 Operations by departments - comparative 28 Other accounts receivable. Installment house and land sales and 34 Other dividends and Interest 20 Other security investments
P 22 Prepaid expenses
2 Profit on plant operations R
16 Reserve for - depreciation 30 - workmen's compensation insurance
S 17 Securities - of subsidiaries - not wholly owned 19 - wholly owned 20 - other 18 Subsidiaries, investment in and advances to - not wholly owned 19 - wholly owned ^ 11 Surplus account
T 32 Taxes accrued
w 5 Working capital 30 Workmen's compensation, reserve for
PNYC000C0796