Document K67djnQkyxQnNG9155GLomggw
N10128
INT53MATICN'Al SKIRTING AND HEFIMKG COMPAtfY h ip :r : :r? a u d it
YEAR ZND2Z DECEMBER 31, 19^5
Pogson* Peloubet & Co. Certified Public Accountants
PNYC00000907
INDEX
Page
1 1 3 4 5 6 8 8
GENERAL COMMENTS Scope of the report Financial condition-of the . company Settlement of indebtedness to Anaconda Copper Mining Company Company operations Investments and income therefrom Statement of funds received and disbursed Distribution of E&lacsj^SMftt juni income^Account to department Scope of audit
FINANCIAL STATEMENTS
0 o 0 9 o a
Shy ->hts
, |
'm'
To the Board of Directors, International Smelting and Refining Company, 25 Broadway, Rev York 4, New York
Dear Sirs: We have made a general audit of the books and accounts of
INTERNATIONAL SMELTIHQ AND REFINING COMPANY for the year ended December 31, 19^5, and present the various statements listed on the opposite page.
The accounts of New Jersey Storage and Warehouse Company and Raritan Terminal and Transportation Company, wholly owned subsidiaries, which are not operating, have not been consolidated with those of International Smelting and Refining Company In this report.
International Smelting and Refining Company Is a 100# owned consolidated subsidiary of Anaconda Copper Mining Company. mis report, while complete and inclusive for Internatloral Smelting and Refining Company, Is principally a supplementary amplification of the Report on Audit of Anaconda Copper Mining Company and subsidiary companies. It shows the portion of the consolidated accounts of Anaconda Copper Mining Company relating to International Smelting and Refining Company on the eame basis and under the same classifications sa shown In the consolidated report, but In somewhat greater detail.
FINANCIAL Summarized, the changes In financial condition during the year vere
PNYC00000909
as follows:
a
December 31> 19***
December 31, 1945
Current assets
Deferred charges and other assets
Fixed assets
$ 8,291,258.17
2,592,964.14 14,06c.874.10
8,577,533-53
259,089.51 8,597,482.39
Total assets
24.945.094.50 17,434.105.43
Current liabilities Reserve for workmen's compensa
tion Insurance
1,892,795-76 52,376.64
1,486,789-38 67.698.20
Total liabilities, except for
notes payable to Anaconda
Copper Mining Company
1,945,172.40 . 1,554,487.58
Equity of Anaconda Copper Min
ing Company
$ 22,999,922.10 15,879,617.85
Decrease* or Increase In
investment 286,277-36
2,333,874.63* 8,453,391.80* 7.510.989.07*
406,006.38* 15,321.56
390.684.82*
7,120,304.25*
The equity of Anaconda Copper Mining Company Is represented by:
Notes Capital stock Surplus
$ 10,500,000.00
- - 10,500,000.00*
12,262,500.00 15,000,000.00 2,737,500.00 ____gJMiz-io ____Z2agiL8S______ aasiSSiZS
As above
)
t 22,999,922-10 15,879,617.85 7,120,304.25*
and represents Investment In the following net assets:
Principal smelting, refining
and manufacturing plants
(details page 4)
$ 14,715,403.57
Securities of and advances to
other companies, etc.
(details page 41)
8.284,518.53
14,741,778.08 1.137.839.77
As above
$ 22,999,922.10 15,879,617.85
26,374.51
7.146,678.76* 7,120,304.25*
The decrease in equity during the year 1945 is accounted for by the
repayment of notes
$ 10,500,000.00
of which part was paid by the issue of capital stock of the par value of
2,737,500.00
(the balance being paid by sale of certain assets to Anaconda - see page 3)
_________________
Net decrease due to repayment of debt
7,762,500.00
offset by net income of the year
$ 505,888.15
and reversal of reserve for Investment In
National Tunnel & Mines Company (one of the assets sold to Anaconda)
136,307.60
642,195.75
Net decrease, as above
$ 7,120,304.25
The change In current position wae as follows:
December 31, 1944
December 31, 1945
assets liabilities
$ 8,291,256.17 1,892,795.76
8,577,533.53 1.486.789.38
$ 6,398,460.41
7,090,744.15
Increase or decrease*
286,277.36 406.006. 38-
692,283.74
ratio
4.4 to 1
5.8 to 1
SETTLEMENT OF INDEBTEDNESS TO ANACONDA COPPER MINING COMPANY
During the year the oompany settled Its Indebtedness to Anaconda Copper
Mining Company,, represented by notes payable of $10,500,000.00, as follows:
As of March 27, 1945, International Smelting and Refining Company issued 36,500 shares of Its capital stock to Anaconda Copper Mining Company, thereby com pleting the Issuance of Its total authorized capital stock. The par value of the shares Issued, $2,737,500, was applied to the reduction of certain notes of the company payable to Anaconda Copper Mining Company. As of April 19, 1945, the
company paid off the balance of such notes by transferring Its Investment In various mining companies and properties to Anaconda Copper Mining Company.
The net effect of these two transactions is shown below:
Capital stock of International Smelting and Refining Company
Issued to Anaaonda Copper Mining Company - 36,500
shares - par value $75*00 each
$
Assets sold to AnwMOda Copper Mining Company:
Capital stock of:
Copper Canyon Mining Company
$ 8,600.00
Mountain City Copper Company
996,987.93
National Tunnel & Mines Company
915,693.92
North Lily Mining Company
66,527.78
Park-Utah Consolidated Mines Company
441,157.50
Prince Consolidated Mining Company
47,132.86
Notes and accrued Interest of:
Notes
Interest
Total
National Tunnel &
Mines Company $ 1,950,000.00
2,537.67 1,952,537.67
Snyder Mines,
Incorporated
141,040.41
5,455.16
146,495.57
Tooele Valley Rail
way Company
... 103,136.57
581.39 ___ 103,717.96
$ 2,194,176.98
8,574.22
Leases and Interest on
expenditures:
Expenditures
Interest
Total
Copper Canyon lease $ 1,280,518.22
Gulld-Adams lease
1,288,852.12
Victoria lease
996,830.49
$ 2,866,200.83
201,211.02 1,481,729.24 82,585.52 1,371,437.64 14,168.90 ___ 310,999-39
297,965-44
2,737,500.00 2,476,099-99 2,202,751-20 3.164,166.27
Indebtedness to Anaconda Copper Mining Company repaid:
Principal aseunt
Interest
Total
Note dated June 27,1944 $2,500,000.00 Note dated June 27.1944 8.000.000.00
$10,500,000.00
13,581.73 2,513,581.73 45,157-97 8,045.157-97
58,739.70
Net amount credited to
International Smelting and Refining Company
10.558,739.70 21,777-76
fflPERATIQNS
4
Operations of International Smelting and Refining Company for the past
three years compare as follows:
Year 1943
Year 1944
Year 1945
Gross sales and earnings
$ 22,046,552-29 21,918,993-90 19,587,706.70
Net profit on plant operations Income (loss*) from sundry
Investments - page 5 Reimbursement of Interest on
lease expenditures
$
764,377.88 67,745.23*
Interest paid to Anaconda Copper Mining Company on debentures and notes
Provision for Federal Income taxes -
estimated Provision for contingencies
696,632.65
596,875.00 30,000.00
297,642.94
924,517.94
Net Income (Loss*)
$ 227,885-29*
412,217.10 110,605.27*
301,611.83
341,442.49 26,279.28
297,965.44 665.687.21
395,912.44
56,500.69 . 103,296.37
395,912-44 94,300.61*
169,799.06 505,888.15
Net profit on operations of the various plants and departments of the
company and income from sundry Investments for the past three years together vith
the respective investment therein at December 31, 19^5 are shown in the following
summary:
Net Profit (Loss*) on plant operations
Year 19^3
Year 1944
Year 19^5
Tooele plant
$ 394,775-34*
Miami plant
133,925-85
Lead refinery
32,969-95
Zinc oxide department
90,618.19*
White lead department
16,823.58*
Raritan refinery
1,216,453.14
Raritan electro-sheet
department
34,409.58*
Not allocated (details
page 42)
3g.344.37*
344,208.98* 147,172.64
36,223.72 1,890-97*
21,701.99* 729,523.18
21,545-80*
111,354.70*
439,979.09* 11,911.49 40,358.34 73,431.83 19,265-33'
831,663.17
15.457.07'
141,420.85
Investment at December 31, 12i5
4,319,552.69 1,213,288.11
741.319.56 864,975-51 445,099.24 6,394,539.75
286,056.6c
476.944.56
Net profit on plant
operations - as
above
$
764,377-88
412,217.10
341,442.49 14,741,778.08
* Details of the above figures for 1945 are shown on the Balance 3heet and Income Account by departments on pages 14 and 15 respectively.
Income (Loss*) from sundry Investments
Investment at
December 31,
Year 19*3
Year 1944 Year 1945
1946
National Tunnel A Mines
Company, interest
$ 44,365-37 40,751-09 14,558.22
--
Walker Mining Company, loss
on note
-
- - 44,273-75*
--
Other Investments
advances
(details page 41)
112,110.60* 159.356.36* 55.994.81 1.137.839-77
Income (Loss*) from Invest
ments - per page 4
$ 67,745-23* 110,605-27* 26,279-28 1,137,839-77
Details of the above figures for 1945 .ere ehovn on the Balance Sheet and Income Account by departments on pages 14 and 15 respectively.
INVESTMENTS IN WHOLLY OWNED SUBSIDIARIES The net Investment of International Smelting and Refining .Company In
Its wholly ovned subsidiaries (New Jersey Storage and Warehouse Company and Raritan Terminal and Transportation Company) amounted to $16,952.31 at December 31, 1945- Net Income of these companies for the year 1945 was $595-88. Details page 29-
INVESTMENTS IN OTHER COMPANIES
Investments, Including noncurrent advances. In subsidiaries not
wholly owned and in other companies amounted to $664,889-01 at December 31,
1945 soopared with $5,220,959-83 at December 31, 1944, as shown by the follow
ing table:
December 31, December 31,
1944
1945
Investment (including noncurrent advances) In companies sold to Anaconda Copper Mining Company April 19, 1945:
Copper Canyon Mining Company Mountain City Copper Company National Tunnel A Mines Company North Lily Mining Company Park-Dtah Consolidated Mines Company Prince Consolidated Mining Company
Investment In companies retained by International Smelting and Refining Company:
Comet Coalition Mines Company Eureka Bullion Mining Company Mountain View Mining Company Victor Consolidated Mining Company Yankee Consolidated Mining Company
$ 8,600.00 996,987.93
2,729,386.32 134.256.39 441,157.50 47,132.86
4,357,521.00
340,891.71
68,806.23 18,306.52 20,040.20
663.296.62
--
.
340,891.71 216,821.01
68,806.23 18,306.52 20,063-54 664.889.01
Indebtedness of walker Mining Company, leas ressrvt
200.142.21
As above
$ 5,220,959-83 664,889-01
There Is Included In the Income Accounts of the years 1944 and 1945
the following Income and expense relating to the above investments:
Income - Interest on advances - dividends
fear 1944
$ 52,739.40 6,980.00
Year 1945 16,670.57
Expense
reserved for advances loss on settlement of note of Walker
Mining Company
Net Income or Loss* from investments
59,719.40 51,982.06
51,982;o 6 $ 7,737.34
16,670.57 2,317.63
44,273.75 46,591.38 29,920.81'
Based upon quotations of the Salt Lake Stock Exchange, the capital
! stock of companies retained by International Smelting and Refining Company had
a market value of $487,089.18 at December 31. 1945, compared with $334,896.70
for the same companies at December 31. 1944 (details page 31).
The company's share of the combined net Income of such companies (all
being subsidiaries not wholly owned) amounted to $586.75 for the year 1945,
whereas its equity in their combined net lose for the year 1944 amounted to
$668.77. STATEMENT OF FUNDS RECEIVED ADD DISBURSED
Funds were made available to the company during the year as follows:
Operating profit before deducting non-cash Items and excluding net interest received from Anaconda Copper Mining Company (details page 7)
Fixed assets disposed of Decrease in accounts receivable (excluding account
with Anaconda Sales Company shown separately below) (details page 7) Increase in liabilities (excluding acoount with Anaconda Sales Company shown separately below) Net proceeds from sale of securities to Anaconda
Copper Mining Company, April 19. 1945 (details page 3)
$ 901,396.96 5,787.89
355,591.46 236,129.84
21,777.76
Funds were disbursed as follows:
1,520,683.91
Change in account with Anaconda 3ales Company: Balance December 31. 1944 - payable Balance December 31, 1945 - receivable
Increase in inventories (details page 7) Increase in deferred items, principally Tintic
District development Fixed assets purchased Additional cost in 1945 to date of sale of assets
sold to Anaconda Copper Mining Company, principally expenditures on Copper Canyon, Guild-Adams and Victoria leases
$ 606,785.55 384,990.57 991,776.12 65,440.81
110,971.44 44,197.13
168,601.37
1,380,986.87
Resulting in an Increase in cash (exclusive of that of leases) of
$ 139,697.04
PNrC00000914
Operating profit before deducting neo-cash Items and Interest
Net Income, per Income Account - page It Add back charges to Income not requiring cash:
Accounts vrltten off or reserved for: Walker Mining Company Other
Depreciation
Less sundry Items
Interest received from Anaconda Copper Mining Company on lease expenditures:
Applicable to 1945 (January 1 to April 19) Applicable to prior years
Less Interest paid on notes payable to Anaconda Copper Mining Company
Per page 6
r
$ 505,888.15
t 44,273.75 -Ju2?ls2L 47,602.12
638,712^85 1,733,-33
636,973.56 1,142,861.71
18,500.15 msA&tZZ
297,965.44
56,500,69
241,464.75
$ 901,396.96
Decrease In aeoountg receivable
Current: Decrease In accounts receivable - trade Decrease in accounts with affiliates, principally Anaconda Copper Mining Company
$
Less Increase in accounts vlth subsidiaries not wholly owned - Victor Consolidated Mining Company
Decrease In current receivables
Noncurrent:
Net decrease in advances to subsidiaries
not wholly owned, principally Walker
Mining Company
$ 151,604.19
Net decrease in advances to sundry mining
companies (details page 25):
Payments received
$ 384,415.26
Less advances made
347.582.34 36,832.92
Decrease in installment house and
land sales contracts
7,245.38
Less Increase in accounts with affiliates, principally North Lily Mining Company
195,682.49 11.675.08
Net decrease in receivables - not current
Net decrease in accounts receivable, per page 6
$
157,481.43 171,771.55
187.50 171,584.05
184,007.41 355,591.46
Increase in inventories
Increase in finished metals and manufactured products
(details page 20)
$ 479,983.31
Less decrease in metals and manufactured products in process
339,800.44
Net increese in metals and manufactured products Deduct decrease in supplies
Net Increase, per page 6
140,182.87 74.742.06
$ 65,440.81
PNYC00000915
g'SDERAL INCOME TAX
-t v s 8
Net income or loss of International Smelting and Refining Company has teen
included in the consolidated income and excess profits tax.returns filed by
Anaconda Copper Mining Company since 1941. That part of the total 1945 taxes to
be apportioned to International Smelting and Refining Company was not known in
tine to te Included In the accounts for 1945 and therefore the estimated 1945
tax accrued ir. this report is necessarily tentative, although an estimated tax
saving due to use of the consolidated basis was taken into account.
a n c -r t id a t ic :: z t s iz r g ~-:c y p l a n t f a c il it ie s
expenditures by International Smelting and Refining Company for emergency
plant facilities, amounting .to 3513,261.89, have been fully amortized for Feder
al Income tax punposes, as permitted under the Presidential Proclamation of
September 29, 1945 in accordance with the provisions of the Internal Revenue
Code. The statements In this report, however, are not on the tax basis, but
Include amortization of these facilities at the rate of 20 per cent, for the
year 1945 (as in prior years) and the Federal income tax deduction in the 1945
Income Account has been computed on this basis.
The remaining balance at December 31, 1945 of facilities unamortized,
amounting to 592,706.71, will be written off in the company's corporate ac
counts in subsequent years. This unanortized balance is, however, offset by
credits to be received from Anaconda Copper Mining Company, representing the
company's share of a reduction in consolidated 1945 Federal income tax and
refunds for prior years arising from the additional amortization allowable
for tax purposes. Pending settlement of refund claims and determination of
the amount of the 1945 consolidated tax, it is not possible to determine the
portion thereof to be allocated to International Smelting and Refining Company.
DISTRIBUTION'OF BALAHCZ SHEET AND INCOME ACCOUNT TO DEPARTMENTS
The Balance Sheet and Income Account by departments (pages 14 and 15 re
spectively) and their supporting schedules are presented in nine divisions, as
follows;
1. Tooele plant 2, Miami plant 3; Lead refinery (including Bismuth refinery
and Mixed Metals department)
4. Zinc oxide department 5. White lead department 6. Raritan refinery 7. Raritan electro-sheet department 8. Investments and advances 9. Not allocated
9 I The first seven divisions above, comprising the principal operating departments
I 0f the company, include smelting, refining and manufacturing operations. The I eighth division takes in other activities, chiefly of a financial nature, and
the ninth is composed of a few items for which there is no exact basis for allo
cation to the other divisions listed. Details of accounts which appear in the
last two divisions are giver, on pages 41 and 42 respectively. In making this
arrangement, the accounts of the company as shown on its various ledgers have
been redistributed and allocated to the appropriate division above. Land at
last Chicago and land, buildings and equipment at Perth Amboy have been allocated
among the various departments on a basis believed to be approximately correct.
SCO?; 05 AUDIT 'Ve have made a general audit of the books and records of International
Smelting and Refining Company and Its subsidiary corporations for the calendar
year ended December 31, 1945. In connection with our audit v/e examined or
tested the accounting records of the company and its subsidiaries and other
supporting evidence and made a general review of their accounting methods, in
cluding the system of internal check and control, and of the operating and income accounts for the year, but w? did not make a detailed audit of the transactions.
| V/e examined into the sufficiency of the internal audit and examined
i the reports of the internal auditors. Investments, securities, cash, notes receivable and capital stock have
been verified by inspection, certificate or correspondence and found in order.
Trade and Installment accounts receivable and advances to sundry min
ing companies were examined in detail and those considered bad or doubtful have
been written off or provided for in reserve. Accounts receivable of material
amount were tested by selecting certain accounts for confirmation by direct
communication with the debtors or, where possible, by direct comparison with
the books and records of the debtor. This work has been carried out in
conjunction with the company's internal audit staff.
I 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. 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
PNYC00000917
r
physical tests are la no way intended as a
xo substitute for the taking of physical
Inventories by company employees. The purpose is to establish the existence of
a proper system for talcing and recording physical inventories and to satisfy
ourselves that the system is operating effectively and as planned. In the course
of this work, a very substantial part (measured in money value) of the physical
inventories is actually inspected by us. v.'hile this inspection is not our primary
evidence of the existence and value of the inventories which must lie in the
records of the company, it is of great value as a confirmation of the company's
records and representations. Of stocks of metals and manufactured products
held for the company by others or held by the caapany for the account of others
a substantial part has been verified by direct comnunicatlon or, where possible,
by direct comparison with the books and records of such other companies. It is
the general practice of the company's internal auditors to make physical tests
from time to time of inventories of supplies and, while these tests cannot take
the place of similar tests by independent auditors, they are given full
consideration in determining the nature and. extent of the tests made by us.
Fixed assets, including investments, are carried at cash cost or,
in the case of properties acquired for securities of the company, at the
original par value of such securities. The values of fixed assets are shown
on this basis and do not indicate current values, which could be established
only by current appraisals. All other assets are carried at cash cost except
patents, which have been written down to the nominal value of one dollar.
We received during the year the usual courtesy from the officers
and staff throughout the company.
New York, November 19, 1946
INTERNATIONAL 3MBT COMPARATI DBOKHBER
Page
ASSETS
CURRENT ASSETS: 16 Cash
Accounts and notes receivable: 17 Trade, less reserve 18 Affiliates - current 19 Subsidiaries not whollyowned -current 20 Metals and manufactured products, finished and in process 14 Supplies on hand
i DEFERRED CHARGES AND OTHER ASSETS:
21 Mine development
I 22
Prepaid expenses
| 23
Deferred expenses
i 24
Installment land sales and advances to sundry mining companies,
' less reserve
Advances to Tooele Valley Railway Company
26
27
28 ]
29 30
18 19
FIXED ASSETS:
Mines and miningclaims, water rights and lands for metal producing and manufacturing plants
Buildings and machinery at mines, reduction works, refineries and manufacturing plants
Less reserve for depreciation Patents Investments:
Securities of subsidiaries -wholly owned - not wholly owned
Other investments Indebtedness not current:
Affiliates Subsidiaries not wholly owned
Dec
$ 1,346,952.60 24,257.09 30^-275.98
27,242,920.04 19.894.SqR.62 `
41,000.00 1,699,^83.86 3,226,276.68
395,199.29 '
LIABILITIES. CAPITAL STOCK AND SURPLUS
CURRENT LIABILITIES: 32 Accounts and wages payable 33 Accrued taxes (debit #) 18 Indebtedness - to affiliates 29 - to subsidiaries - wholly owned 19 - not wholly owned 34 NOTES PAYABLE TO ANACONDA COPPER MINING COMPANY 35 RESERVE FOR WORKMEN'S COMPENSATION INSURANCE 36 CAPITAL STOCK - 200,000 shares authorised of $75 par value each:
Issued and outstanding - 163,500 shares - 200,000 shares
13 SURPLUS
$;
:LTIKQ AHD RgPIHIBG COMPANY 'IVE BAIAHCE SHEET
31 1944 ATO 1945
11
comber 31. 1944
December 31. 1945
Decrease or lncrenap*
522,248.17
1,401,485.67 5,251,319.31 1.116.203.02
2,212,962.88 56,951.83 4,606.14
238,377.79 ____80.065.50
*i 656,584.84
$ 1,173,168.47 423,686.83
--------------187.50
8,291,256.17
1,597,042.80 5,391,502.18
932.403.71
2,592,964.14
213,747.65 33,676.44 9,185.26
2,480.16
$ 134,336.67*
8,577,533.53
173,784.13 399,429.74*
30,088.48 140,182.87*
-- 183.799.31
286,277.36*
259,089.51
1,999,215.23 23,275.39 4,579.12*
235,897.63 80.065.50 ?.333.R7U. 6^
1,450,588.94 7,348,324.42
1.00
5.261.959.83 .14,060.874.19 t 24,945,094.50
1,168,192.37
26,383,901.42 19.739.905.10 6,643,996.32
1.00
41,000.00 635,968.15
79,403.69 _____ 28.920.86
785.292.70 8.597.482.39 $ 17,434,105.43
282,396.57 704,328.10
1,063,515.71 3,226,276.68
79^03.69*
$ 7,510,989.07
,260,014.35
2,534.90#
610,738.97
23,896.53
_6fia.
1,892,795.76
10,500,000.00
52,376.64
12,262,500.00
------237,422.10
* 24,945,094.50
* 1,3884767.34 57,194.20
l6]780.15 24,047.69
1,486,789.38 67,698.20
15,000,000.00 --8ZSo6i7,85
i 17,434,105.43
128,752.99*
59,729.10*
593,958.82
151.16*
- 680.81
406,006.38
10,500,000.00
15,321.56*
2,737,500.00* 642.195.75*
i 7,510,989.07
s
O'
oo oQ
Q O
az.
INT3RKATI0KAL SMSLTINC Aim REFINING COMPANY SURPLUS ACCOUNT
YEAH SUED DECB3ZR 51. 1945
13
Balance December 31, 1944:
Surplus per books
"/rite down of investment in National Tunnel & Mines. Company by amount of deficit of Utah-Delaware Mining Company on dissolution in 1937
Surplus per audit report
Reversal of reduction above on account of sale of investment in National Tunnel k Mines Company to Anaconda Copper Mining Company in 1945
Net income of the year 1945 - page 12
per Balance Sheet, December 31, 1945 - page 11
$ 373,729.70
136,30 7,60
237,422.10
136,307.60 505,666.15
$ 879,617.85
i
] ti
!
PNYC.00000922
BALANCE SHEET - DECEMBER 31
ASSETS
CURRENT ASSETS: Cash Accounts and notes receivable: Trade, less reserve Affiliates - current Subsidiaries not wholly owned - current Metals and manufactured products, finished
and in process Supplies on hand
Total page 11
Ellmlnatlons*
Tooele plant
$ 656,584.84
372,182.83
1,173,168.47 423,686.83 161.74* 187-50
218,335-33
24,334.69 187.50
5,391,502.13 932,403.71
2,032,496.58 362,138.85
K
8 677
692 58
DEFERRED CHARGES AND OTHER ASSETS: Mina development Prepaid expenses Deferred expenses Installment land sales and advances to sundry
mining companies, less reserve
213,747-65 33,676.44 9,185.26
2,480.16
12,787.89 ' 9,185.26
42,174.38
2 9
FIXED ASSETS:
Mines and mining claims, vater rights and
lands Buildings and machinery
1,168,192.37 26,383,901.42
Less* reserve for depreciation
19,739,905.10*
Patents
1.00
Investments:
Securities of subsidiaries - wholly owned
41,000.00
- not wholly owned 635#968.15
Indebtedness not current:
Affiliates
79,403.69
Subsidiaries not wholly owned
28,920.86
368,768.83
56
7,137,790.28 3,103
5,979,404.13* 3,103
73-68
LIABILITIES
17,434.105.43 161.74* 4,601,051.97 1,505
CURRENT LIABILITIES: Accounts and wages payable
Accrued taxes Indebtedness - to affiliates
- to subsidiaries wholly owned
1,388,767.34 57,194.20
16,780.15 24,047.69
161.74*
216,074.93
18,065.34 15,538.82
278 14
RESERVE for workmen's compensation Insurance
67.698.20__________________ 31,820.19
1,554.487.58 161.74*
281.499.28
292
NET INVESTMENT - December 31, 1945
$ 15,879,617-85
- - 4,319,552.69 1,213
CAPITAL STOCK SURPLUS
As above
$ 15.000,000.00 879.617.85
* 15,879.617.85
NET INVESTMENT - December 31, 19*4 (deficit#)
for comparison
* 22,999,922.10
4,552,484.04 1,594
in
l. 1945 - BY DEPARTMENTS
Details of total
Miami plant
8,822.41
677,626.15
Lead refinery
Zinc oxide White lead department department
3,983.30 25,000.00
79,927*22 41,150.27 47,957.62
Raritan refinery
101,902.36
108,171.83 14,523.31
Raritan electro-
sheet department
Investments and
advances -
details page 41
Items not allocated to departments
details pae 42
144,693.36
384,990.57
692,258.47 58,711.31
358,554.97 620,811.78 194,305.16 97,816.38 26,926.63 23,604.03
1,485,076.97 363,206.51
7,998.25
2,181.96 9,594.95
1,564.88
17,141.71
213,747.65 49,289.17*
56,419.72
130,665-27 22,073-16 13,243.90
409,751.25
4,349.45
.103,550.21 1,146,545-81 640,977.22 796,350.58 13,165,359-04 393,328.28
.103,550.21* 848,823.14* 507,074.54* 627,859.01* 8,553,576.70* 119,617.32*
1.00
162,920.79
41,000.00 635,968.15
79,330.01 28.920.86
,505,614.97
970.236.27 869,864.52 447.602.28 7,111,556.28 286,058.66 1.161.887.46 480,394.76
278,035-48 14,291.38
292.326.86 ,213,288.11
214,027.32
6,137.45 43.24
8.708.70
4.889-01
2.503.04
228.916.71
4,889.01
2.503.04
741,319-56 864,975-51 445,099-24
675,611.52 20,267.92 1,359-83
24,047.69
5,018.09 1,567.89*
19.777.26
717,016.53
24.047.69
3,450.20
6,394,539.75 286,058.66 1,137,839-77 476,944.56
,594,017.85
754,932-17 570,632.78 595,416.05 6,706,081.71 287,775.99 8,284,518.53 345,937.02j!
Total PB e. 12
department elimination* Tooele nlsnt Miami plant
Sales of copper zinc lead silver gold
miscellaneous metals zinc oxide white lead electro-sheet copper residue, ores, etc.
Premium payment on production in
excess of quota. Tolls
$ 1,214,393-*3 237,852.94
2,966,159.57 2,533,173.49 1,812,825.15
236,824.75 1,279,325-76
734,398.29 43,689.07
1,619,330.55
389,386.79 6,320,346.91
205.79* 32,890.72* 547,586.07*
, 254.88* 261.52*
656,614.15
2,386,853.59 1,478,159.69
553,659.62 52,336.93
46,454.15* 1,810,413.71
,,,, 2,358,331.82*
389,386.79 338,474.56
370,896.36 170,093-07 151,861,60
2.553,830,98
Sales and tolls
19,587,706.70 2,985,984.95* 7.665.899.04 3.246.682.01
Coat, of sales (credit*) Interdepartment
18,648,072.26
7,310,673-1-5
2.985,984.95*
601,166.96
1,488,346.69 1,748,094.35
18.648.072.26 2,985,984.95* 7,911,840.11 3,236,441,04
(Income or loss*) Provision for depreciation less net
gain on disposal or dismantle ment of fixed assets
939,634.44 588,911.87
245,941.07* 196,225.19
10,240.97
Income or loss* from operations
350,722.57
442,166.26*
10,240.97
Other Income:
Reimbursement by Anaconda Copper Mining Company of Interest on lease expenditures
Other Interest and dividends receiv ed - net (debit*)
Miscellaneous Income
297,965.44
10,405.96 6,593-24 .
2,088.23 98.94
57.48* 1,728.00
314.964.64
2,187.17
1,670.52
(Income or losa*)
665.687.21
439,979.09*
11,911.49
Interest on notes payable to Anaconda Copper Mining Company
Federal Income tax - estimated
56,500.69 103,298.37
159,799-06
Net income or loaa* year ended December 31j 19*5
$ 505,886.15
439,979-09*
11,911.49
Net Income or lots* year ended
December 31> 19**1 - for comparison
$ 94,300.61*
344,208.98*
147,172.64
ED TKCSmSR 31, 19^5 - BY DEFARTHZHYS
ant 6.36
3.07 1.60
Details of total
Lead refinery
Zinc oxide denartment
White lead department
1,126,892.05 580,282.53 103,472.17 8,893-27
7,344.71
270,743-66
1,279,580.64 734,659.81
48,026.28
Raritan refinery
. Raritan electro sheet
denartmant
187,088.71
304,638.20 1,003,831.76
175,594-55
43,689.07
Investments and
advances pafce 41
Items not
allocated t<
departments, paste 42
t
2.01
6.69 "35 1.04
0.97
429.690.05
2.256,574.78 1,935,221-10
245,253-28 2,180,474.38
76,100.40
0-97
35,742.06 40,358.3*
_5,356,683.14
1,598,350-58 -73.4x639-81_ 7,027,836.36
1^507,267.34 343,868.44 1,168.72 389,863-21
5,885,090.09 232.64
1,508,436.06 733,731-65 5,885,322.73
89,914-52
928.16 1,142,513.63
43,689.07
52,984-32 205-79
53,190.11
9,501.04*
16.482.69 73,*31.83
.201-1.93;. 42-____ 314,312-41 . ___ 5,956-03 19.565-33* . 828,201.22 15,457-07*
8,504.36* 133,125-49
8,504.36* 8,504.36
133,125.49 133,125-49'
8,304.36
133,125-49-
7-48* 8.00
52
= 42____
40.358-34____
1.49
40,358.34
73,431-83____19,265.33* 73,431-83 19,265-33*
3,661.95 3,661.95 831,863.17
297,965.44
16,670.57 1,104.35
315,740.36
15,457-07* 324,244.72
831,863.17 15,457-07* 324,244.72
8,295-36*
8,295.36* 141,420.85*
56,500.69 103,298.57 159,799-06 301,219.91-
2.64
36,223-72
1,890.97* 21,701-99*
729,523-18 21,545-80* 110,605.27* 507,267.14'
Cash in banks: Chase national Bank, New York Continental National Bank and Trust Company of Salt Late City, Utah First National Bonk of Salt Late City, Tooele, Utah 7/alker 3anJc and Trust Company, Salt Lake City, Utah Nevada Bank of Commerce - Battle Mountain Branch, Battle Mountain, Nevada Valxey National Bank, Globe, Arizona First National Bank in Fast Chicago, Indiana First National Bank of Nevada - Yerington Branch, Yerington, Nevada Firestone Park Trust and Savings 3ank, Akron, Ohio First Bank and Trust Company, Perth Amboy, New Jersey
Less outstanding drafts on New York office. deposited in banks
Petty cash
Per Balance Sheet - page 11
December 31, December 31,
1944
1945
$ 192,916.23 123,479.82 90,909.33 80,597.30 725.91 18,042.10 15,682.90 . 4,064.44 25,000.00 7e,044.10 629,462.13 106,468.54 520,993.59 1,254.58
167,798.57 139,311.59
63,033.73 207,682.30
'8,672.41 11,193.19
25,074.25 60.729.46 723,545.55 68.650.74 654,894.81
1,690.03
522,246.17
656,584.64
PNYC00000927
ACCOUNTS AND ROTES RECEIVABLE - TRADE. LESS RE;
For tolls and for metals and manufactured products:
Total December 31,
124t
Total December 31,
1945
American Smelting and Refining Company Inspiration Consolidated Copper Company Irvington Smelting and Refining Works
$ 126,454.67
* 414,065.49
52,972.34
26.91
20,904.56
Metal3 Reserve Company
40,996.10
59,213-97
Miami Copper Company Sundry customers
570,038.73 198,460.20
610,485-04 153,222-87
For premiums on production in excess of quota Metals Reserve Company
Sundry debtors
1,223,587.43
49,552-42 119,645.62
1,023,253.45
73,007.37 122,900.51
Cess reserve for doubtful notes and accounts
1,392,785.47 45,832.87
1,219,161.33 45,992.86
Toot plar 109,5
109,S 73, C 35.3
218,3
Per Balance. Sb&et - page 11.
* 1,346,952-60 * 1,173,168.47 213,3
[VABLE - TRADE. LESS RESERVE
17
Total December 31,
12U1
Tooele plant
Details of total at December 51, 1945
Miami plant
Lead Refinery
Zinc oxide department
White lead department
Raritan Refinery
126,454.67 52,972.34 20,904.56 59,213-97
610,485-04 153,222.87 1,023,253-45
109,947.90 109,947.90
52,972-34
610,299-91 663,272.25
gg/STg.-S?.. 71,314.21 22,972.93 71,314.21
16,506.77
47.279.77 63,786.54
20,904.56 59,213-97
185.13 11.655.96 91,959-62
73,007.37
73,007.37
122.900.51 .....35,?8o.U
1,219,161.33 218,335-38
45,992-86
14,353-90 677,626.15
56,954-29 79,927.22
71,314.21 30,163.94
63,786.54 15,828-92
16,212.21 108,171.83
1,173,168.47 213,335.38 677,626.15 79,927.22 41,150.27 47,957.62 108,171.83
PN*COOOO
ACCOTOTS '.VTTK AFFIXJATES
Accounts receivable
Accounts payable
December 31, 1944
Current:
The American Brass
Company
$ 111.37
Anaconda Copper
Mining Company
7,920.10
Anaconda Sales Company
Anaconda v/ire and Cable
Company
11,174.45
Chile Exoloration
Company
50.43
Chile Steamship Company Incor oorated
492.81
Montana Hardware Company
Mountain City Copper
Comcar,'* {1)
Sv/ar.sea Consolidated
Mining Company
Tooele Valley Hallway
Company
4,507.86
December 31, December 31,
1945
1944
S
364,990.57 14,313.52 48.05
606,785.55
24,313.95 20.74
3,953.42
December 31 19'4n 15 43.24
1,198.09 1,352,52
13,586.24
Per Balance Sheet ! page 11
$ 24,257.09
423,666.83 $ 610,738.97
16,78C,15
Noncurrent: North Lily Mining Company (1) Dragon Consolidated Mining Company Empire Mines Company
Per Balance Sheet page 11
$ 79,330 . 01 24.34 49.34
$ 79,403,69
JOTE 1 - Accounts receivable from Mountain City Copper Company and North Lily Mining Company at December 31, 1945 are shown above and at December 31, 1944 on page 19 due to the change in status of these companiea from that of subsidiaries not wholly owned to that of affiliates.
>N C0 0 0 tf
ACCOUNTS WITH SUBSIDIARIES NOT WHOLLY 0'iIMI)
19
Current: Dragon Consolidated
Mining Conpany Empire Mines Company
Mountain City Copper Conpany (1)
Mountain View Mining
Company Victor Consolidated
Mining Company
Ac co tints receivable
Accounts payable
December 31, December 31, December 31, December 31,
1944
1945
1944
1945
$ 22,50
30,253.46
$ 482.23
187.50
198.58
Per Balance Sheet page 11
$ 30,275 . 98
187.50
$ 680.81
Noncurrent:
Eureka Bullion Mining
Company
$ 27,328.47
North Lily Mining
Conpany (1) v/alker Mining Company
67,728.61 200,142.21
Yankee Consolidated
Mining Conpany
Per Balance Sheet page 11
$ 295,199.29
28 , 897.52 23.34
28,920 .86
NOTE 1 - See note on page 18.
PHYC00000931
AMOUNT
Finishedr Copper Zinc Lead Silver Oold Miscellaneous metals Manufactured products: Zinc oxide White lead Electro.sheet copper Prepaid billet coat Prepaid freight
Less, reserves for freight. refining, etc.
Total finished In process
Per Balance Sheet - page IX
Total - December 31, 19**** for comparison
Total December 31,
isii
Decrease or
Increase*
Total December 31,
1945
$ 1,5*2.929-46 89,914.96
409,534.1(2 674,375.29 653,374.13
36,648.32
161,969.4(1 251,360.46
11,830.39 43,506.63
9,555-12
3,884,998.64
776,688.04
3,108,310.60 2.143.008.71
t 5,251.319.31
11,622.35* 99,704.31* 64,984.03*
2,993.06 270,505.45 296,461.55*
46,999-40* 80,234.58
3,832-14. 30,184.37
2.256.40
129,765-64*
350,217.67
479,983.31* 339.800.44
140,182.87*
1,554,551.81 189,619-27 474,518.45 671,382.23 382,868.68 333,109-87
208,968.84 171,125.90
7,998.25 13,322.26
7.298.72
4,014,764.28
426.470.37
5.588,293.91 1.803.208.27
5,391,502.18
i 5,251,319.31
POUNDS
Finished; Copoer Zinc Lead
17.300,799 1,160,028
8,991,783
95,309* 1,199,005*
1,431,009*
17,396,108 2,359,033
10,422,792
CENTS PER POUND
Finished: Copper Zinc Lead
8.918
7-751 4.555
SILVER - total for all departments - not covered by affidavits - covered by affidavits
As above
GOLD - total for all departments - as above
8.936 8.056 4.553
Ounces 1,797.,557.
6,,325 61,,744 1,865,,628
11,134 30
STORED PRODUCTS, FINISHED AND IH PROCESS
20
ll 'er 31,
iS
Tooele plant
Miami plant
Details of total at December 31. 1945
Lead refinery
Zlno oxide White lead department department
Raritan refinery
Raritan electro-sheet
department
351.81 519-27 518.45 582.23 368.68 109.87
968.84 L25-90 998.25 522.26 '98.72
764.28
*70.37
'93-91 '08.27
502.18
304,358-90 383,430.77 258,169-00
26,951-60 525-44
973,435.71 86,363.23
887,072.48 1.145.424.10 2,032,496.58
19,049.38 15,424.92
34,474.30 34,474.30 657,784.17 692,258.47
71,851.10 227,390.73
16,179-93 78,539-41
393,961.17 35.406.20
358,554.97
358,554.97
189,619.27
218,867-63 208,968.84
19,236.58 171,125.90
1,250,192.91
166,773.12 324,312.23
35,177.39
3,356.04
3,942.68
13,322.26
620.8n.78- 194,305-16 1,789,777.91
304.700.94
620,811.78 194,305.16 1,485,076.97
620,811.78 194,305.16 1,485,076.97
7,998.25 7.998 25 7,998.25 7,998.25
2,279,726.08 494,937.92 357,196.26 300,079-24 277,271.59 1,530,277-83 11,830.39
'6,108
,033 ',792
3,083,004 8,582,373
1,539,360
2,359,033
301,059
14,313,104
8.936 8.0J8
4.553
9.872 4.468
icea
7,557.92 5,325.35 1.744.74
5,628.01
Price
Amount
34.75 4 624,698.16
44.75
2,830.61
71-0238
43,853-46
35-9369 4 t 671,382.23
4.30
% 34-336
$ 382,868.68
4.668
8.038
6.390
8.735
MUTE DEVELOPMENT
21
Copper Canyon lease Guild-Adams lease Victoria lease Tintic District
Per Balence 3heet - page 11
Balance December 31.
1944
$ 1,146.219.50
819,764.65
246,978.73
Additions (see note
belov)
213,747.65
Sold to
Anaconda
Copper Mining Balance
Company (see December 31,
pafie 3)
1943
1,146,219*50
--
819,764.65
--
246,978.73
--
213,747.65
$ 2,212,962.88 213,747.65 2,212,962.88 213,747.65
NOTE - A.dditlons to Tintic District
development are composed of:
Balance at December 31, 1944
transferred from "Mines
and Mining Claims" -
page 26
$ 91,990.76
Expenditures, year 1945
121,756.89
Total - as above
$ 213,747.65
p N*C 0 0 0 0 0 9 3 4
PREPAID EXPENSES
22
Prepaid insurance Sundry
Ter Balance Sheet - page 11
December 31, isiii
$ 55,476.25
1,475.58
December 31,
12it5
32,131.79
1,544.65
Decrease or Increase*
23,344.46
69.07*
$ 56,951.83
33,676.44
23,275.39
1
PNYC00000935
DEFERRED EXPENSES
23
Tooele plant: Slag hauling Crushing reverberatory matte
Lead refinery Per Balance Sheet - page 11
December 31 1944
December 31, Increase or
1945
decrease*
$ 4,597.82
4,597.82 8.32
$ 4,6o6.l4
1,950.92 7,234.34 9,185.26
9,185.26
2,646.90*
4,587.44 8.32*
4,579.12
7
INSTALLMENT LAND SALES AND ADVANCES TO SUNDRY MIKING COMPANIES, LESS RESERVE
Installment land sales - details below Advances to sundry mining companies -
details page 25
Reserve for doubtful accounts Per Balance Sheet - page 11
December 31, December 31,
1944
12i5
$ 21,502.97
12,153.62
Decrease 9,349.35
266.515.24 288,021.21
40.645.42 $ 238,377.79
39.615.71 51,769.33 4d.289.ir
2,480.16
226,902.53 236,251.88 - 354,25 235,897.63
Installment land sale Tom Buzzlanla
contract
Installment house and
land 3ales Tooele
Total
Details of installment land sales
Balance December 31, 1944
$ 7.934.74
13.56e.23
.. 21^5.02.97
Charges (debIts):
Interest Tames
173.09
749.10 293.20___
JM________ 1.,042,.30___
922.19 293.20
1.215.39
Deductions (credits):
Payments received
1,764.94
Transferred to current accounts
receivable
1,584.78
Amount written off under modification
of Agreement dated May 18, 1945
519-19
Discounts allowed for prepayment of
Installments
6,639.23 56,60___
8,404.17 1,584.78
519.19 56.60
___ 6^.655 u3. _ 10.564.74
Balance December 31 19^5
$ 4,238.92
7,914.70
12,153.62
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MIKES AHP MIKING CLAIMS, WATER RIGHTS AKD IANDS
26
Lands for metal producing plants:
Tooele plant Miami plant Lead refinery Harltan refinery
Lands for manufacturing plants:
Zinc oxide department White lead department Raritan electro-sheet
department
Other lands: Tooele Miami
Water rights - Tooele
Total lands and vater rights
Mines and mining claims: Investments and advances: Salt Lake City office Miami Ouild-Adams lease
Total mines and mining claims
Per Balance Sheet page 11
Balance
December 31, 1244
Deductions -
see notes belov
Balance December 31,
1202. .
353,665.89 56,191.60
130,665.27 409,751.25 .
950,274.01
353,665.89 56,191.60
130,665.27 409,751-25
950,274.01
22,073.16 13,243.90
4,349.45 39,666.51
9,004.00 228.12
9,232.12. 6.250.00
1,005,422.64
22,073.16 13,243.90
4,349.45
' 39.666.51
151.06(1) 151.06
8,852.94 228.12
9.081.06
6,250.00
151.06
1,005,271.58
234,853.01 20,058.54
190,254.75
' 445.166.30
1,450,588.94
91,990.76(2) 190,254,75(3)
142,862.25 20,058.54
282.245.51
162,920,79
282,396.57
1,168,192.37
BOTE 1 - Lot in Tooele City, Utah, sold.
BOTH 2 - Transfer of Tintic District develojment expenditures as of December 31, 1944 to Mine Development - page 21.
BOTE 3 - Sale of investment in Ouild-Adams lease to Anaconda Copper Mining Company - see page 3.
PNYC00000939
IS fl 53
$
*f
O
N
CSI -
i %
c*
t&- m n CNo--s inQno imOnv wm -v*s- l
c- m* \o* o so in m <.
nO O
<7i \D Cft "
vo t- r4 no '-
2
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CXI
t j +a _
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Os CO
$
VO 00 m
m cv
in
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ro
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ox r in
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31
I
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II
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U
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fa
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3 fi
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ftco
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NOTE 2 - Accrued on m onthly b a la n ce s.
INVESTMENT IS SECURITIES OF WHOLLY OVSEP SUBSIDIARIES
Shares Par value
New Jersey Storage and Warehouse Company
Raritan Terminal and Transportation Company
10 400
$ 1,000.00 No par
Investment
Ret Income (loss*) of the
year 1945 (see note
below)
$ 1,000.00 40,000.00
$ 6.00* 601.66
Per Balance Sheet, December 51, 1945 - page 11
$ 41,000.00
Less Indebtedness to wholly owned subsidiaries:
Rev Jersey Storage and Warehouse Company
Raritan Terminal and Transportation Company
Per Balance Sheet, December 31, 1945 - page 11
$ 668.93
Z2j 2&s2.
24,047-69
N6t investment
16,952-31
The above net Investment at December 31,
1945 Is represented as follows:
Assets
Lands
Railroad construction
$ 20,065-35
Less reserve for depre
ciation
20,065.35
7,891.34
Less liabilities: Trxes accrued
7,891.34 96.95
Net assets
7x7?4^g
Difference, being accumulated operating deficits to December 31, 1945
$ 9,157-92
$ 595-88
Net Investment - December 31, 1944 Net Increase In Indebtedness to Raritan
Terminal and Transportation Company and New Jersey Storage and Warehouse Company
Net investment - December 31, 1945 - as above
$ 17,103.47
151.16 $ 16,952-31
PNYC00000942
INVESTMENT B? SECURITIES 0? SUBSIDIARIES EOT '.'/HOLLY O'.VNED
30
Balance December 31, 1944
$ 1,699,483.86
Deduct ions:
Capital stock of companies sold to Anaconda Copper Minins Company (details page 3):
Mountain City Copper Company
$ 996,987.93
North Lily Mining Company
66,527,78 1,063,315.71
Per Balance Sheet, December 31, 1945 - page 11
$ 635,968,15
Details of balance at December 31. 1945
Shares
Par value
Investment
Equity in
income or loss* of the
year 1945
Comet Coalition Mines Company
760,246 # 190,071.50 $ 340,891.71 $
Eureka Bullion Mining Company
756,000
37,800.00 187,923.49
Mountain 7iew Mining C ompany
728,420
72,842.00
68,806.23
773.48
7ictor Consolidated Mining Company
365,390
182,695.00
16,306.52
156.61*
Yankee Consolidated Mining Company
501,00 5
50,100.50
20,040.20
27.92*
As above
$ 566.75 $ 635,966.15 =====
p NYC00000943
INVESTMENT IN AND INDEBTEDNESS OF SUBSIDIARIES NOT WHOLLY OWNED
31
Market
quotations
Investment - Indebtedness
Total
December 31,
f
Page 3
not current Csee note 1)
1945
Comet Coalition Mines Company
Eureka Bullion Mining Company
Mountain View Mining Company
Victor Consolidated
Mining Company Yankee Consolidated
Mining Company
$ 340,891.71 187,923.49 68,806.23 18,306.52 20,040.20
28,897.52 23.34
340,891.71 $ 228,073-80
216,821.01
166,320.00
68,806.23 18,306.52 20.063.54
49,168.35 10,961.70 32,56503
Per Balance Sheet, December 31, 1945 - page 11 $ 635,968.15
28,920.86
664,889-01 $ 487,089.18
Indebtedness not current
December 31, December 31, Decrease* or
1944
1945
Increase
Walker Mining Company North Lily Mining Company (2)
$ 200,142.21
67,728.61
200,142.21* 67,728.61*
Eureka Bullion Mining Company
27,328.47
28,897.52
1,569-05
Yankee Consolidated Mining Company
, ..a?-3.4
23-34
Per Balance Sheet - page 11
$ 295,lS9-29
28,920.86 266,278.43*
NOTE 1 - The total Investment of International Smelting and Refining Company In Its subsidiaries not wholly owned Is considered to Include both the cost of the capital stock of these companies and the Indebtedness, If any, which cannot be liquidated from the net current assets of the debtor companies.
NOTE 2 - Not a subsidiary after April 19, 1945- North Lily Mining Company's indebtedness to International Smelting and Refining Company amounted to $79,330.01 at December 31, 1945 and Is shown on page 41.
PN7C00000944
52
ACCOTOTS ASP WAGES PAYABLE
.<
Ore purchases - Tooele plant Reserve for unearned tolls - Raritan refinery
- Miami plant Wages payable - details belov Payroll deductions for employees' war
bond purchases Employees' deposits - Tooele plant Reserve for repairs - Raritan electro
sheet department - details belov Sundry accounts payable
Per Balance Sheet - page 11
December 31 1244
$ 142,578.31 506,625-34
110,882.86
30,125.99 7,104.43
8,070.84 454,626.58
December 31, 1202.
33,212.10 485,828-71 234,991.00 112,059-72
20,949-74 5,883-63
4,221.13 441,621-31
$ 1,260,014.35
1,388,767.34
Details of Wages payable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advances
Victoria lease
As above
$ 24,403.61 12,900.24 17,157.93 17,114.64
317,,759096-.5868
$ 110,882.86
28,735.63 --
15,415-93 20,110.57
- -47,797.59
112,059-72
Details of Reserve for repairs - Raritan electro-sheet department
Balance December 31,
i20
Additions - Deductions -
Balance
charged oper expended for December 31,
ating expense
repairs
Reserve for lead anode
renewals Reserve for drum
surface renevals
$ 2,999-08 5,071.76
382.20 846.61
1,027.17 4,051-35
2,354.11 1,867.02
As above
i 8,070.84
1,228.81
5,078.52
4,221.13
PNYC00000946
D etails of t
3*
f BOTES PAYABLE TO ANACONDA COPPER HIKING COMPANY
Balance December 31. 1944
$ 10,500.000.00
Retirements (see page 3):
Note dated June 27, 1944, due December 31, 1950,
with Interest at 2#
$ 8,000,000.00
Note dated June 27, 1944, due December 31, 1947,
with Interest at 1-3/4J6
2,500.000.00
10,500,000.00
Per Balance Sheet, December 31, 1945 - page 11
%
Interest accrued and paid Balance December 31, 1944 Accrued 1945 - per Income Account - page 12
Paid 1945 (see page 3)
Balance December 31, 1945
$ 2,239.01 56.500.69 58,739-70 58.739.70
$
PNYC00000947
35
RESERVE FOR WORKMEN'S COM?ENSATIOK IKSUKANCE
i
Tooele plant Lead refinery Zinc oxide department White lead department
Raritan refinery
Balance December 31,
1944
$ 27,341.95 6,445.87 5,979-33 180.83
12,428.66
Additions -
details belov
Deductions compensation
paid, medical
and hospital
expenses, ate.
Balance December 31
38,305-24
8,318.57 4,554.01 4,216.96 16,099.26
33,827.00 6,055-74
5,644.33 1,894.75 8,750.66
31,820.19 8,708.70 4,889-01 2,503.04
19,777.26
Per Balance Sheet page 11
1 52,376.64
71,494.04
56,172.48
67,698.20
Details of additions - year 1945
Tooele plant Lead refinery Zinc oxide department Vnlte lead department Raritan refinery
Total
Total as above
$ 38,305-24 8,318.57 4,554.01 4,216-98
16,099-26
71,494.04
Charged cost
30,293-24 8,318.57 4,554.01 4,216.96
16,099-26
63,482.04
Pay roll deductions
8,012.00
8,012.00
PNYC0000094B
CAPITAL STOCK
36
Issued and outstanding December 31, 1944 Issued In 1945
Par value per share Shares
Amount
$ 75-00 163,500 $ 12,262,500-00
75-00 36,500
2,737,500.00
Issued and outstanding, per Balance Sheet, December 31, 1945 - page 11
75-00
200,000 $ 15,000,000.00
Outstanding stock at December 31, 1945 was Issued as follovs:
Date issued
Issued by International Smelting Company to Anaconda Copper Mining Oomoany for:
May 26, 1914
Properties of International
Smelting * Refining
Company (dissolved 1914)
$ 100.00
95,000 $ 9,500,000.00
- Nov. 30, 1915 Cash
100.00
25,000
2,500,000.00
$ 100.00
120,000 $ 12,000,000.00
Dec. 21, 1934 Outstanding after reduction In
par value of stock from
$100 to $75 and change of
corporate name to Inter
national Smelting and
Refining Company
$
75-00
Issued by International Smelt ing and Refining Company to Anaconda Copper Mining
, Company for:
Dec. 21, 1934
(Together with $6,000,000 principal amount 15-year
6% debentures) Properties of International Dead Refining Company and
Raritan Copper Works
75-00
Oct. 1, 1936
Properties of Anaconda Lead Products Company
75-00
120,000 $ 9,000,000.00
30,000
2,250,000.00
13,500
1,012,500.00
o H
4 < 0 C ON
fm On
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lA cr CO HH
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0*-<
8
SJH
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(A vo
8
lOOiH CV rH On <\
r- Ost t^C tO OVHCO IT t- H OlJ t>-
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6,980.00
e Q
w
II
b &S &.. C5 O tict. 1^3
Obr(
S?l I&8.
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BB,caa5? Crj H OH C "
ii4lHO<tHiP>Id>l4gWlHcbhHHoo.HeH3tocfo0l.b5Ofot.fhi
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D ividends re ce ive d : P ark-O tah C o n s o lid a te d M ines Company
*
i .#'
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PNTC00000951
GAIN OK DISPOSAL OR DISMANTLEMENT 0? FIXED ASSETS
39
*
Coat of buildings and machinery sold or dismantled
- page 27
Accumulated depreciation
- page 28
Net salvage Income or expense#
Gain (loss*)
Tooele plant:
Obsolete plant and prior
years' dismantlements not previously recorded $ 705,262.43
703,262.43
Other dismantlements
15,190.70
11,752-73
7.289-01
3,851.04
718,453.13
715,015-16
7,289.01
3,851.04
Lead refinery
30,786.09
30,786.09
1,665.23# 1,665.23'
Zinc oxide department (AJcron plant salvage)
13.05
13-05
Per Income Account, year 1945 - page 12
$ 749,239-22
745,801.25
5,636.83 $ 2,198.86
FEDERAL INCOME TAX
Additional assessment on 1939 normal and surtax Estimated current year's tax Per Income Account, year ended December 31, 1945
- page 12
40
$ 25,498.37 77,300.00
$ 103,298.37
,,nno0953
DETAILS OF
m
Total pages 14
and 15
Subsidiaries
Subsidiaries not wholly
wholly owned
owned
Nc C
BALANCE SHEET ITEMS
DEFERRED CHARGES: Tlntlc district development
FIXED ASSETS: Mines and mining claims, etc. Investments: Securities of subsidiaries:
Wholly ovned Not wholly owned Indebtedness not current:
Affl Hates Subsidiaries not wholly ovned
213,747.65
162,920.79
41,000.00 41,000.00
635,968.15
635,968.15
79,330.01 23.920.86_____________________28,920-86
1,161,887.46 41,000.00
664,889.01
7S 7S
CURRENT LIABILITIES: Indebtedness to subsidiaries
wholly owned
24,047.69 24,047-69
NET INVESTMENT
1,137,839-77 16,952-31 664,889 01 7'
INCOME ACCOUNT ITEMS
Cost of sales (credit*)
Income* or loss from operations
Other Income: Reimbursement by Anaconda Copper Mining Company of interest on lease expenditures Other Interest received - net Miscellaneous Income
Net income (loss*)
8,504.36* 3,504.36*
297,965.44 16,670.57 1.104.35
315,740.36
324,244.72
2,317.63 2.317.63
1,378.88 1,378.88
939.75*
DETAILS OF INVESTMENTS AMD ADVANCES
ldiarles North Lily
wholly
. Mining
>vned
Company
Details of total
Walker Mining Company
National Tunnel
and Mines Company
Tooele Valley Railway Company
Copper Canyon
lease
GulldAdans leaae
Victoria lease
Mines depart ment, outside exploration,
etc
213,747.65 162,920.79
J.96B.15
1.920.86 t,889.01
79,530.01 79,330.01
376,668.44
1,889.01 79,330.01
376,668.44
\317.63 J.317.63
378.88 L,378.88
938.75*
44,273-75 44,273-75
55,095.74* ' 55,095.74*
14,558.22
201,211.02 82,585-52 14,168.90 733-47
14,558.22 733-47 201,211.02 82,585.52 14,168.90
1,104.35 1,104.35
44,273-75* 14,558.22 733-47 201,211.02 82,585-52 14,168.90 56,200.09
,lly Mining Company under provisions of Tintlc Bullion Lease agreement.
DETAILS OF ITEMS HOT ALLOCATED TO DEPARTMENTS
42
b a l a n c e s h e e t it e ms
Assets: Cash - Chase National Bank, New York Accounts receivable - Anaconda Sales Company Reserve for doubtful accounts (credit*)
Total assets
Liabilities : Accounts payable: Chadbourne, Wallace, Parke and Whiteside Employees' portion of social security taxes on New York employees Taxes accrued: Federal Income tax (net debit*) New York state franchise tax Employer's portion of social security taxes on New York employees
Total liabilities
$ 5,000.00
18.09 2,177.27*
500.00
--iPJLjg
$ 144,693.36
384,990,57 49.289.17*
480,394.76
5.018-09
la5L39*
3.450.20
Excess of assets over liabilities - urge 14
$ 476,944.56
INCOME ACCOUNT ITEMS
Cost of sales: Administrative expenses. New York office Capital 3tock tax Employer's portion of social security taxes on New York employees Sundry taxes
Other income: Interest (paid)
Loss, per pages 4 and 15
Interest on notes payable to AnacoDda Copper Mining Company
Federal Income tax - page 40
$ 122,565-41 10,000.00
11.20 548.38
133,125-49
141,420.85
56,500.69 103.298.37
159,799-06
p N YC 00000956
Page
ALPHABETICAL INDEX
32 " 17 24
18 19,31
33 31 24 18
Accounts and wages payable Accounts receivable - trade, less reserve
. Installment, etc.
Accounts with affiliates Accounts with subsidiaries not wholly owned Accrued taxes Advances to subsidiaries not wholly owned Advances to sundry mining companies Affiliates, accounts with
14 3alance Sheet . by departments 11 - comparative 27 Buildings and machinery
36 Capital stock 16 Cash
23 Deferred expenses 28 Depreciation, provision for
28 Depreciation, reserve for
21 Development, mine 39 Disposal or dismantlement of fixed assets, gain on 37 Dividends received
23 Expenses, deferred 22 Expenses, prepaid
40 Federal income tax
39 Fixed assets, net gain on disposal or dismantlement of 6,7 Funds received and disbursed
39 Gain or loss on disposal or dismantlement of fixed assets
15 Income Account - by departments 12 - comparative 18 Indebtedness of affiliates 18 Indebtedness to affiliates 31 Indebtedness of subsidiaries not wholly owned - not current 29 Indebtedness to subsidiaries - wholly owned 19 - not wholly owned 24 Installment land sales, etc. 35 Insurance, reserve for workmen's compensation 37 Interest and dividends received 20 Inventories, finished and In process 31 Investment in and Indebtedness of subsidiaries - not wholly owned 29 - wholly owned 30 Investment in securities of subsidiaries not wholly owned 41 Investments and advances, details of 42 Items not allocated to departments, details of
Leads, mines and mining claims, water rights and Loss or gain on disposal or dismantlement of fixed assets
43
Machinery, buildings and Metals and manufactured products Mine development Mines and mining claims, vater rights and lands Miscellaneous Income
Notes payable to Anaconda Copper Mining Company
Operations by departments - comparative
Prepaid expenses Profit on plant operations Profit on sale of land, details of
Reserve for - depreciation - workmen1s compensation Insurance
Sales and earnings, by departments Securities - of subsidiaries - not wholly owned
- wholly owned Subsidiaries not wholly owned, accounts with Subsidiaries, Investment In and Indebtedness of - not wholly owned Subsidiaries, Investment In - wholly owned Surplus account
Taxes accrued
Water rights Working capital Workmen's compensation Insurance, reserve for