Document NGN0a3a74VxYZ1qn5MadwR4dV
P^C000 6s,4
N11107
-INTERNATIONAL SMELTING AND REFINING COMPANY
DIRECTOR'S MEETING - OCTOBER 2Z.\ 1945
PROGRAM
DIRECTORS
Cornelius F. Kelley William Wraith/, Frederick Laist'*'/ Robert E. Dwyer Clyde E. Weed ' James R. Hobbina Elbert 0. Sowerwine
SecretarjV^ 11:00 A.M
Minutes of the Meeting held September 25, 1945, to be read and approved.
Presentatlon of Statements of Net Income and Net Current Assets as of September 30, 1945, to be read and approved.
Approval of Appropriations:
No.
Description
Amount
153 Oil Burner to replace Stoker on Molding Furnace at the East Chicago Plant
$1,600.00
168 Additions to a Dracco Dust Collector at the
Zinc Oxide Plant
1,800.00
162 Granulator for Lead Blast Furnace Speisa and
Dross Reverberatory Matte
4,839.19
In connection with the license to do business in the State of Colorado, which expires on October 31, 1945, after conferring with the Salt Lake Office and the Legal Department it was decided to discontinue the Corporate existence of the Company in the State of Colorado.
RESOLVED, that the action of the Officers in permitting the Corporate existence of the Company in the State of Colorado to ^ expire by limitation October 31, 1945, be and it hereby is in all respects ratified, approved and confirmed.
Report of discharge of International Smelting A Refining Company indebted ness. .
The Chairman reported to the Board that the Company had dis
charged its indebtedness of $10,500,000 owing to the Anaconda Copper
Mining Company as of March 20, 1945, represented by certain promissory
notes by the issuance to Anaconda Copper Mining of certain shares of
the unissued stock of the Company and by the transfer to Anaconda
,
Copper Mining Company of certain of the Assets of this Company which
action was thereupon approved.
Adjournment.
PNYC0C006825
INTERNATIONAL SMELTING AND REFINING COMPANY SUMMARY OF REGULAR MONTHLY MEETING OF BOARD OP DIRECTORS
HELD SEPTEMBER 25, 1945 (Previous Meeting)
Due to lack of quorum at the August meeting. Minutes of the Meeting held July 24, 1945, were read and approved. Statement of Net Income and Net Current Assets as of August 31, 1945, were approved and ordered placed on file. Resolution was adopted ratifying and approving the action of the Officers of the Company in authorising Appropriations in the amount of $19,505.00. Resolution was adopted ratifying and approving the action of the Officers of the Company in executing on August 16, 1945, on behalf of the Company, Gas Sales Agreement with the SI Paso Natural Gas Company covering the purchase of Natural Gas for Industrial use at Inspiration, Arizona.
Adjournment.
PKYC00C06626
N11107.01
INTERNATIONAL SMELTING AND REFINING COMPANY
DIRECTOR'S MEETING - OCTOBER 23. 1945
PROGRAM
DIRECTORS
Cornelius F. Kelley William Wraith Frederick L&lst Robert E. Dwyer Clyde E. Weed James R. Robbins Elbert 0. Sowerwine
11:00 A.M.
Minutes of the Meeting held September 25, 1945, to be read and approved.
Presentation of Statements of Net Income and Net Current Assets as of September 30, 1945, to be read and approved.
Approval of Appropriations:
#,
No. Description
153
Oil Burner to replace Stoker bn Molding Furnace at the East Chicago Plant
168
Additions to a Dracco Dust Collector at the Zinc Oxide Plant
162 Granulator for Lead Blast Furnace Speiss and Dross Reverberatory Matte
Amount #1,600.00
1,800.00 4,839,19 #8.239.19
Resolution to be adopted ratifying and approving the action of the Officers in permitting the Corporate existence of the Company in the State of Colorado to expire by limitation on October 31, 1945.
Report of discharge of International 3melting and Refining Company indebted ness.
Adjournment.
PNVC00006627 ^11107.02
irmsATioMiL s me l t in g a s p a? artsa c o mp a n y MSMOBlSIKiM FOB DIBBCTOBSi MMSTING - OCTOBER 23,, 1945
gsTimig) in in c o me
Smelting Department Baritan Copper 'forks
lead Befinlng Department line Oxide Department fhlte Lead. Department Accrued Interest on Ad-rancee
to Leases Sold Miscellaneous
Month of September
19+5
$+8,334 35.362 12.235 7.+60 2,8+1
-
$11,038
Deducts Glacier Peak Lease - Cancelled Adtances *ntten Off Loss on Sale of Claims: Talker Mining Company idmlnistratlTe Sxpenses Capital Stock Tax Miscellaneous Taxes Interest - 6)1 Debentures - Anaconda Copper Mining Co,
- 193? Income Taxee
$-
-
8,000 1,0+2
-
-
-
Less - Depreciation + Obtolsscence
Uk+2
$20,080 *5.766
Federal Income Taxes
na neon
$65,8+6
$65,8+6
Add - let Income of Subsidiary Companies
CONSOLIDATE) RT IIOOBE
$65.8+6
Month of Augnst 19+5: .
$23,963 63,373
7.251 14,140
8,052
-
$52.7+9
Nine lbs. ended Sept.
30, 19*5
$196,413 919,165 62,211 86,193 34,656
18,500 18,296
$873,296
Sine Uoso ended Sept
30, 19++
$ 8,117 779,874 93,764 47,818 2$,669
50,885
$777,261
$-
. 8,+80 1,0+2 2.585
$12,107 $40,6+2 +7.056 $ 6.+1+
$ 6.+1+
$.6.41*
$-
++,628 90,797 13,126
8,5+8 _
56,501 .. 8,295
$221,895
$651,401 +42,380
$209,021 .71,398*
$137,623
163
$137.786
$ 60,711 45,240
79.778 7,500 8,392
23+,63? 109,795
$i+M^
$231,206 L&.1
$294,127
$294,127 74,851
$368.978
CONSOLIDATED SOHPLOS ACOOOIT
BALANCE - January 1, 19+5 (Adjusted)
APB
- Net Income - Sine Months ended September 30, 19+5
BALANCE - September 30, 19+5
$642,441 137.786
$780.227
includsa Federal Income Taxes - 193? - $25,498
,, Pt4Ycooc6a'is
N1U07.03
J*
HTTHEMATIOgja. SMElffIKO ASP BgTIHISG COMPABT MBMOBASDOM FOB DIBBCTOBS' MEETIBS - OCTOSSB 23, 19*5
ESTIMATED SET IBCOMB - SMBIfflSO DffiABTMBre
Tooele Lead Plant Tooele Copper Plant Tooele Sulphide Concentrator Tooele Slag Pleat Miami Plant
Deduct: Tramway Sxpenee Onttide Exploration Selling Cooznlselon Oxide Concentrator
-
Leas: Depreciation IBS' 1TCOME
Month of September
1945
Month of Angust 19*5
Sine Mot, ended Sept.
30, 19*5
Sine Mos, ended Sept,
30; 1944
J7.575 3.*34 7,002
13.237 10.400 $ 45,17*
$30,396 1,016 2.878
18,656
$20,426
$ 200,111 220,893 10,175 198,395 61,8*0
$ 114,019 144,460 45,031 191,207 120,480 $ 98,239
* 130 200'
2,250 580
* -1.11 $ *8.334
n.223 $65,557
$ 130 719
2,100 588
* ?.7 $23,963
17,091 $41*054
$ 1.191 17,122
. 22,285 5,221
$ 45,819 $196,413 j 150,396
$346,809
$ 2,500 54,000 23,342 10,280
$ 90,122 $ 8,117
170,006 $161,88?
PA,?C0C006629
Nil 107.04
ISTKBK1TI0SAL SHKLTI5G 13D RKFIKIKS C0KP1KT
Matumromt. ?o r amogoRS1 k ebiis s - ocmsa 23. 1945
ESTIMATED sag 15eOMS - BIRITiS COPPBB 10BK3
Profit on Tolls Profit on Premiums Profit on Gilding Metal . Profit on Sales Electro Sheet Department Miscellaneoue Income
Lass - General Expense Selling Expenses Buying Expenses
Less - Depreciation Eat Income
Month of September
1945
Month of lagnst 1945
line Ubs0 ended Sept,
1945
Sine Mos. ended Sept
30, 1944
$19,834 12,002 541 5.710 901 800
$56,904
$18,927 39.917 1.984 7.998 388 408
$64,878
$602,627 185.930 77.720 64-o596 6,114 12,260
$112*002.
$580,289 53,378 62.141 98,433 13,905 17,023
$797,359
$741 801
$__ 1.542 $35,562
22.891 $12.471
$704 801
0*505 $63,373
25*1*? $58.230
$ 2.000 8,248
-LSI $ 17.844 $919,165
243.278 $675.887
7,448 8.037 $ 17.485 $779,874 215j l 8J5 $523,999
8
O
CM
<*
PNYCCCOCctj30
N1U07.05
ih t saga t iofa i smrire at o bs pipih g cnup.gr KaioBiHDDit roa d ibbc t o r s * meet ies - o c t o bs b 23, 1949 ayjgwa.ro, .ncois - Lmaspuup.ziirc o x id e as p w h it e tain nro.^,,,
1SAD HSFIHI'HJ DABT!t=HT Operating Income Leae: Depreciation
VET IHCOME
ZIVC OXIDE DEPAflTVafT Sales Of Zinc Oxide Sales of Slab Zinc
Coat of Sale* - Zinc Oxide Slab Zinc
Operating Profit: Zinc Oxide Slab Zinc
Depreciation: Zinc Oxide Slab Zinc
Vet Income: Zinc Oxide Slab Zinc
znc o u d i
Pound* Sold
Coat of Sale*
s l a b zurc
Found*-Sold
Sale* Price Coat of Sales
WHITE LEAD DBPABTMBTT Sale* of Load Product* Coat of Salta
!**: Depreciation
1ST ISCOIK
Pound* of Lead Product* Sold Sals* Prica Coat of Salt*
Month of September
Month of August 1945
Sine Ubea ended Sept*
30, 1945
Vine Mo*, ended Septa
30, 1944
$ 12,235
*- 5,532
$ 56,685
$ 69,161 $ ^4,145 -g|,7< $ 76.621 $ 7,460
$ 7,460 1 728
728 $ 8,188
$ 8,188
$ 7,251 2,411
$ 4,840
$ 62,211 23.340
$ 38,871
$ 83,764 ' 27,288
$ 111.052
$146,001 2,555
$148,,5?6 $131,861 _L12, $134,416 $ 14,140
$ 14,140 $ 1,302 -----------$ 1,302 $ 12,838
$ 12.838
$1,091,817 169.241
$1,261,058.
$1,005,624 169,241
$1,159,566 82,807
$1,242,373
$1,113,174 81,381
$1,174,865
$ 86,193 "
$1,194,555
$ *6,392 1,426
$ 86,193 $ 47,818
$ 12,981 **
$ 18,895 1,084
$ 12,981
$ 19,979
$ 73,212
$ 27,497 3*2
$ 73,212 $ 27.839
728,200
7.77* 8.80*
1,713.190 8J>2f 1.104
12 ,807,950
8.52* 7.84*
13.389,133 8.66*
8.31*
150,008 8.31* 8.31*
30,550 8.36* 8.36*
1 .992,73* 8.49*
8.49*
981,104 8.44* 8,30*
* 87,847 *>.<88
$ 2,841 --2.221
j- 5.082
1,058,405 8.46* 8.75*
* <*,857 jh.m 8,052 --Lm
* 9.161
. *520,565 8 61 10.15*
$ 530,838 565.494
* 34,656 X2.385
$ 47.041
5,981,897 8.87*
' 9.45*
$ 829,971 855,640
$ 25,669 20,300
$ --4J.76?
9,415,310
. *8 82 . *9 08
PHYC00006B3V
K11107-06
KSWWtSlwa#traBWUiSiBlEl Mni!l
iKTBBKATIOBAt SMBLTnfS AMD EUgHfllTO COIgm KBPaumm f o r s ib b c t o b s * iroas - o c t c k k 23. 194.$
m CirHRfflT AgD OTHER A33IT3 - SPTBMBKB 30. 19*5
CTRBSHT ASSETSI Supplies Metalsj
In Process Flniahddj
Lead Copper Silrer Cold By-Products
8,857,764 16,862,990
1.900.337 15,243
lbs. 0
lbs. 0 08e 0 0*6. 0
4.4680 . 9.068a
36.31 a $34.42
*
Reserte for Frei&it and Refining Charges
Manufactured Productsi Lead Products Sine Oxide
Haxltan Copper Works - Electro Sheet Department
Accounts Benetreble I Tolls Other
Cash
$ 395.765 1,529,168 690,859 524,632 17,283
$3,157,707 648,07*
$ 131.074 373.807
- -M.W
$1,456,692 405,460
CTBBMT LIABILITIBSl Taxes Accounts Payable - Inter-Cosipany: Anaconda Sales Company Other Accounts Payable Wages Payable
SET CCBBEST A3SST3
01ESH ASSETSi Adranees to sundry mining companies, including adrances on ores, less reserres Installment house and land sales and other accounts receirahle, less resorts
BALASCt - IBT OTBBarT AHD OTHKB ASSETS
$ 124,018 308,549
1,406.837
$ 36,604' *1.0*7
$1,035,797 2,256,989
2.509,633
534,937 1.862,152
632,703 $8,832,211
1,954,878 $6,877,333
*7.651 $6.924,984
PNYC0006832
it
N11107.07
argarmom s mel t me: as p r e r ih ib g c o mpah t
MOtORATOOM 7OBDIRBCT0RS' MEETIEG - OCTOBER 23. 1945 SALES, DELIVERIES ATP PBODPCTIOl* - *T.T. DEPAtmnaro<!
SMELTEH PRODUCTION: Copper - Lb*. - Tooele: Custom Toll Miami: Custom Toll
Lead - Lbs. Tooele
SCRAP COPPER RECEIVED AT PERTO nroOY unetoa Fabrication Toll Metals Heserre
RKPIBERT PRODDCTIOT . Copper - Groae Less - Toll Scrap
Lead - Lbs0 Silver - Oae. Gold - Oisa
SALES: Copper - Lbs. Tooele Miami Raritan
Lead * Lbs.
DELIVERIES: Copper - Lb*. Tooele 111ami Earltan
Lead - Lb*.
ZgC OXIDE: Production - Lb* Dellrerle* - Lb*
SLAB ZIEC: Production - Lb* Deliveries - Lb,
Month of Sept. 1945
Kins ifos* ended sept,
30. 1945
Bine Mos. ended Sept,
30, 1944
Per Cent Increase
Decrease
45.750 379,270
201,684 2.397.346 3,024.050
3,424,280
5,391,029 6.823,328
7,618,746 98.999.123
28,547,039
7,683,713 13,494,188
3,720,480 100,639.240 igTSH.ta
33,113.864
l`."459,880 i.459.880
928,136 11,876,929
li.805.065
804,962 10.448,372
690.208 Tl,94i!54J
17,139.505 1.459.880
5,953,988 617,988 5,252
276,707,242 11,876.929
5t4.Hi6.nT
51,987,595 6,883,732 57,777
240,635.238 10,448.372
5T6.lHt.H66
58,805,579 8,736,479 79,621
5.3 13.6
7.2
15.1 11.6 21.2 27.4
250,000 7.258,882
4,892,450 2,375,000
306.677 77M4.157
52,689,222
8.550.000 3.200.000 1,008,040
59,034,611
40.6 10.4
575,984 201,684
__222^F
5, 719,554
5,364,329 2,397,346
306.677 8.068.352
37.367,632
9,890,246 3,720,480 1.049.171 U!b59l897
39,984,976
808,400 13,191,770 728,200 12,807,950
13,201,230 13.389,133
661,200 150,008
2,124,294 1,992,734
580,976 981,104
4.4.9 6.5
*7 4.3
265.6 103.1
PNYC00CC6833
For information in oonneotion with tho termination to do buainaaa in tha Stata " of Colorado - aaa file - "Baaidant Agent"
PKycoooo6e34
N11107.09
An a c o n d a Co p p e r Min in g
25 Broadway
Of f ic e o f t b k Sec r et ar y - a k d Tr eaev r er
New York 4. N Y
R-
2 1945
C. t. w o man
October 18, 1945.
^ me m3Ra k iw m t o -, h r . h . j . f o u t i
The following was `adopted at the Board of Directors meeting ctf Anaconda Copper Mining Coepany, held on September 27, 19451
The Chairman reported to the Board that the International Smelting and Refining Coepany (a wholly--owned subsidiary) had discharged its indebtedness of $10,500,000 owing to this Capany as of March 20, 1945, represented by certain promissory notes, by the issuance to this Ccapary of certain shares of the unissued stock of the International Company and by the transfer by it to this Company of certain of its assets, which action was thereupon approved."
It is proposed to adopt the following at the Meeting of ^T/V. j the International Smelting and Refining Coepany to be held on Tuesday,
October 25, 1945j
The Chairman reported to the Board that the Company had discharged its indebtedness of $10,500,000 owing to the Anaconda Copper Mining Company as of March 20, 1945, represented by certain promissory noteSjty the issuance te Anaconda Copper Mining Company of certain shares ef the unissued stock of the Coopany and by the transfer to Anaconda Copper Miming Coepany of certain of the Assets of this Coepany, which action was thereupon approved."
Does this meet with your approval?
CSrfB
PHXcecooea^ N1U07.1
October 18, IMS,
ffla tollanlag ni adoptad at tba Baa mating af Jaaoaada Coppar UdDag fayay, bald
IMS i
Tba Hair-- raportad to tha tarrrt t tba Malting tod Mftoiag 0w (a Malty --ad adhalrtl rty) bad ita ladabtatoaaa at $10,500,008 --tag ta tbla Ca--aap m af bnh , IMS, r^rtaaadid ip aartaia jraalaaary aataa, br tba laaaaaaa ta tbla C--paP af oartaia abaraa af tba --l aaaad ataak af tba fittaraattoBal
*ad ip tba traaafar ip It ta tbla 0--paqr aartaia af ita ablab aetlaa aa
It la prapaaid ta adopt tba fatlaalng at tba Mating of tba MaiitUaal Malt 1m --d baftatag 0--paap ta ba bald -- Taoadagr, Oatabar 21, IMS.
"Tba flair-- rapartad ta tba Baaed that tba Caapaap bad
000%
Oaaa tbla mat altb jw iganalt C. S. HI
PNYC00006836
N11107.ll
INTERNATIONAL SMELTING AMD
The Chairman explained that an appeal had been made to the General Manager of the Raritan Plant for a contribution to the campaign for the rehabilitation and enlargement of the Perth Amboy General Hospital.
After discussion, on motion duly made, seconded and unanimously adopted, it was:
RESOLVED, that the Company make a contribution not exceeding #10,000 for the rehabilitation and enlargement of the Perth Amboy General Hospital, Perth Amboy, New Jersey.
/
PNYCQQ006837 nm.li
INTERNATIONAL SMELTING AND REPINING COMPANY The Chairman explained that an appeal had been received by the General Manager of the Raritan Plant from the Perth Amboy General Hospital for a contribution Wr the* campaign for the rehabilitation and enlargement of the Perth Amboy General Hospital. After discussion, on motion duly made, seconded and unanimously adopted, it wasi
RESOLVED, that the Company make a contribution not exceeding $10,000 for the rehabilitation and enlargement of the Perth Amboy General Hospital, Perth Amboy, New Jersey.
'*****
N11107.13
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P,,,r00C,6439
N11107.14
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Amboy
I*
A regular Mating of tha Board of Directors of the
IHTERHATIOKAL SM3LTIB0 AID REPISIIC COMFAHT was bald at tha
offlea of the Company, So* 23 Broadway. Saw Xork, I. X., on Tuesday, Gotobar 23. ISAS, at 11:00 o'clock A.M.
PRS3BST:
Messrs. Cornelius P. Kelley William Wraith Frederick Laiet Hobart B Dwyer Clyde S. Wood
Jamaa R. Robbins Elbert 0. Sowarwioa
(Being all of tha Diraetora)
Tha Praaidant. Hr. Cornallua P. Ksllay, acted as
Chairman of tha Mating and Hr. C. I. Horan, Saoratary thereof.
Tha mlnutaa of tha regular monthly Mating of tlm
Board of Oiractora ha Id on September 25, 1946 wars read, and
on motion duly made, seconded and adopted ware approved.
Tha Chairman presented to tha Meting statements of
1st InooM and of Hat Currant Aaaeta, estimated aa of September 30, 1943, which, on motion duly made and aaoondsd, ware approved and
ordered plaoad on file.
On motion duly made, seconded end unanimously adopted.
It waa
RESOLVED, that tha section of the Officer* of tha
Company In approving' tha fallowing Appropriations, be, and the asms hereby le, ratified, approved and confirmed:
So. Saserlptlon
Amount
133 Oil Burner to repla oe Stoker on Holding Puraaoe
at tha East Chlaago Plant
$1,600.00
isa Additions to a Draoco Oust Collaotor at the Zino Oxide Plant, East Chicago.
1,800.00
162 Oranulstor for Lead Blast Furnace Spelaa and
Dross Reverberatory Matte at the Tooala Plant
4.839.19
AS.259.19
Tha Chairman stated that In connection with tha authority
to do hue loess in the State of Colorado whloh expires on
October 31, 1943, after conferring with the 8alt Lake Office' and
N1U07.15
<*
tha Lsgal Dapartmant It n< daaldnd to discontinue tha aorporata
xiiUnoa of tha Company In tb lists of Colorado and to ra roks
W.tha appointment of P.
Anderson aa Resident leant of tha Company
In that Stata.
On notion duly nada. seconded and carried, it was;
KSSOLTOD, that tha action of tha Officers in permittine tha aorporata axiatanoa of tha Com
pany in tha ttata of Colorado to axpira by limitation Oetobar 31 > 1946, ba and it hereby la in all reapeets ratlflad, approTad and con firmed and
PORTHBR HX30LTXD, that tha appointment of Mr. P. a. Anderson of Danear, Colarada, aa Xeeldent i*ant of thla Corporation in tha Btata of Colo rado, ba and it haraby la aaneallad and revoked.
tha Chairman explained that an appeal had been nada ta tha Oanaral Manager of tha Raritan Riant for a oontributlon
to tha oampalgn Tor tha rehabilitation and anlareamaht of tha
Parth Amboy Oanaral Hhapital.
Iftar dlsouselon, on motion Only aada, aaaondad and
unanimously adopted, it aaa1
BX30LYKD, that tha Company make a oontributlon
not axeaadine Ian Thousand Dollara (RIO,000.) for tha rahabllitation and anlareamant of tha Parth Amboy Oanaral Hospital, Parth Amboy, aa Jarsey.
Tha Chairman r# ported to tha Board that tin Company had dlsoharead lta lndabtadnaaa of #10,600,000 oaine to tha Anaoonda
Coppar Ml nine Coarpany as of March 80, 1946, represented by oartain promissory notaa, by tha issuanoa to Anaoonda coppar Mining Company of oartaln sharaa of tha unissued atook of tha Company
and by tbs tranafar to Anaoonda Coppar Mining Company of oartaln
of tha Asasts of this Company, afaloh motion mas thereupon approTad.
Ihara being no furthar buslnass bafora tha Board, on
motion duly mads, ssoondsd and adoptad, tha masting adjourned.
(CORPORATE SEAL)
(S) C. E. ItOBAH Sacra tary
(S) C. F. EELLKT Chairman
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