Document Lz718vRD3pZky49y1pr4R9Vw
N10105
Pooo' Pclouoet a Co.
cop D
To the 3oard of Directors, International Smelting and Refining Company, 25 Broadway, New York
Dear Jirs: We have made a general audit of the books and accounts of INTERNATIONAL
SMELTING AND REFINING COMPANY for the year ended December 31st 1940, and present herewith a Comparative Balance Sheet, Comparative Income Acoount and Surplus Acoount, followed by various supporting schedules.
INVESTMENT IN AND OPERATIONS OF SUBSIDIARIES The aoaounts of wholly owned subsidiaries have not been consolidated
with those of International Smelting and Refining Company in this report. Three of the subsidiaries, New Jersey Storage and Warehouse Company, Raritan Copper Works, and Raritan Terminal and Transportation Company, are not operating, and the operations of the fourth subsidiary, International Building Association, are not an integral part of the operations of the parent company. The investment, including net advances, of International Smelting and Refining Company in its wholly owned subsidiaries amounted to $143,436.81 at December 31st 1940 and oombined net loss of such companies amounted to $2,906.78 for the year 1940 (details page 19).
Investment, including noncurrent advances, in subsidiaries not wholly owned by the company amounted at December 31st 1940 to 53,978,239.91, a net decrease of $88,505.03 from. December 31st 1939. This decrease resulted from writing off investment in and advances to Felleyrs Mining and Milling Company amounting to $379,745.54 offset by net advances during 1940, principally to Walter Mining Company, amounting to $291,240.51. The equity of the company in the combined net income of these subsidiaries amounted to $436,494.29 for the year 1940 (details page 17). A dividend of $365,733.50 was received from Mountain City Copper Company.
PNrcOOooo'6S2
/MRfCTMO-_CAPITAli Changes in current position wore as follows;
December 31st 1939
December 31st 1940
Current assets Current liabilities
t 11,929,242.74 1.442.019.08
$ 10,487,823.68
11,045,932.63 1.450.808.91
-9,595,123.72
3
Increase or decrease*
883,310.11* 8.789.83
892,099.94*
Ratio
8.3 to 1
7.6 to 1
In the foregoing comparison, advances by affilietes evidenced by notes, ^5 000,OCO payable to Anaconda Sales Company and $2,250,0C0 payable to Anaconda Copper Mining Company at December 3lst 1939, and $4,750,000 payable to Anaconda Copper Mining Company at December 31st 1940, ere not considered current liabilities.
DISTBIBTOION OF BALANCS 3HSET AND INCOME ACCOUNT TO DSPARTMSWT3 .
The detail sohedules which support the Balance Sheet and Income Account
are presented in eleven division^ the nine principal operating departments;
1. Tooele plant, 2. i:iaml plant, 3. Ophir Hill plant, 4. Lead refinery, 5. Zinc oxide department, 6. White lead department, 7. Raritan refinery, 6. Raritan secondary metals department, 9. Raritan electro-sheet department, and
a tenth division,
10. Investments and advances,
which Includes the activities of the company other than the principal smelting,
refining and manufacturing operations, and an eleventh division,
11. Items not allocated to departments.
In making this rearrangement, the acoounts of the company as shown
on its various ledgers have been redistributed and allocated to the departments
to which they apply, exoept for e few Items for whioh there is no exact basis
for allocation and which are shown separately in the last division mentioned
aboTe, Ostails of aocounta which appear in this division are shown on page 38.
Land at Bast Chicago, and land, buildings and machinery, and reserve
for depreciation at Perth Amboy have been allooated among the various depart
ments on a basis believed to be approximately correct.
$
PNYC00000653
rvmo .-acr^ -^D ^iwrssd funds received rind, disbursed v:ere as follows:
4
Funds made available:
Operating profit, before deducting non-cash
* items end interest paid on aabentures
and notes payable to affiliates (details below)
f 3,319,907.39
Decrease in inventories (details below)
561,261,32
Increase ln current liabilities (principally taxes)
115,450.36
Decrease la deferred charges
5.607.29
4,002,426.36
Funds disbursed: Decrease in notes payable to affiliates
Interest paid on debentures and notes payable to affiliates
Increase in amount receivable from
Anaconda Sales Company
Fixed assets purchased (details below) Increase in accounts receivable
Net increase in investments in and advances to subsidiaries and sundry companies (details below)
2,500,CCC.CO 653,616.07
356,709.94 257,243.28 216.640.17
160.793.18
4.174.009.64
Decrease in cash
5 171,583.20
Operating profit, before deducting non-cash items and interest paid on debentures and notes payable to affiliates
Profit, ter Income Aocount - page 10
Add:
Depreciation - on deliveries
$
- automotive equipment
written off
Loss on disposal or dismantlement of
fixed assets, principally Rico
and A'xron plants
Royalties received from sales of ore
mined by North Lily Mining Company
from properties ot International
Smelting and Refining Cory?any
Investment in and advances to Pelleyre
Mining and Milling Company written
off
Sundry mining claims and options written
off - Ophir Hill and Tooele
Interest paid on debentures and notes
payable to affiliates, shown
separately above
As above
$ 1,104,639.02 793,324.88
1,715.45
211,679.99
126,328.05
379,745.54 38,856.39
658.618.07 2,215 .-268.37 * 3,319,907.39
Decrease (increase*) ln Inventories
Petals and manufactured products - finished {details below) | 1,243,166.46
- In process (increase)
606,549.67*
Supplies (increase)
75.355.47*
As above
561,261.32
Of the above deoroase in finished metals, a decrease of $Ml20396 in oopper at Tooele and Miami plants la offset by an increase
Pnyco000654
in material in process at those smelters amounting to 51,034,008.74.
5
and manufactured products - finished
Decrease or Increase*
Copper (details below) Zinc (details below) lead (details below) Silver (details below)
void Miscellaneous metals
Zinc oxide 7/hit: isad ilectro-sheet co;"er fabricating cost
prepaid billet cost Freight or. consigned stocks
13,065,002
lb.
5,826,829
lb.
4,620,443*
lb.
19,254.97* 02.
1,206.829 oz.
1,,464 ,099..02
2?9j,857..31 230.,656,,95*
9,,422..99 59,,966..63 70,,285..23
7 ,821..92
379..45* 15 ,659..99 37 ,697.,06*
'C.,401 58
Reserves for freight and refining
1,, C33 .,731,,21 402 ,030 80
Decrease shown by Comparative Balance Jheet - page 9 Increase in depreciation included in inventories
(details below)
:.s above
1 ,235 , 95C..41 7 ,216,.05
1;,243,,166,.46
Increase in depreciation Included in inventories
Pounds
Depreciation applicable to unsold 1940
production of Tooele lead
5,722,949
Depreciation applicable to 1939 in
ventory sold in 1940 - zlno oxide 180,069
- white lead 51,133
oer lb.
.131 i
.095 .215
Caspar
Tooele plant: Deliveries from December 31st 1933 inventory Deliveries from 1939 accumulations
Miami plant: Deliveries from December 31st 1938 inventory Deliveries from 1939 accumulations
$
3,641,213 1.456.504
5,099,717
9.872 12.615
10.658
J
1,600,604 1.398.188
2,998,792
10.070 11.194
10.594
Amount
7,497.06 171.07 109.94 281.01
7,216.05
359,465.90 104.048.62 543,514.52
161,174.75 156.514.69 317,689.44
Raritan refinery - deliveries from December 31st 1938 inventory
Raritan secondary metals department: Deliveries from 1939 accumulations Lees accumulations in 1940
409,485 8.296
11,989,505 7.432.497
4,557,008
12.061 11.801
12.485
33,971.00
1,446,001.18 877.077.12 568,924.06
Net decrease, as above
-. 13,065,003
) 1,464,099.02
O.Urarl.3 from Oocomber 3l3t 1939 inventory - zinc oxide department 5,826,829 4.603 J 279,857.31
PNYC00000655
PNYC00000656
scope. OF AUDIT
7
-ie have made 2 general cudit of the books and records of International
irneltios 'and defining Company and its subsidiary corporations for the calendar
year ended December 31st 1940. In connection with our audit we examined or
tested the accounting records of the company and its subsidiaries and other
supporting evidence -nd made a general review of the accounting methods includ
ing the system of internal check ^nd control and of the operating and income
accounts for the yeer but we did not make a detailed audit of the transactions
except in the esse of t-'iami plant, which is not examined by the company's own
internal auditors.
In the case of all other companies and departments v;e satisfied our
selves that International omelting and defining Company and all subsidiary com
panies were included in the scope of the work of the internal auditors of the
company.
,
-Je examined into the sufficiency of the internal audit and examined
the reports of the internal auditors.
Investments, securities, cash, notes receivable and payable, debentures
and capital stock have been verified by inspection, certificete or correspondence
and found in order.
.iccounts receivable were examined in detail and those considered bad
or doubtful have been v/ritten off or have been provided for in reserve. Accounts
receivable, -where these era of material amount were tested by selecting certain
accounts for confirmation by direct communication with the debtors or, wr.ere
possible, by direct comparison with the books and records of the debtors. The
company'9 internal auditors have also verified the accounts receivable of certain,
departments by direct communication with the debtors and, while such confirmation
by internal auditors cennot be substituted for a similar procedure by the com
pany'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 2nd ownership of inventories and
we have made tests of the clerical accuracy of the inventories.
In accordance v:lth whet is now generally agreed to be accepted audit
ing procedure, our audit included physical tests of inventories. Inventories
pNYC00000657
t 11 'laD^3 21>e no^ ^3S^cd nor Is a complete count rap.de of Inventories at any one p,ian,,v. inventories --re r.ot tested *t the close of the calendar year *nd the phvs^cal :aStS Jre in r` v:ay -ntecded -s a substitute for the taking of physical ;ovehtories by c::r.pany employees. The purpose is to establish the existence of a ?rc?or system for taking and recording physical inventories and to satisfy' ourselves eh^t the systems are operating effectively and as planned. In the course of this work, a very substantial part (pleasured in money value) of the physical inventories is actually inspected by us, .utie this inspection is not our ori-T.nry evidence of the existence 2nd value of the Invcr.ttri.oo f.ich must ao-.;, as in the pest, lie in the records of the company, it is of great value as o. confirmation of the company's records and representations, .Stocks of metals and products held for the company or its subsidiaries by others or held by the company for the account of others have been verified by direct communica tion. It is the general practice of the company's internal auditors to make physical tests from, tine to tine of inventories of supplies ^nd, hhile these tests cannot take the place of similer teats by independent auditors, they are given full consideration in determining the nature and extent of the tests made by us.
The accounts are presented in the sane form and on the same basis as those of Anaconda Copper Wining Company, of which International Smelting and defining Company is a wholly owned subsidiary.
INTERNaTIOKaL SMUTI;.^ AJZj an COMPARATIVE saTA^C-
PICasSR 31ST 1939 AIC
ASSETS yECED 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 1$ 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: 13 Not wholly owned 19 Wholly owned
DEFERRED CHARGES: ci Prepaid expenses 22 Deferred expenses
CURRENT AND OTHER ASSETS: Current assets: Supplies on hand Metals and manufactured products - in process
23 - finished Accounts and notes receivable:
24 Trade, less reserve 25 Affiliates 18 Subsidiaries - not wholly owned - current 26 Cash
Other assets: 2? Advances to sundry mining companies, including advances
on ores, less reserve Advances to Tooele Valley Railway Company Other aocounts receivable
LIABILITIES
CAPITAL STOCK - issued and outstanding - 163,500 shares of the pur value of $75.00 each
RESERVES: For repairs
28 For workmen's compensation insurance
CURRENT LIABILITIES: 29 Accounts payable - trade
Wages payable 30 Accrued taxes 31 Other accri4 liabilities 25 Indebtedness - to affiliates
- to subsidiaries - not Hi oily owed - wholly owned
Employees' deposits
32 dsbjhtohzb akd notzs payable to atttliatzs
13 3TOFLCS (doflolt*)
December 3lst
26,460,316.73 17,026.396.78
21,409.72 21,390.48
3
827,199.52 1,453,C3<3.?0 7,633,672.48
840,560.22 27,092.04
755,883.06 391,178.72
1
69,734.26 119,911.68
es.sc
V2
$1
5,250.91 34.079.24
. 909,816.56 105,897.48
231,440.52 2,103.25
156,673.83
9,949.38 19,388.85
6,749.21
. 15
$ 2'
PNYC00000659
rsaKnTioKfti smj.itarc
airiwir/G col^aky
COMPARATIVE flALAJrCJ SHEET
DECa35R 31ST 1939 AND 1940
December 31st 1939
December Diet 1940
Increase or decreases
V 1,212,081.73
V 1,102,805.32
* 109,276.41^
26,460,316.73 17,026,396.78
9,433,619.95 1.00
V 25,$77,619.64 17,361.601.01
V 482,696.89#
8,616,018.83
3o4.904.23
1.00
817,301.12a*
21,489.72 21,390.48
2,809,594.00 43,000.00
1,414,465.48
731,366.74 123,018.46 15,767,947.36
42,880.20
17,978.96 47,243.29
2,765,473.03 43,000.00
1,423,055.48
1,212,750.88 120,151.99
15,283,262.53
35,222.25
3,510.76# 25,852.81
44,120.97# 8,300.00
401,400.14 3.365.47#
484,634.83#
22,342.05
827,199.52 1,453,036.70 7,633,672.48
840,580.22 27,692.04
755,683.06 391,176.72
11,929,242.74
09,734.26 119,911.68
ee.sc
209,734.44
V 27,949,804.74
902,554.99 2,059,586.37 6,397,722.07
1,053,735.19 281,712.04 131,026.53 219,595.44
11,045,932.63
60,293.07 104,900.00
165,193.07 26,559,630.48
75,355.47 606,549.67 1,235,950.41#
213,154.97 254,020.00 624,856*53# 171,583.28#
863,310.11#
29,441.19# 15,011.68#
88.50]/
44,541.37#
$ 1,390,174.26#
12,262,500.00
5,250.91 34,079.24
39,330.15
$
909.816.58
105,897.48 231,440.52.
2,103,25 156,673.83
9,949.36 19,386.85
6,749.21
1,442,019.08 15,250,000.00
1,044,044.49
27,949,804.74
t 12,262,500.00
__ 35,727.04
35,727.04
t
i
5,250.91# 1,647.80
.. 3,603.11#
902,134.22 95,373.37
352,660.97
11,917.40 48,292.31 13,719.82
19,715.18 6,995.64
1,450,806.91 12,750,000.00
60,594.53
V 26,559,630.48
7,662.34#
10,524.11# 121,220*45
9,814*15 108,381*52#
3,770.44 326.33 246*45
8,789.63 2,500,000.00# 1.104.639.02
# 1,390.174.26#
! PNYC000006<
j
i
5
YEARS ENDED DECEMBER 31ST 1939 AND 1940
S Sales and tolls Coat of sales
.
Year ended Deoember 31et 1939
$ 23,871,062,38 20.933,708.61
Year ended December 31st 1940
J 27,841,404.22 24,686.201.25
Increase or deoreaae# 3 4,570,341,84
Income from operations before
|
deducting depreciation
2,337,353.57
2,953,202.97
615,649.40
Other income:
Dividend from tiountaln City
Copper Company
4 219,440,10
33 Other dividends and interest -
net 40,622.93
34 Llaoellaneous income
19.576.87
J 279.639.90
365,733.50
40,705.12 110.856.87
517.295.49
j 146,293.40
82.19 91.280.00
237 .6ffiu59
2,616,993.47
3,470,498.46
853., 504.99
32 Interest on debentures and
notes payable to
affiliates
750,833.34
Expenses pertaining to non
operating units
44,963.86
United States income taxes -
estimated
130.000.00
925.797.20
658,618.07 52,513.71
271.477.25
982.609.03
92,215,27^ 7,549.85
141.477.25
56.811.83
1,691,196,27
2,487,889.43
796,693.16
Deduot: 16 Provision for depreoi&tlon 705,453.59
35 Loss on disposal or dis mantlement of fixed assets 89.170.74
798,324.88 205.179.99
92,871.29 116.009.25
794,624.33
1,003,504.87
208.880.54
36 Expenditures on options
not exerolsed
794.624.33
379.745.54
1.383.250.41
379.745.54
588.626.08
Net inoome
i 696,571,94
> 1,104,639.02
208.067.08
PNYCOOOOC661
JL_
PNYCOO000662
interwattonai. .eafgr.rrwg amp refining company BALANCE SHEET - PTCBffigR 313T 1940 - BY DBPAffTV
r3
a and lands on - deduct*
iaries:
.
Tooele plant
Ophir Hill
Miami clant
plant
Lead refinery
Zinc oxide White leac department departmeni
$ 355,398.16
66,666.60
7,101,420.81 3,103,550.21
5,772,495.31* 3,037,202.21*
130,665.27
1,113,670.67 706,352.72*
1.00
60,822.51
676,373.82 428,161,12*
13,243.9C 734,447. 476,994.4S
cments idieries - not current:
5,848.91
i products:
sizable:
Lly owned - current Lng companies, including , less reserve Ley Railway Company
921.49 3,277.70 370,651.79
1,407,404.57 2,524,693.46
87,923.61
89,640.54 100,989.25
55,279.03
188.25 57,104.36 503,976.99 490,483.39 320,547.43
15,917.05
6,325,305.12 1,521,232.07
1,971.55
4,644.70
100,548.95
40,046.92 382,142.12
21,386.71
700.00 36,014.74
108,157.89 280,133.77
213,279.05
23,241.25
275,785.50 76,941.60
12,600.41 25,000.00
1,971.55 1,099,354.03 978,169.57 646,665.32
ITISS '
:ompensation Insurance le
ies Hates Ldieries - not wholly owned
- wholly owned
4,082.05 333,812.96
40,135.14 16,698.45
13,767.18 13,719.82
6.626.67
428,843.07
22,903.68 12,763.09
14,190.66
2,360.47 13,642.71
49,857.43
368.97 16,372.15
24,334.19 214,060.84
23,455.98 9,545.21
1,181.13
38,782.24 318.11
272,577.35 39,100.35
82.50 82.50
3s excess of liabilities
$ 5,896,462.05 1,471,374.64 14,400.60# 826,776.68 939,069.22 646 ,582.82
PNVC000006<
3MPAJTT zpARTioarpa
11
hlte lead epartment
Raritan refinery
Raritan secondary
metals
departments
13,243.90
343,390.04
65,861.21 '
34,447.46 76,994.49*
10,808,991.97 6,040,996.49*
2 ,043,072.59 818,405.11*
23,241.25
75,785.50 76,941.66
10,358.41 308,769.24
15,116.25
961,359.79
229,827.15 33,860.70 41,185.99 2 9,589.80
1,474,018.33
>46,665.32 6,726,836.60 2,779,663.27
Raritan
electro-sheet flqrartmant
Investments and advances
- details Page 37
Items not allocated toi departments
- details pace 38 Eliminations*
Total pae 9
4,349.45
366,135.60 80,993.56*
61,908.16 29,956.69
1,102,805.32
25,977,619.84 17,361,601.01
1.00
9,105.71 298.597.2Q
2,765,473.03 43,000.00
1,417,216.57 1,212,766.88
120,151.99 1,866,11
28,149.34 6,224.66
70,000.00
5,014.04 104.900.00 5,066,627.47
31,858.01 248,446.30
35,498.93
315,803.24
554.98* 594.96*
2,765,473.03 43,000.00
1,423,065.48
1,212,766.88 120.151.99 17,978.96 47,243,29 902.554.99
2,059,586.37 6,397,722.07
1,053,735.19 201,712.04 131,026.53 219,595.44
60,293.07 104.900.00
26,559,630.48
02.50
4,949.53 283,482.59
19,019.16
31,713.00 323.26
12,640.06
3,883.00
02.50
352,327.60
3,883.00
646,582.32 6,374,509.00 2,775,780.27
11,276.03 11,276.03
1,155.80 19,715.18
3,126.41 265,715.06
21,098.90
594.96*
20,871.06 291,940.37 594.96*
35,727.04 902,134.22
95,373.37 352,660.97
11,917.40 48,292.31 13,719.02 19,715.18
6.995.64
1,486,535.95
287,321.17 5,845,756.41 23,862 .87
- - `25,073,094.53
Capital stock Surplus
Debentures and notes payable to affiliates As above
$ 12,262,500.00 60.594..53
12,323,094.53 12.750.000.00
$ 25,073,094.53
PNYC00000664
i
Sales
of
cc?per lead
silver
cold aisccllaneous
., metals
zinc oxide -,,hite lead electro-sheet copper
ores and concentrates
Toll3
Erdepartoent
- nvi3ioa for depreciation and loss on r0 disposal or dismantlement of
fixed assets
IsBQ, or 1033* from operations
Tooele nlant
478,411.96 2,849,191.85 3,462,613.00 2,471,854.56
59,e0Q.3O
Iflaoi olant
310,125,58
267,776.04 289,009.71
Ophir Ril Plant
1,019,366.78 1.067,005.41
11,408,251.86
986.065.87 1,852,977.20
350,093.7] 350,093.71
9,777,646.13 1.288.611.53
11*056,257.66
1,031,263.97 681.202.28
1,712,466.25
237,933.06 23 7,938.06
341,994.20
140,510.95 112,155.65
151,554.45 ISO ,439.73
65.700.68 74,810.27
63.691.7C 48,403.95
Otter incone Dividends received from Mcuntain City Copper Company Otfier dividends and interest {paidv ) - net Miscellaneous income
240,22* 248..22*
121.20 1.728.00
1,849.20
285.00 285.00
Income or loss* 'Jnitad States income taxes - estimated ixpenaes pertaining to nonoperating units
Income or loss*
190,191.53
14.240.88 14,240.88 175,950,65
76,659.47
48,745.95
76,659.47
705.20 705.1C
48,043.75
Interest on debentures and notes payable
to affiliates Irpenditure on options not exercised
Net income or loss*
$ 175,950.65
76,659.47
48,043.75
J
4
PNYCO0000665
IMCOIT ACCOUNT HY DEPART^^r
?le plant
t78.4-ll.96 349,191*85 i62,613.00 171,854.56 59,808.30
-.19,366.78 67.005.41
<03,251.36
1'iami Diant
310,125.58
267,776.04 289,009.71
Ophir Hill Plant
986.065.87 1,352,977.20
350,093.71 350,093.71
Leed refinery
Zinc oxide department
-'hits lead department
236,822.16 904,691.02 270,336.74
3,134.30 442.526.29 1,057,510.51
2,324,606.74 365,057.46
2,689,574.20
967,060.85 967,060.85
Raritan refinery
20,860.50 55,310.63
8,882.16 115,771.95
5.670.366.02 5,871,191.26
Heritan secondary
metals department 4,893,501.8;
640,888.6'
5,534,390.5C
'77,646.13 33.511.53
66 ,-57,66
1,031,263.97 81.202.20
1,712,466.25
237,938.06 237,938.06
1,577,947.38 78.220.05
1,656,168.03
2,635,876.13 152.05
2,636,028.18
423,963.60 499.919.42
923,883.02
3,807,212.67 Cl,903.94
3,869,116.61
5,222,333.02 135.362.55
5,408,195.5?
41,994.30
140,510.95 112 ,155.65
201,342.48
53,646.02
43,177.63 2,002,074.65
120,194.93
,51.554.45 90,439.75
65.700.68 74,810.27
63.691.70 48,463.95
49,094.27 152,247.81
124.315.12 70,669.10*
27,986.91 15,190.92
317.102.07 1,684,972.58
63,971.9C 62,223.03
<248.22* 248.22* 90,191.53
121.20 1.728.00 1,849.20
76,659.47
285.00 285.00
48,743.95
152,247.81
14.240.38 14,240.98
75,950.65
76,659.47
705.20 705.20
48,043.75
152,247.81
295.92 295.92
27.46 27.48
107.653.84 107,653.04
70,373.18* 15,218.40 1,792,526.42
1.618.82 1,618.82
71,992.00* 15,218.40 1,792,626.42
62,223.03 62,223.03
5,950.65
76,659.47
48,043.75
152,247.81
71,992.00* 15,218.40 1,792,626.42
62,223.03
PNYC00000666
.. .
20,860.50 55,310.63
6,882.16 115,771.95
Raritan metals
4,893,501.83
Britan -lectro-
sheet department
640,888.67
'
105,969.15 ____________ _ _____ o 5,871,191.26 5,534,390.50 105,869,15
\ 3,807,212.67 5,222,833.02
01.903.94
185.352.55
3 ,8691116.61 5,409,195.57
81,550.00 243.20
81,793.20
3 2,002,074.65
126,194.93
24,075.95
317.102.07 1,684,972.58
63.971.90 62,223.03
13.127.11 10,948.84
OPfie J7
12
Items not allocated to departments -
oae 38
Interdepartment
eliminations*
Total caffe 10
243.20* 499,830.17*
9,553.35* 454.12*
3,210.42*
450,921.46* 1 .831.432.30*.
5,702,656.27
2,586,133.84 4,690,390.69 3,040,083.17
806,915.57 2,324,182.62
963^850.43 105,969.15 1,266,740.79 S.334.531.29
2,795,615.02* 27,941,404.22
9,393.66 9,393.66 9,393.o6* 126.960.26 136,3 5 3.92*
02,576.03 82,576.03
24,368,201.25 2.795.615.02*
2,795,613.02* 24,385,201.25
82,576.03*
2,9:3,10*-.97
82,576.03*
l.GC3.5C,.7 1,919,695.10
3 107,653.84
o 107,653.84
2 1,792,626.42
62,223.03
10,946.84
1,792,626.42
62 ,223.03
10,948.84
1,792,626.42
62,223.03
10,946.34
365,733.50 38,816.64 1.190.03
405,740.17
269,386.25
35.948.81 35,948.31
233,437.44
1,692.10 1,692.10 80,683.93* 271,477.25 271,477.25 352,361.18*
379.745.54 379,745.54
658,618.07 658,618.07
146,308.10* 1:,010,979.25*
305,733.50 40,705.12
L1C.856.07 517,295.49
2,466,993.59
271,477.25 5L.513.7l
323,330.96
2,10 , CC*s .63
653,613.07 370.745.54 1,038,363.61
1,104,639.02
i
t
PNYC00000667
!
PNYC0000066
MIK3S AND KINBlS FLAILS AND LANDS
14
Jaiance
December 31st
1939
Additions
Other changes (increase or
deorease*)
Balance Deoember 31st
1940
ixida for metal produc
ing and manufac
turing plants:
Tcosle plant
4
V.iaml plant
Lead refinery
Zinc oxide department
'/hits lead department
Raritan refinery
Raritan secondary metals
department
Raritan electro-sheet
department
Investments and advan'
Rico
351,492.95 55.406.60
130,665.27 60,822.51 13,243.90
315,523, 79
67,227.46
4,349,45
2.480.00
87.30 260.CO
27,000.00
3,817.93 (1) 10,000.00 (2)
1,366.25 (3) 1,366.25*(3]
355,398,16 36,666.60
130,665.27 60,822,51 13,243.90
343,890.04
65,861.21
4,349.45
2.480.00
1,002,211.93 27,347.30 13,817,93
1,,043,377.16
Hines and mining claims: Cphlr Hill mines and
water rights
*
6,000.00 202,269.80
1.600.00
6,000. 00* U)
129.34 (126,328.05*(5i ) { 3,817.93*(1) ) ( 37.15* (3 J J ( 32,856.39*U1 )
18.458.54
39,369.62 20.058.54
Per Balanoe Sheet page 9
4 1,212,061,73 45,935.18 155,211.59*
1,,102,805.32
NOTE 1 - Transfer to oorrect distribution of additions of the year 1938.
2 - Repossession of property sold In year 1939 - details page 35.
3 - Reallocation of land at Perth Amboy.
4 - Relinquished options, and Ophlr Hill property and options written off.
5 - Royalties reoeived from sales of ore mined by North Lily lining Company
from properties of International Smelting and Refining Company.
6 - Transferred to buildings and machinery - Rico.
9 PNYC00000669
9 0 0 0 0 3 a
V 2
NJ
Tooele plant Miami plant Ophir Hill plant Lead refinery Zlno oxide department White lead department Raritan refinery
Raritan secondary metals department Raritan eleotro-sheet department Investments and advanoea - Rloo
Per Balanoe Sheet - page 9
BUILDINGS AND MACHINERY
15
Balanoe Deoember 31st
i939 t 7,090,157.33
3,096,892,52 170,196.49
1,099,692.24 946,179,44 731,919.26
10,565,699,02
2,251,193,56 269,310,52 219,076,35
$ 26,460,316,73
Construction 11,490,91 6,657.69 2,526.60 12,974.13 14,860,75 3,378.22
159,643.95
5,914.82 217,449,07
Deduct* sales and diamantlents details pass 35
Other ohanggs (inorease or decrease*)
Balanoe Deoember 31st
1940
227,43*
7,101,420.81
3,103,550,21
172,727,09* 3,308.29*
00,353,70* 850,00*
43,529.44*
-.
4,312.59 (1)
1,113,670,67
4,312.59*(1)
676,373,82
734,447.48
( 1,715.4S*<2) ; j 10,808,991.97 ( 128,095,89 (3)
2,400.00*
205,720.97*(3)
2,043,072,59
76,825.08 (3)
366,135,60
195,061.63*
27,15 (4)
29,956.69
698,457,66*
1,688.30*
25,977,619,64
N072 X - Transfer between departments. Z - Depreciation of automotive equipment written off. 3 - Reallooation of plant at Perth Amboy. 4 - Transfer from Hines and mining olaims Rico,
Tod* P`""t .
yjc MU8 department
leal department
Srltaa refinery
Srlten secondary metals department
Inventsants end advances - Rico
Per Delence Sheet - page 9
Uolancu December Jlst
1939
4- 5,629.319.04 2,965,001.53 96,204.63 560,491.50 584,837.24 450,207.50 5.604,531.43 076,956.15 27,120,26 51.938.54
$ 19,OPS,896.78
Depreciation on 1940
operations details below
159,052.50 72,200.6a 64,120.59 43,763.90 37,381.88 27,439.43
312,629.00 61,^39.50 13,127.11 1C,955.18
805,540.93
Deductions* for seles and dismantlements-
pee 35
i I'ansi'er
between departments -
(Increase or
decrease*}
98.74*
15,779.37*
160,405.22* 902.76*
194,058.00* 302.52*
35,548.77* 237.60*
78.373.09*
79,384.75 120,1?2.94*
40,730.19 15,779.37
470,336.70*
Balance December 31st
1940
5,772,495.31 3,037,202.21
706,352.72 428,161.12 476,994.49 6,040,996.49 818,405.11
80,993.56 --
17,361,601.01
u of depreciation on 1940 operations
Depreciation on 1940 operations as above_____________
Quantity
Rate
Amount
Toecle plfnt:
lead olant lulphi'de concentrator
Oxide concentrator bait Lake City furniture and
ranch buildings
,997,389 pounds
.131^
104,014 tons
22.500^
V 05,146.58 41,403.15 32,149.30
354.55
159,053.58
'Jlen.1 ->lant: Ccpper plant Anode furnace
65,742.94 6,457.74
72.20C.60
Ophir Hill plant
Lead refinery Furniture and fixtures
49,079.634 tons
09.010^
64,120.59
43,378.20 3,085.70
46,763.90
Depreciation applicable to inventory
December olst December 31st
1939
1940
Depreciation applicable to 1940 sales - per Income Account -
pare 10
14,593.96
22,091.02
14,593.96
22,091.02
77,649.52 41,403.15 32,149.30
354.55
151,556.52
72,200.30 64,120.59
46,763.90
Zinc oxide department - 2ast Chicago plant
39 ,349,346 pounds
.095^
37,381.89
3,236.06
3,065.79
37,652.95
dhite lead department
12 ,776,4113 pounds
.215^
27,439.43
8,165.20
8,055.26
27,579.3?
Saritan refinery less amount applicable to plant used
by secondary metals department ond electro-sheet department
350,127.78
37.49e.60 312,629.08
312,329.08
daritan secondary metals department-
cathodes
11 006 279 tons
Depreciation on refinery plant-as above
4v-?2..225
20,554.13 35.276.37
61,839.50
61,839.50
Raritan electro-sheet department Depreciation on refinery plant - as above
723,919 pounds 1.5^*
10,903.00 2.223.31
13,127.11
13,127.11
c
O'
W. tuonts and advances - Rico
10,955.18
in. cmr.. in
PNYCOOOO'
PNYC00000672
INVESTMENT IN SECURITIES OF SUBSIDIARIES NOT WHOLLY OWNED
Daawber 31st 1939 and Milling Company - payment on optlo
iwujjtloo, yr 19401 Ifletaent In Pelleyre Mining and Milling Company written off
per Balance Sheet, Deoember 31st 1940 - page 9 pullB of balanoe at Deoember 31st 1940
Mountain City Copper Company
Milker Ulalng Company
Other unoonaolidated subsidiaries: Coast Coalition Mines Company Sureka Bullion Mining Company Mountain View Mining Company North Lily Mining Company Park Konold Mines Corporation Park Nelsqn Mining Company Park Premier Mining Company Tlotor Consolidated Mining Company Yankee Consolidated Mining Company
Shares
1;462,934
862,042
760,246 756,000 728,420 475,000 755,000 755,000 1,015,000 365,390 501,005
As above
Nt Increase In equity - year 1940 fejuity in inoome, as above Leas dividend reoeived from Mountain City Copper Company
Net inorease
Par value
4 73,116.70
882,042,00
luf-,071.50 37,000,00 72,842.00 47,500.00
377,500.00 377,500,00 253,750.00 182,695,00
50,100.50
Amount
t 1,143,281.33
682,049.50
340,891*71 187,923*49
68,806.23 66,527,78 37,644,27
1,00 1.00 18,306.52 20,040.20
740,142.20
t 2,765,473.03
17
Amount i 2,809,594*00
21. OOP.. 00 2,830,594*00
65,120*97
$ 2,765,473*03
Equity in income or loss*, year 1940 $ 548,040.61
146,373.75*
.348.06* 36,270.79
~ __
.95* 1,094.35*
j 436,494.29
$ 436,494.29 365,733*50
I 70,760,79
INVESTMENT IN AND INDEBTEDNESS 0? SUBSIDIARIES NOT WHOLLY OWNED
Mountain City Copper Company Walker Mining Company Comet Coalition Mines Company Sureka Bullion Mining Company Mountain View Mining Company North Lily Mining Company Park Konold Mines Corporation Park Nelson Mining Company Park Premier Mining Company Victor Consolidated Mining Company Yankee Consolidated Mining Company Sundry lndireot subsidiaries
Par Balance Sheet, December 31st 1940
page 9
Indebtedness
Not current
Current
797,479.10 26,617.67
20,709.51
130,913.43
112,294.47 29,062.90
226,603.23
1,212,766.88
38.10 75.00
131,026.53
Total
130,913.43 797,479.10
26,617.67 20,709.51
112,294.47 29,062.90
226,603.23
30.10 75.00
1,342,793.41
Investment page 1?
1,143,281.33 882,049.50 340,891.71 187,923.49 68,806.23 66,527.70 37,644.27 1.00 1.00 18,306.52 20,040.20
2,765,473.03
Total investment
and indebtedness
1,274,194.76 1,679,528.60
367,509.38 208,633.00
68,806.23 66,527.78 149,938.74 29,063.90 226,604.23 10,306.52 20,070.30
75.00
4,109,266.44
ia
Market quotations
V 4,571,668*75 799,350.56 71,273.06 181,440.00 23,673.65 285,000.00 13,2U.50 15,100.00 30,450.00 12,780.65 8,767.59
4 5,012,724.76
Mountain City Copper Company
Walker Mining Company Comet Coalition Mines Company
Eureka Bullion Mining Company Park Konold Mines Corporation Park Nelson Mining Company Park Premier Mining Company Paliayre Mining and Milling Company Yankee Consolidated Mining Cciapany Sundry lndireot subsidiaries
Total indebtedness
December 31at December 31st
1939
1940
# 229,868.86 525,784.20
31,810.81 19,432.37
112,226*16
28,910.70 228,774.79
310,203.91
35.00 195.00
130,913.43 797,479.10
26,617.67 20,709.51 112,294.47 29,062.90 226,603.23
30.10 75.00
Increase or decrease*
98,955.43* 271,694.90
5,201.14* 1,277,14
60.31 152.20 2,171.56* 310,203.91*
. *3.10
120 00
# 1,487,249.80 1,343,793.41
143,456.39*
i
INVESTMENT IN AND INDEBTEDNESS OF WHOLLY OWNED SUBSIDIARIES
Shares Par value
jittfMtlmnal Building Association
10 4 i,,000.00
nr Jersey Storage and Warehouse Company 10 1,,000.00
Writan Copper Works
10 1,
fcritan Terminal end Transportation Company 400
40,,000.00
fir Balanoe Sheet, December 31et 1940 P*
oo ooo
Investment 1,000,00 1,000.00 1,000.00
40.000.00
43,000.00
Indebtedness not current 120,151.99
120,151.99
Total investment
and indebtedness
121,151.99
1,000.00
1,000.00
40.000.00
163,151.99
Uai indebtedness to wholly owned subsidiaries:
New Jersey Storage and Warehouse Company
Raritan Copper Works
Raritan Terminal and Transportation Company
Par Balanoe Sheet, Deoember Slat 1940 - page 9
l*t investment
The above net investment at Deoember 31st 1940 is represented as follows;
Assets:
Lands, principally for resale Buildings and railroad oonstruction
Less reserve for depreciation Prepaid expenses Installment house and land sales contraots Aooounts receivable Cash
1 31,063.64 21.487f45
Las liabilities: Accounts payable Taxes accrued Interest aoorued
.
2,906.66 49.60 1.61
Het assets
difference, being accumulated operating deficits to Deoember 31st 1940
3 718*93 1,000.00
17.996.25
40,962.71 9,576.19 60.00
64,696,90 1,136.09 190.18
116,622.87
2.958.07
19.715.16 143,436.81
3 29,772,01
19
Net loss of the
vear 1940 $ 2,223.05
6.00 -679.73
t 2,906,78
CTHSR SECURITY INVESTMENTS
Balance December 31st 1939 Additions - year 1940 -
Copper Canyon Mining Company, 64,000 shares
Per Balance Sheet, December 31st 1940 - page 9
20
$ 1,414,465.46 8,600.00
$ 1,423,065.46
Details of balance at December 31st 1940
Zinc oxide department: Delaware Floor Products Company:
Common stock Second mortgage bonds
National Fireproofing Corporation: Common stock Income debentures
Northwestern Terra Cotta Corpora
tion stock Viscosity Oil Corporation stock
Par value
no par $ 2,600.00
no par 200.00
18.75 no par
26 3
7
18.75 .75
2,580.50 2,600.00
65.01 200.00
367.78 35.62
5,848.91
Investments and advances: Condor Gold Mining Company stock Copper Canyon Mining Company National Tunnel and Mines Company stock
Park-Utah Consolidated Mines Company stock
Prince Consolidated Mining Company stock
4,632.30 6,400
no par
69,000.00
80,000.00
61,764 64,000
328,200
69,800
800,000
4,632.29 8,600.00
915,693.92
441,157.50
47.132.86 1,417.213.57
3 1,423.065.48
Investment in National Tunnel and Mines Company in this report Is at
the amount shown on the books of International Smelting and Refining Company which differs from that shown in the report on Anaconda Copper Mining Company and consolidated subsidiaries, in that the investment and Consolidated Surplus have there been reduced by #136,307.60, the amount of the deficit of UtahDelaware Mining Company on dissolution In 1937.
i
p*rcoo ooo,675
PNr`ooOC6
zz
PEFSaaSS EXPENSES
Tooele plant; Expenditures on aocount of option to purohaae stock of Copper Canyon Mining Company Prepaid rental Adranoe on purchase contract Prepaid lime sand royalty Sundry deferred expenses
Zlno oxide department - club memberships
Raritan secondary metals depart ment - blast furnaoe slag treatment expense
Per Balance Sheet - page 9
December 31st 1939
1 -2,157.98 1,225.91 249.56 3,632.43
1,000.00
16,758.05
$ 31,390.46
December 31st 1940
Increase decrease*
28,149.34 1,240.00 1,711.60 326.10
31,427.04
700.00
15,118.25
47,243.29
26,149.34 1,240.00 446.38* 1,225.91* 77.54
27,794.61
300.00*
1,641.80*
25,952.61
}
PNYC0000Q677
METALS AND MANUFACTURED PRODUCTS - FINISHED
23
amount
Copper Zlo*
Gold Miscellaneous metals
Ma&ufaotured products: Zinc oxide White lead
Eleotro-sheet oopper Prepaid billet oost Prepaid freight, etc.
Tooele j)lan
$ 539,436.00
780,894.35 674,262,87 621,104.32
4,406.86
2,620,104.42
Leas reservea for freight. refining, eto. 95,410.96
Miami plant
Lead refinery
444,394.33
50,661.68 52,146.05 321,267.55 76,088,36 10,212.89
572,628.74 382,142.12 82,145.35
71no oxide department
43,646.74
230,326.34
6.160.69 200,133.77
.Yhite lead department
Raritan refinery
Raritan secondary
metals department
Raritan
electro-sheet department
Total
10,607.46
544,059.62 1,350,661.75
144,843,80 259,097.72
3,920.67
1,402,39 1,183.37 379,001.12
253,981,80
11.196.24
63,047.07
275,785.50 1,015,768.88 1,732,248.63
54,409.09 258,230.30
9,105,71 9,105.71
2,878,551. 70 43,846.74
842,163.49 1,193,922.66
968,486.66 387,328,67
230,326.34 253,981.80
9,105.71 63,047,07 17.356.93
6,887,917,77
490,195.70
Per Balanoe Sheet, December 31st 1940 -
page 9
$ 2,524,093.46 490,403.39 382,142.12 280,133.77 275,785.50
961,359.79 1,474,018,33
9,105.71 6,397,722.07
POUNDS
' Copper ?lno Lead
`
5,464,220 16,663,376
4,413,210
858,570
906,098
230,597
6,558,072 13,432,497
29,860,007 906,090
17,952,543
9.872 4.631
10.070
5.901
4.817
4.600
- covered by affidavits - not oovered by affidavits
.
8.296
10.055
9.636 4.817
4,691
Ounces
1,096,806.01 1,193,877.74
Prloe
*vaount as above
71,0238* * 779,050.14
34,75
414,872.52
2,290,763.75 52.1190* 4 1,193,922,66
28,416.265 /34.O0
I 968,480.80
PNYC00000678
Tooele plant
ACCOnNTS AND NOTES RECEIVABLE - TRADE. LESS RESERVE
Miami Plant
Ophlr Hill
Lead
Zlno oxide
Plant
refinery department
White lead department
Raritan refinery
Investments and advances
Items not allocated to departments
24 Total
23,066.60 297,246.86
62.323.71 62,323.71
320,333.46
28,820.07
213.279.05 213,279.05
116.275.19 116,275.19
175,691,80 20.187.67 224,699.54
25.599.GO 67,923.61
213.97 320,547.43
1.971.55 1,971.55
21.386,71 21,386.71
213,279,05
116,275.19
5.127.61 229,827.15
70,000.00 70,000.00
39,333.51
31.858.01 31,85a.01
51,906.67 297,246.66 175,691.80 443.923.63 968,768.96
31,858.01
70,000.00 54.299.74 1,093,068.70
39,333.51
87,923.61 320,547,43 1,971.55 21,386.71 213,279.05
76,941.68
229,827.15
70,000.00
31,858.01 1,053,735.19
o o
i
oo
o
o
4
ACCOUNTS WITH AFFILIATES
25
Accounts receivable from: The American Brass Company Anaconda Sales Coaoany {payable
at Dec. 31, 1939) Anaconda Wire and Cable Company
Chile Exploration Company
ember 3ist 1539
December 3l9t 1940
Increase decrease*
i 1,025.39
11,627.7? 15.579.76 23,232 92
2,277.12
248,446.30 16,178.27 15.405.31
282,307.00
1,251.73
248,446.30 4,550.50 174-45*
254,074-08
Net off accounts payable to: The American Brass Company
Anaconda Wire end Cable Company
540.98 540.88
532.35 52.61
594.96
532.35 470.27*
54.00
Per Balance Sheet - page 9
27,592.04
281,712.04
254,020.00
Accounts payable to: Anaconda Copper Mining Company The American Braes Company Anaconda Sales Company {receivable at Dec. 31, 1940) Anaconda Wire and Cable Compeny Chile Steamship Company, Incorporated Montana Hardware Company Tooele Talley Railway Company
Net off accounts receivable, as above
21,098.90
110,263.64 540.38
10,118.53 4,793.36
10.399.40 157,214.71
540.98
21,098.90 532.35
62.61
7,104.23 9,305.09 11.794.09
48,807.27
532.35
110,283.64* 478.27*
3,014.30* 3,511.73 1.384.69
108,327.44*
594.96
4.08
Per Balance Sheet - page 9
$ 156,373.83
48,292.31
109,381,52*
pNYCOCOOOOa
!
PN,coo6ei
PN*C00Q006
agjSflYE FOR WOKF21EWS COLJENSATT ON INSURANCE. ETC
28
Balance December 31st
1939
Tooele plant
$ 4,035.61
Ophir Hill
1,629.68
Lead refinery
13 ,642.23)
Zinc oxide department 8,652.43)
White lead department
3,956.42)
Raritan refinery
2,112.35
Additions details below
31,582.35 1,320.57 3,735.20
17,021.79
| 34,079.24
53,659.91
Deductions -
compensation Per Balance
paid.
Sheet,
medical
Deoember 31st
and hospital
1940
expenses, etc. page 9
31,585.11 589.78
5,652.11
4,082.85 2,360.47 24,334.19
14,185.11
4,949.53
52,012.11 35,727.04
Details of additions - year 1940
Total as abore
Tools plant Ophir Hill Lead refinery
Raritan refinery
t 31,532.35 1,320.57 3,735.20
17,021.79
$ 53,659.91
Charged
23,146.12 1,032.57 3,755.20
17,021.79
44,935.68
Pay roll deductions
8,436.23 288.00
8,724.23
A
i pNVC000006e.
PNrc0000068
PNYC00000685
Federal old age benefite tax
I 3,057.38
Federal and slate unemployment Inauranoe
taxes
12,082.70
Federal lnoome taxes
Federal oapltal etook taxes
Real estate taxes
178.41
Utah mining oooupatlon tax
Sundry
579.96
Per Balanoe Sheet, December 31st 1940 -
page 9
} 16,696.45
756.19 3,249.99
9,734.48 450.00
14,190.66
10,491.03 3,151.68
13,642.71
9,545.21
31,713.00
1,155.23 1,155.88
Total 12,288.21
i
i
40,631.32 256,000.00
10,000.00 21,559.15
3,151.66 1,030.61
265,715,06
352,660.97
PNYC000Q0686
32
DEBENTURES AND NOTES PAYABLE TO A7?ILIATSS
15 year 6% debentures
duo 1950, held by
Anaconda Copper Min
ing Company
Balance December 31st
1939
. 8,000,000.00
Payments 1940 details below
Per Balance Sheet,
December 31st 1940*
page 9
i 8,000,000.00
Demand aote, interest at 5%, payable to Anaconda
Copper Min ins Company
2,250,000.00
2,250,000.00
Time notes . details of
payees and interest rates below
5,000,000.00
2,500,000.00
2,500,000.00
Total 15,250,000.00
2,500,000.00
12,750,000.00
id
Balance December 31st
1939
$ 21,096.90
Aocrued 1940, per
Income Account -
page 10
480.000.00
501,096.90
Paid 1940
480.000.00
Balance December 31st $ 1940
21,096.90
__
112.500.00 112.500.00 112.500.00
--
Details of time notea
Payable to Anaconda Sales Company; Balance December 31st 1939 - Interest at 1-1/2% $ Payment June 15th 1940
Balance June 15th 1940 - interest at 1-3/4% Payment August 31st 1940 Payment September 14th 1940
3,125.00
66.118.0? 69,243.07 69.243.0?
--
Payable to Anaconda Copper Mining Company: September 14th 1940 - interest at 1-3/4%
Payment October 22nd 1940
$ 3,500,000.00 1.000.000.00
Balance December 31st 1940 - Interest at 1-3/4% $ 2,500*000.00
Details of interest accrued on time notes
Payable to Anaoonda Sales Company: December 31st 1939 to June 15th 1940 1-1/2% on $5,000,000 June 15th 1940 to August 31at 1940 1-3/4% on $4,000,000 August 31st 1940 to September 14th 1940 1-3/4% on $3,500,000
24,223.90
656.616.07 662,641.97 661.743.07
21,096.90
p**co, oooo6,8?
OTHER DIVIDENDS AMD INTEREST
Interest received: Oa advances: To subsidiaries not wholly owned; Comet Coalition Mines Company Eureka Bullion Mining Company
Walker Mining Company
Tooele Valley Railway Company International Building Association On refund of capital atook tax Miscellaneous - net
Dividends received: Park Utah Consolidated Mines Company Miscellaneous
Per Income Account, year ended December 31st 1940 page 10
33
f
PNYC00000683
j 34
MISCELLANEOUS INCOME
Miami plant - rents
OpJilr Kill plant - rents
Raritan refinery; Record storage rentals Copper storage rentals Discount on prepayment of taxes loading and unloading lighters
Investments end advances; Fark-Utah Consolidated Mines Company reimbursement for dividends of prior years not received by the company Less outside property expense, Tooele
Per Income Account, year ended December 31st 1940 P" 10
$ 1,350.00 87,532.32 3,003.08 15,763.44
1,200.00 9.97
$ 1,728.00 355.00
107,653.84
. 1.190 ._03
' I 110,354.97
!
P'lrc0C6e9
s I I I
O O' *0
o
p N 'fC O O O
LOSS ON .DISPOSAL OR DISMANTLEMENT CP FITHm ASSETS
35
Buildings and machinery: Tooele plant
Ophir Hill plant Lead refinery
?lno oxide department White lead department Raritan refinery
Raritan secondary metals department Investments and advanoes - Rioo
Ulnes and mining olalms and lands:
Ulaml plant - repossession of pronerty sold
In 1030
'
Total
Cost of property sold or dismantled
- pages 15 and 14
C 27,43 172,727.0> 3,308.20 280,353.78 850,00 43,520.44 2,400.00 105.061.S3
698,457,66
Aooumulatad depreciation
- page 16
08.74 160,405.22
902.76 194,050,00
682.52 35,548,77
267,60 78.673.09
470,636.70
10,000,00* 1 688,457,66
470,636*70
Net book value
Salvage
less dismantling
expense (add or deduot*)
128.69 12,321,87
2,405.53 86,295,78
167.48 7,980,67 2,132.40 116.388.54
227,820,96
130,76* 12,750.76*
74.76* 466,30 240,06 3,507,68*
383.46*
16,140,97*
L0S8 (profit,/) -
per Inoome Account year 1940 Mga IQ
2. 07/ 426,69# 2,330.77 86,762,17 407,54 4,472,99 2,132,40
211,679.99
10,000,00*
3,500,00
217,820.96 12,640,97*
6,500.00# 205,179.99
36
EXPENDITURES CN OPTIONS NOT EXERCISED
Investment in and advances to Pelleyre Mining and Milling Company written off
Investment Advances - Balance December 31st 1539
Additions 1940
Per Income Account, year 1940 - page 10
* 65,120.97 $ 310,203.91
4.420.66 314.624.57
$ 379,745.54
PNYC00000691
balance sheet items
Mines and mining claims and lands
;
Buildings and machinery
Investments:
.
Securities of subsidiaries - not wholly owned
- wholly owned
Other security investments
Indebtedness of subsidiaries - not current - not wholly ov<
Prepaid expenses
- wholly owned
Deferred expenses
Supplies on hand
Accounts receivable - trade
Advances to sundry mining companies, including advances on
ores, less reserve
Advances to Tooele Valley Railway Company
Accrued taxes Indebtedness to subsidiaries wholly owned
Net investment
,9
INCCUB Accomrp tth
Cost of sales
I
Provision for depreciation and loss on disposal or dismantleme
of fixed assets
Other income: Dividend received from Mountain City Copper Company Other dividends and Interest Miscellaneous income (expense*)
Income or loss*
Deduct: Expenses pertaining to nonoperating units Expenditures on options not exercised
Net income or loss1
*
PNyC00000692
gfTESttaNTS AND AD7AWC7S
DETAILS OF BALANCE SHEET AND TWCrftg ACCOUNT IT****
Wholly owned subsidiaries
Mountain City
Copper Comnanv
d lands
$
2s - not wholly owned
- wholly* owned
43,000.00
ts
ries - not current - not wholly owed
wholly owned
120,151.99
1,143,281.33
'Yalker Minins Company
Other subsidiaries
not wholly owned
National Pari
Tunnel Consc
and Mines
l>
Company
Co
862,049.50 797,479.10
740,142.20 415,287.78
915,693.92 441,
:ompanies, including advances on Railway Company
70,000.00 163,151.99 1,143,281.33 1,679,528.60 1,155,429.98 985,693.92 441,:
>s wholly owned
19.715.18 19,715.16
$ 143,436.81 1,143,281.33 1,679,528.60 1,155,429.98 905,693.92 441,1
t and loss on disposal or dismantlement
>untain City Copper Company "9 St >ense*)
noperatlng units ot exercised
4,797,57 4,797.57 4,797.57
365,733.50 365,733.50 365,733.50
4 4,797.57
365,733.50
16,795.49 16,795.49 16,795.49
2,955.37 2,955.37 2,955.37
16,795.49
379.745.54* 379,745.54*
376,790.17*
6,9 1,2C 8,16 0,18
8,18'
$
pyc 000
693
Park-tJtah
Prince
Consolidated Consolidated
Mines
Minins
Company
Company
Condor Gold
Minins Company
441,157.50 47,132.86 4,632.29
35.50 441,157.50 47,168.36 4,632.29
V4l,15?.50 47,160.36 4,632.29
Afterthought Copper
Mines
Canyon
Company operations
Tooele
Valley Railway
Company
8,600.00
20,149.34
4,978.54 4,978.54
36,749.34
104.900.00 104,900.00
4,978.54 36,749.34 104,900.00
Rico
Mines department,
outside
exploration, etc.
Tota pag
11 an<
2,480.00 29,956.69
1,866.11 6,224.66
40,527.46
59,428.16 59,428.16
61,90* 29,95*
2,765,473
1,417,216 1,212,766
120,151 1,866
28,149 6,224
70,000.
5,014. 104.900,
5,866,627.
1,155.88 1,155.88
1,155. 19.715.
20,871.
39,371.58 59,428.16 5,345,756.*
6.960.00 1.200.00 3,100.00 8,180.00 .
3,180.00
9,393.66* 126.960.26* 136,353.92*
7,288.21 7,288.21 7,288.21 136,353.92*
35,948.81* 35,948.81* 7,288.21 172,302.73*
9,393. 126.960.2 136,353.9
9.97* 9.97*
3u5,733.5' 38,816.6* i.i90.o:
405,740.1'
9.97*
269,386.2"
35,948.81 379.745.54
415,694.35
9.97*
146 ,308.10'
P**C0 ooi 00694
PNYC00000695
INDEX
39
Pago
A
25 Accounts with affiliates 24 Accounts receivable - trade, less reserve 29 Accounts payable - trade 31 Accrued liabilities, other 30 Accrued taxes 19 Advances to subsidiaries - not wholly owned 19 - wholly owned 27 Advances to sundry dining companies 25 Affiliates, accounts with 32 Affiliates, debentures and notes payable to
B
11 Balance Sheet - by departments 9 - comparative
15 Buildings and machinery
C
26 Cash
D
32 Debentures and notes payable to affiliates 22 Deferred expenses 16 Depreciation, provision for 16 Depreciation, reserve for
S
36 Expenditures on options not exercised 22 Expenses, deferred 21 Expenses, prepaid
l
3-6 funds received and disbursed
I
12 Income Account - by departments 10 - comparative 18 Investment in and indebtedness of subsidiaries - not wholly owned 19 - wholly owned 25 Indebtedness of affiliates 19 Indebtedness to subsidiaries - wholly owned 33 Interest reoelved and paid 23 Inventories, finished 37 Investments and advances 17 Investment in securities of subsidiaries - not wholly owned 20 Investments, other security 38 Items not allocated to departments
L
14 Lands, mines and mining claims and 35 Loss on disposal or dismantlement of fixed assets
PNYC00000696
40
Page U
15 Machinery, buildings and 23 Metals and manufactured products - finished 14 Mines and mining olelms and lands 34 Miscellaneous income
N
32 Motes payable to affiliates
0
2 Operations by departments - comparative 36 Options not exercised, expenditures on 31 Other accrued liabilities 33 Other dividends and interest 20 Other seourity Investments
P
'
36 Felleyre Mining and Milling Company write off - see expenditures on options not exercised
21 Prepaid expenses
S
16 Reserve for - depreciation 28 - workmen's compensation insurance
3
18 Securities - of subsidiaries not wholly owned 19 - wholly owned 20 - other 18 Subsidiaries, investment in and advances to - not wholly owned 19 - wholly owned 27 Sundry mining companies, adv&noea to 13 Surplus aooount
T
30 Taxes aocrued
W 3 Working capital