Document QJNdp3xg4xMMGVBnOw7rd0ZQ6
Pogaon, Peloubet & Co. Certified Public Accountants
1SR000915
INDEX
gage 1
2
3 4 4
4 5- 7
7
7-9 10 - 41
42 - 43
Scope of the report Financial condition of the company
Company operations Income or loss from sundry investments Investments in vholly cvned subsidiaries Other Investments Statement of funds received and disbursed
Distribution of Balance Sheet aid Income Aocount to departments
Scope of audit
Financial statements and explanatory schedules (see alphabetical index)
Alphabetical Index
<
4W* ` *
ioMSV . .UOu(T
PoasoN, Pe l o u s e t & Co.
CERTIFIED PUBLIC ACCOUNTANTS
xumi
Cor,r t3. w
AO EN*
PASO
'CBION PC*Cv . >09KN. jw.
YOB,2S e*OAO' .V, Nt.
A. y.
j COPY
Xo the Board of Birectors, International Smelting and Refining Company, 25 Broadway, New York 4, New York.
Dear Sirs: We have made a general audit of the books a ad accounts of
INTERNATIONAL SMELTING AND REFINING COMPANY for the 3 ear ended Deeember 31, 1944, and present the various statements listed on tl e opposite page.
The acoounts of New Jersey Storage and Wan house Company and Raritan Terminal and Transportation Company, vfcolly < wned subsidiaries, which are not operating, have not been consolidated with tl oee of International Smelting and Refining Company In this report.
International Smelting and Refining Company is a 100-J owned conaolidated subsidiary of Anaconda Copper Mining Compa: y. This report, while oomplete and inclusive for International Smelting an< Refining Company, i9 principally a supplementary amplification of the rape rt on audit of Anaoonda Copper Mining Company and subsidiary companies. It 1 bows the portion of the consolidated acoounts of Anaconda Copper Mining Compi ny relating to International Smelting and Refining Company on the same h sis and under the same olasslfications aa shown in the consolidated report, but in somewhat greater detail. In the consolidated acoounts of Anaconda Co per Mining Company and subsidiary companies the investment of International Smelting and Refining Company in shares of National Tunnel fc Mines Company (aoquired in exchange fee shares of Utah-Delaware Mining Company) has been reduced by $136,307.60 to reflect losses of Utah-Delaware Mining Coojany du isg the period of its inclusion in auoh consolidated accounts. This redue ion has also been given effect to is this report as shows on pages 12 and 1
2
PTHa UCIAL
Summarized, the changes In financial condition]during the year were
as follows:
At December >1,
Piled assets, less reserves
mi
applicable thereto
i 1*,797.9*9.75
Deferred charges
1,90*,915.06
Current and other assets - net,
except notes payable to
iv 31,
1*.' 87*.19 2,27* 1,520.85
Decrease* or Increase in
Investment
737,075.56* 369,607.79
Company
6.531,752.67 6,7l|>.903.70 185.151.03
Reserves for workmen's compenaction Insurance
23,234,615.48 23,05|i,298,7* 182,316.7**
58,5*4.09
5 3,376.6* 6.167.45*
Equity of Anaconda Copper Mining Company
t 23,176,071.39 22,99j),922.10 176,1*9.29*
The equity of Anaconda Copper Mining Company Jit December 31, 19** Is
represented by:
Capital stock notes Surplus
As above
$ 12,2*2,500.00 10,540,000.00 217.422.10
* 22,999,922.10
and represents Investaent In the following net assets:}
Principal ameltlng, refining and manufacturing
plants (details page 3)
I 15,9P2,783.64
Securities of and advances to other companies, etc. (details pages * and 40)
Lcfe?, 138,46
As above
1 22,999,922.10
The decrease In equity' during the year 19*4 lis the result of the net
loss for the year Advances to international Building Association vrittei off
t 94,300.61 110,8*8.68
Investment In International Building Association vrltfen off
1.000.00
206,1*9.29
Less overaccrual of federal Income tax for the year
30,000.00
Decrease, as above
* 176,1*9.29
Changes in current position were as follovmt
December 31, 1943
December 31, 1 19*4
Current assets
10,219,504.30 8J29I,256.17
Current liabilities
3.976.112.00 11892.795.76
Increase or decrease*
1,928,~2*8.13*
2.083.316.2**
- $ 6,243,392.306|398,460.41155,068.11
Current ratio
2.6 to 1
4.4 to 1
OPERATIONS
3
Operations of International Smelting and Refi|ning Company for the
past three years compare as follows:
Year 1942
Gross sales and earnings
$ 20,341,958.0?
Net profit on plant operations^
Income (loss*) from sundry investments
1,042,376.8? 1^2,598.21
Yea: 19U3 22,04* ,552.29
76^ 377.88
Year 1944 21,918,993.90
412,217.10
67 745.27* 110.605.27*
1,234,975.04
interest paid to Anaconda uopper
Mining Company on debentures
and notes
596,875.00
Provision for Federal Income
taxes - estimated
180,700.00
Provision far contingencies
696 632.65
596 875.00 30 000.00
207 642.94
301.611.87
395,912.44 ---
. 777,575.00
924 517.94
395.912.44
Net Income (Loss*)
$ 457,400.04
227 885.29*
94,300.61*
Gross profit on operations of the various plai ts and departments of the
company and income from sundry investments for the pest three years togsther vith
the respective Investment therein at December ?1, 1944 see shovn in the following
summary:
Net Profit (Loss*) on Plant Operations
Year 1942
Year 1947
Year 1944
Investment at
December 31, 1944
Tooele plant
4 28,320.46 394,775.34*
Copper Canyon
lease
Miami plant Lead refinery Zinc oxide
121.098.88" 133,925.85 36,773.18* 32,969.95
department White lead
150,804.77* 90,618.19*
department
19, xrtJBr* 16,823.44*
Raritan refinery 1,203,389.23 1,216,453.14 Raritan electro-
sheet department 15,600.35* 34,409.58*
Not allocated (da-
tails page 41)
88.075.77*
Grose profit on plant operations - as above $ 1,042,376.83
764,377.88
344, O8.98* 4,552,484.04
147, 72.64 36, 23.72
1.257.380.07
1,594,017.85 754,932.17
1, 90.97*
570,632.78
21, 01.99* 595,416.05 729,! 23.18 6,706,081.71
21>! 45.80* 287,775.99
11hi 54.70* - -34.5,931,01*
412, <17.10 15,972,783.64
, Details of the above figures for 1944 are abovz on the Balance Sheet and income Account by departments on pages 13 and 14 re spbetlvely.
In/v* (loss*) fr<a sundry Investments
Year 1942
Mountain City Copper
Company, dividends v 219,440.10
National Tunnel and
Mines Company,
interest
20,633.21
talker Mining Company,
interest
12,379.24
Other investments
and advances
not lose* (details
page 40)
60.054.44*
Income (loss*) from In
vestments - per
pace 3
v 192,596.21
Year 1943 --
Ye IT 1944
Investment at December 31,
1944
996,967.93
44,365.37 --
J, 751.09
2,729,366.32 200,142.21
112,110,60* 15 .356,36* 3,100.622.00 67,745.22* 1H ,605.27* 7,027,136.46
Dividends of *146,293.40, received during the 3 ear from Mountain City Copper Company were credited to investment in that compai y.
Details of the above figures are shown on the qalanoe Sheet and Income Account by departments on pages 13 and 14 respectively.
INTSSCNTS IN '."riOllY OWNED SUBSIDIARIES
The net investment of International Smelting aifa Refining Company in its wholly owned subsidiaries amounted to 117,103,47 at I ioember 31, 1944. Net income of these companies for the year 1944 was 11,627.74 During 1944 International Building Association was liquidated with a loss if >84,562.06 which included interest of 13,309.51 accrued on advances by International Smelting and Refining Company. Details page 16.
INVEST! UNTS PI OTHER COMPANIES
Investments, including noneurrent advances, in lubsidiarles not
wholly owned and in other companies amounted to 15,220,95 63 at December 31,
1944 compared with 15,407,125.36 at Deoenber 31, 1943, as shown by the
following table:
Subsidiaries not wholly owned: Mountain City Copper Company National Tunnel & Mines Company - see below `.valker Mining Company Other subsidiaries
Decern er 31, i 43
* 1.143 261,33 2,797 394.69 200 000.00 769 558.78
December 31, 1944
996,987.93
200,142.21 797.553.01
Other oompanles: National Tunnel k Mines Company - see below Park Utah Consolidated Nines Company Prince Oonsolidated Mining Company Copper Canyon Mining Company
4.910 235.00 1.994.663,15
441 157.50 47 132.86
e iOO.OO
2.729,366.32
441,157.5C 47,132.85 8.600.00
As above
496 390.36 3.226.276.68 1 5,407 L25.36 5,220,959.83
By reason of the merger of National Tunnel & Min s Company with Utah V.etal and Tunnel Company, the stock interest of Anacoaia C>pper Mining Company end subsidiaries was less than 50jS at Deoamber 31, 1944.
Market values of the above securities based on mirket quotations of securities which are quoted on various stock exchanges amo .nted to 14,412,319.70
SR000920
5 at December 31, 1944 compared vlth $3,601,294.3 at Dec imber 31, 1943 (details
on pages 20 and 21).
i
The company's share of the combined net Incom of subsidiaries not
wholly ovned amounted to $83,551.64 for the year 1944, ompared with a loss
of $21?,431.80 for the year 1943. Dividends received rom Mountain City
Copper Company amounting to $146,293.40 were credited ti investment In that
company.
There Is Included in the Income Accounts of th years 1943 and 1944
the following Income and expense relating to the above ; nvestments;
Year 194;
Year 1944
Interest on advances Dividends Less reserved for advances
He* income from investments
$ 48,239. <1
52,739.40
6,960.00
:________ 51,982.06*
$ 48,239.5 L
6,737.34
STATEMENT OF FUNDS RECEIVED AND DISBURSED
Funds vere made available to the company during the ye 1r as follows:
Operating profit before deducting non-cash
Items and Interest paid on debentures
and notes payable to Anaconda Copper
Mining Company (details below) '
$ 1,085, ?26.77
Decrease In inventories (details page 6)
1,370, 582.65
United States Treasury tax notes disposed of
230, >00.00
Decrease in accounts receivable (details
page 6)
151. 150.00
Dividends received credited to investment
in Mountain City Copper Company
146, 93.40
Cash received from dissolution of Interna
tional Building Association
20, 04.14
Fixed assets disposed of
62.14 3.C25.319.10
Funds vere disbursed as follows: Decrease in indebtedness to Anaconda Sales Company
Increase in deferred Items (details page 6) Interest paid on debentures and notes payable Fixed assets purchased (details page 7) Decrease in current liabilities other than
indebtedness to Anaconda Sales Company
1,941, 436, 395, 245,
IILl
93.58 86.19 12.44 05.43
22.66
3.131.12C.30
Resulting in a decrease In cash of
$ 105,501.2:
Operating profit before deducting non-cash
items and interest paid on debentures I and notes payable to Anaconda Copper
Mining Company
Net loss* per income account - page 11 Add back charges to Income not requlrin
Depreciation (details page 17) Glacier Peak option written off Advances to subsidiary companies written
off (details page 6) Loss on dismantlement or sale of fixed
assets (details page 39) Sundry
Add back interest paid on debentures and notes payable to Anaconda Copper Mining Company
As above
654,4 13.42 60,7 L0.95 51,9 12.06 15,4 .1.13 1.4 >7.38
784,0 4.94
..?95sg 2.44
94,30'
1.179.?:- 1,085, "
r
idvaacea to subsidiary companies written off
Comet Coalition Mines Company Yankee Consolidated Mining Company Mountain View Mining Company
Total advances written off - per page 5
$ ^5,9^9.88 4,085.48 1,946,70
$ 51,982.06
Decrease in Inventories
Metals and manufactured products - finished
.
Supplies
(details p&gf 25} - in process
Net decrease per page 5
$ 869,792.02 421,890.27 78.700.36
$ 1,370,382.65
Decrease in accounts receivable
Current:
Accounts .receivable - trade Accounts vith subsidiaries not vtaolly owned,
principally Mountain City Copper Company Accounts with affiliates
Decrease in current receivables
Not current:
Net increase in advances to subsidiaries
not vholly owned; principally North
Lily Mining Company
$
Net increase in advances to sundry companies
and individuals (details page 31):
Advances made
$ 338,005.76
Less payments received
315,441,19
$ 212,309.08 19.065.38
-____ 2x339-25 233,713.71
M18.50
Accounts written off or reserved for
22,562.57 891.84
g ,670.73
Decrease in advances to Tooele Valley Hallway Company
Decrease In installment land
sales contracts
17,809.85 2,215.67
10 ,789.23 24,025.52
Net increase in receivables - not current
81,763.71
Net decrease, per page 5
t 151,950.00
Increase in deferred items - net
Mine development: <3ui.ld Adams lease operations Victoria lease operations Copper Canyon operations Olaeier Peak project operations
Total increase (details page 22) Less decrease in other deferred items
Net increase, per page 5
4 237,307.93 122,589.95 82,458.62
_____ JiLi?
442,714.12 6,227.93
) 436,486.19
000/s l
Expenditures for fixed aas'eta
Mines end mining claims and lands t Guild Adams lease Salt Lake City office, principally development of Untie Dlatrlot
Total (details page 15)
Buildings and machinery (details page 16)
Total expenditures, per page 5
7
* 96,616.56 72.764.23
169,580.89 76.024.54
t 245,405.43
DISTRIBUTION OF BALANCE SHEET AND INCOME ACCOUNT TO DEPJ RTMENTS
The detail schedules vhlch support the Balance Sheet and Income
Account by departments (pages 13 and 14 respectively) ai > presented in ten
divisions, the Sight principal operating departments:
a ninth division,
1. Tooele plant, 2. Copper Canyon lease, 2. Miami plant, 4. Lead refinery, 5. Zlno oxide department, 6. White lead department, 7* Raritan refinery, 8. Raritan eleotro-sheet de >.artaeot, together vith
9. Investments and advances
vhlch Includes the nativities of the company other than .he principal smelting,
refining and smnufacturing operations, and a tenth dlvls on.
10. Items sot allocated to di partments*
In making this rearrangement, the accounts of ' be company as shown on
its various ledgers have been redistributed and allocate: to the departments to
vhloh they apply, exoept for a fev items for vhlch there La no exact basis for
allocation and vhloh are shown separately in the last ditLsion mentioned above.
Details of accounts vhloh appear in the ninth and tenth divisions are shovn on
pages 40 and 41 respectively.
Lend at Bast Chicago, and land, buildings and akohinery, and reserve
for depredation at Perth Amboy have been allocated among the various depart*
oents on a basis believed to be approximately correct.
s c o p e or a u d it V# have made a general audit of the books and cords of Iat*n4tienal
Editing and Refining Company and its subsidiary eorporat ons for the calendar year ended December 31, 1944. in connection vith our aud t ve examined or tested the accounting records of the company and its subs: diaries and other sup porting evidence and made a general revlev of the aoeount] Qg thods, including
the sj*tom o{
check and control and of the operating and Income accounts
for th* year, but ve did not make a detailed audit of t is transactions except in
case of Miami plant, vhich Is not examined by the 'cmpany's ovn internal
auditors.
In the case of all other oompanlee and deper slants ve satisfied our.
selves that International Smelting end Refining Compan; and all subsidiary
companies vere included in the scope of the vork of th internal auditors of
the company.
Ve examined Into the sufficiency of the lnte nal audit and examined
the reports of the Internal auditors*
Investments, securities, cash, notes receive>le and payable, deben
tures
capital stock have been verified by inspect! m, certificate or
correspondence and found in order.
Accounts receivable, vhere these are of mate*ial amount, vere tested
by selecting certain accounts for confirmation by dire :t cofuntcation vith
the debtors or, vhere possible, by direct comparison >1th the books and records
of the debtors. The company's internal auditors hav< also verified the
accounts receivable of certain departments by dlreot doasunieetion vith the
debtors and, vhile such confirmation by internal audiljters cannot be substituted
for a similar procedure by the company's independent i udltors, it has been
given full consideration in determining the nature am extent of our verifi-
cation of accounts receivable. Trade and iastallsen accounts receivable -
and advances to sundry mining companies vere examined in detail and those
considered bad or doubtful have been written off or h^vve been provided for
in reserve.
Certificates of responsible officials have ieen received certifying
to the correctness of quantities, descriptions and ov isrehlp of inventories
and ve have made tests of the clerical accuracy of th> inventories.
In accordance vith vhat is nov generally ag *eed to be accepted
auditing procedure, our audit Included physical teoti cf inventories. In
ventories at all plants are not tested nor is a ecmplste count made of
inventories at any one plant. Inventories are not <11 tested at the close
of the oalendar year and the physical tests are in n< vay intended ae a
1 substitute for th# taking of physical lavsntorles by company employees. The
[ purpose is to establish the existence of a proper system for taking end
\
recording physical Inventories and to satisfy ourselve that the systems are 0?eratlng effectively and as planned. In the course f this vork, a very substantial part {measured in money value) of the phys eal inventories is actually inspected by us. While this inspection is a t our primary evidence of the existence and value of the inventories vhlch ou t 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 end product) held for the company or Its subsidiaries by others or held by the company f< r the accounts of others a substantial part has been verified by direct eommunlcatlon. It la the general practice of the oompany'e internal auditors to oaks physical tests from time to time of inventories of supplies and, vhil 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 earrLed at cash cost or, in the case of properties acquired for securities of th - company, at the original par value of such securities. The values of ixed assets are shovn on this basis and do not indicate current values, vhich oould be established only by current appraisals. All other assets are oarr: ed at cash cost,
We received during the year the usual courtes; from the officers and staff throughout the company.
Respectfully submittei ,
Rev York, June 18, 1945
Certified Public iccountants
r recopdlnS physical inventories and to satisfy ourselves tha1 the systems are operftting effectively and as planned. In the course of th s vork, a very
9
substantial part (measured In money value) of the physical nventcries is
actually Inspected by us. While this Inspection is not ou: primary evidence
of the existence and value of the inventories vhlch must 11 In the records
of ths company, It Is of great value as a confirmation of t e company's records
and represntationa. Of stocks of metals and products hel for the company
or Its subsidiaries by others or held by the company for th accounts of others
a substantial part has been verified by direct comunlcatlo i
It is the
general practice of the company's Internal auditors to make physical tests
from time to time of inventories of supplies and, vhlle the i e teats cannot
take the place of similar tests by independent auditors, th> y are given
full consideration in determining the nature and extent of he tests made
by us.
Fixed assets. Including investments, are carried it cash cost or,
In the case of properties acquired for securities of the oo spany, at the
original par value of euch securities. The values of flxe1 assets are shovn
on this basis and do not Indicate ourrent values, vhlch cotLd be established
only by current appraisals. All other assets are oerrled it cash cost,
We received during the year the usual courtesy fttom the officers and
staff throughout the company.
Respectfully submitted.
jfee
}A u*
).73 1.39
>.3 1.0* .a: >.3*
1.0<
}.0(
'.01 U2
< ountants
. Rev York, June 18, 19*5
.T i.fi; 5! i.2:
..8:
INTERNATIONAL atgr.^p^ gj
DECEMBER
[ t qi
Page FIXED ASSETS:
ASSETS
15
Mines and mining claims, water rights and lands fct* metal producing and manufacturing plants
16 Buildings and machinery at mines, reduction works refineries and manufacturing plants
17 Leas reserve for depreciation Patents
Investments:
18 Securities of subsidiaries - wholly owned
2119 Other investments
- not wholly owned
Indebtedness of subsidiaries - not current:
20 Wholly owned Hot wholly owned
Decent*
$ 27,198,9*3.1 19,280.760.;
FUNDS PROVIDED BY GOVERNMENT AGENCY - expended or o j hand
DEFERRED CHAHOES:
22 Mine development
23 Prepaid expenses 24 Deferred expenses
CORRECT AND OTHER ASSETS: Current assets:
13 Supplies on hand 13 Metals end manufactured products * in process 25 - finished
Accounts and notes receivable-: 26 Trade, less reserve 27 Affiliates
26 Subsidiaries - not wholly owned - current
United States Government securities
29 Cash Other assets:
30 Installment land sales and other accounts receivable, less reserve
31 Advances to sundry mining companies, including Advances on ores, less reserve
Advances to Tooele Valley Railway Company
1,850,959*' 70,833.: 3.11Q.<
1,194,903.: 2,564,898.? 4,001,518.c
1,504,196.6 26,596.; 49,3U.5
250,000.C 628.049,'
8,288.(
182,197-1 ....97I,6I5,*:
LIABILITIES
32 CAPITAL STOCK - issued and outstanding - 163,50 *1 ires of the par value of $75*00 each
ADVANCES BY GOVERNMBf? AflEHCY 33 RESERVE POR WORKMEN'S CCMFEMSATIOn INSURANCE
CURRENT LIABILITIES:
3* Accounts and wages payable
35 Accrued taxes 27 Indebtedness - to affiliates
H - to subsidiaries * wholly earned
28 not wholly ovne< 36 DEBHTTURE3 ARD ROTES PAYABLE TO ANACONDA COPPER MlfUfO COMPANY 12 SURPLUS
1,277,113. 42,059.
2,589,406. 20*468.
47.063.
ATIORAL 3K2LTIWQ AMD REFIFTBG COWPtw? COMPARATIVE RALAWfTB <gnffl>T DECEMBER 31. 19*5 AND 1944
Deceaber 31. 10*3
4 1,268,615.68
* 27,198,9*3.*3 1_9_, 280.760.go
7,918,183.23 1.00
1*2,000.00 2,625,163.58
*96,890.36
162,024.48 2.285.071.4s
14,797,9*9.75 300,000.00
1,830,959.71 70,833.39
--------- 3.119.96
1,904,913.06
Deeaaber 31, ^044
4 27,2*2,920.04 19.894.595.62
* 1,450,568.94
7,3*8,324.42 1.00
*1,000.00 1,699,483.86 3,226,276.68
295.199.20 14,060,874.19
2,212,962.88 56,951.83 4.606.14
2,274,520.85
)eepeaaa Qr
* 181,973.26*
* *3,976.61*
. '13.835.42*
569,858.81
132,003.17* 13,881.56
_ 1,486.18*
1,000.00 925,679.72 2,729,386.32* 162,026.48 1.989.872.13 737,075-56 300,000.00
369,607.79*
1,194,903.38 2,564,898.98 4,001,518.04
1,504,196.83 26,596.3* *9,341.36
250,000.00 628.049.37
10,219,504.30
8,288.00
182,197.02 -------97.875.35
___ gS8.360.37 * 27,510,727.48
1,116,203.02 2,143,008.71 3,108,310.60
1,3*6,952.60 24,257.09 30,275.98
___ 522.2*8,17
21,502.97
8,291,256.17
31fl.443.20 $ 24,9*5,094.50
^8,700.36 * >1,890.27 8)3,207.44
57,244.23 2,339.25 .9,065.38 2 iO,000.00 _1 >5.801.20
1,928,248.13
3,214.97*
4,677.80* 7.809.85
30,062.92*
4 2,565,632.98
4 12,262,500.00 300,000.00
58,5*4.09
* 1,277,113.77
*2,059.6*
2,589,*06.55 20,468.22
- 47.063.aa
3,976,112.00
10,500,000.00
--*l?,,57it?9
27,510,727.48
12,262,500.00
52,376.6*
4 1,260,014.3;
* 2.53*.9< 610,738.91
23.896.52
1,8*,T95.76
10,509,000.00
------237.422.10
$ 2*,9*5,09*.5
300,000.00 6,167.45
* *,59*.`
1, 97 5,667.*
>,*26.2 * 1.363.(
2,083,316.24
, ilL.i*9g? 4 2,565,632.98
IHTERHATIORAL SHBLTIHQ AND REFIWINQ COMPAHY COMPARATIVE IHCOHE ACCOUHT
YEARS HIDES DECEMBER 3 1 . 1903 AND
JSR00092?
co
INTERNATIONAL SMELTING AND REFINING COM! Off STOPLT73 ACCOUNT
YEAR ENDED DECEMBER 31. 19**
12
Balance December 31, 19*3 Overeccrual of Federal Income tax for the year 19*3 Investment In International Building Association written )ff Advances to International Building Association written off Net loss* of the year 19** " page 11
Per Balance Sheet, December 31, 19** " page 10
$ *13,571.39 30,000.00
1,000.00* 110,8*8.68*
9*,300.61*
$ 237,*22.10
Investment in National Tunnel and Mines Company in this report, as In the report on Anaconda Copper Mining Company and eon afclldated subsidiaries,
has been reduced from the amount shown on the books of 1sternatlonal Smelting and Refining Company by $136,307.60, the amount of the ( sflcit of Dtah-Delaware
Mining Company on dissolution in 1937.
ISR000930
BALANCE SHEET - 5BCPS2B 3]
A3 SET3 FIXED ASSETS:
Mines end mi>Hng oleine, water rights end lends Buildings and nachlnet-7 Reserve for depreciation* patents Investments:
Securities of subsidiaries: Wholly owed Not wholly owned
Other Investments Indebtedness of subsidiaries . not wholly
owned - not current
DEFERRED CHARGES: Mine development prepaid expenses Deferred expenses
CURRENT ASSETS: Supplies on hand Metals and manufactured products: In process Finished Accounts and notes receivable: Trade, less reserve Affiliates Subsidiaries - not wholly owned - current Cash
OTHER ASSETS: Installment, house and land sales and other accounts receivable Advances to sundry mining companies, including advances on ores, less reserve Advances to Tooele Valley Railway Company
Total page 10
Eliminations*
T' ;
1."50,588.9" 27,242,920.0" 19.89".595.62*
1.00
"1,000.00
1,699,"83.86 3,226,276.68
295.199.29
>6i 7.8T 6,iv9*
2,212,962.88
56,951.83 ",6o6.l"
22 4
1,116,203.02
2,143,008.71 3,108,310.60
1,346,952.60 24,257.09 30.2T5.9&
522.248.17
2.*93.35* 722.16*
395
1,335
90 a
19 198
21,502.97
216,874.82 fto.ofis.so
161,
* 24,9*5,094.50 3,215.51* 4,916,
LlABTr. TTTisn
RESERVE for workmen's compensation insurance
%
CURRENT LIABILITIES: accounts and wages payable Accrued taxes indebtedness - to affiliates - to subsidiaries - wholly owned - not wholly owned
52,376.6*
1,260,014.35 2.534.90*
610,738.97 23,896.5? 680.81
2.493.35* 722.16*
1.94S.172.40
NET INTOTMSNT
2,999,922.10
--
27, 311,
36". *.662,
CAPITAL STOCK SURPLUS
NOTES PAYABLE TO ANACONDA COPPER JOKING COMPANY As above
$ 2,262,500.00 237."22.10
2."99/922.10 0,500,000.00
* 2,999/922.10
SHEET DECEMBER 31. 194* . ST PEPARTMSKT3
Petal 1b of ' otal
Eliminations*
Tooele Plant
Copper
Canyon lease
368.919.89 7,843,086.*2
6.494.343.11*
5
1 i 8,600.00 )
1 1,146,219.50
5
22,914.21
5,247.66
4,597.62
595.589.74
1 1,335,807.54 3 943.918.54
D
? 2.493.35*
8 722.16*
7
90.359.61 4,507.86
19,358.42
198,814.51
67,108.43
13,336.70 1,214.99
Miami plant
Lead reflrerv
Zir c oxide dei artaent
White lead
Raritan reflneir
56,419.72 103,550.21 103,550.21*
130,665.27 1,171,386.25
845,532.40* 1.00
?; ,073-16 63! .140.45 *9 ,578.80*
13,243.90 796,350.58 607,665.52*
409.751. 13,143,560.
8,239,264.
1,616.27
102,877.77 609.684.78 114,746.86* 987,859.63
15,076.61
2,330.20 6.32
106,395-46
137,011.50 220,184.76
13,529.28 10,159.11
6,741.68
31 004.16 4S 955.91 254 123.33 51 071.99
25 000.00
25,450.23
277,271.59 90,812.46 133-64
22,l80.
345,108. 14,548.
1,515,728.
88,53511,949. 11,65981,816.
21,502.97 161,828.91
44,850.53
10,195.38
3,215.51* 4.916.843-33 1,286,577.81 1,668,983.30
952.880.4j 576 790.20 595,596.88
7,405,576.
27,341.95
5
0*
7 2,493.35* 3
1 722.16*
3.215.51*
3U,634.63 23,464.48 1,037.42
680.81
564.359.29
*,552.484.04
20,616.32 7,859*26
722.16 _29.197.74 1,257,380.07
60,204.12 14,107.85
653.48
74,965.45 1,594,017.85
6,445.87
185,257-41 5.973-20 271.78
979.33 178.09
180.83
12.428.
663.540. .21,458.
2,066.
197.948.26 754,932.17
6 157.42 570,532.78
IBO.83 595,416.05
699.494. 6,706,081.7
0
Raritan electro-a&ec
Investments and advances
- details page HQ
I tens not
allocated to departments
- details page 41
4,349.45
393,328.28 113,661.29*
445,166.30 152.516.96
**?
jl. 004.16
25,450.23
277,271.59
90,812.46 133.64
22,180.33
345,108.?? 14,548.98
1,515.726.85
88.535.45 11,949.83 U, 659.72 81,816.60
41,000.00 1,699.^83.86 3.217.676.66
295.199.29
1,066,745.38 2,663.16
11,630.39
42,668.46
11,447.48 4,145.38
189,438.40
595,596.88
7,405,576.38 295,8*6.83
80.065.50 7,059,776.45
189,438.40
180.83
12,428.66
663.540.19 21,458.83 2,066.99
8,070.84
180.83 595,416.05
699.494.67 6,706,081.71
8.070.84 287,775.99
6,996.47 1,744.99 23,896.53
32,637.99 7,027,138.46
2,494.37 77,143.51*
609,024.56
521x215.42
345,937.02*
CC|g ACCOOMT - YEAR BfDB) OB
Total - Page 11
Inter-
department elimination
Tot ele nlant
Miami riant.
Tolls
eopper tine lead silver gold miscellaneous metals zinc oxide vhlte lead electro-sheet copper residue, ores, etc. payment on production excess of quota
$ 2,165,479.65 41,143.80
2,669,881.91 2,904,034.33 2,337,815.40
327,254.73 1,403,960.89 1,106,178.23
39,993.17 1,833,643.21
279.126.81 6.810.481.77
53,972.88* 647,516.63*
797.16* 225.48* 853.85*
1,' 44,223.99
2/ 93,851.59 79,724.31
< 38,975.92 49,242.74
33,861.63* 1,7 52,275.18
2.SOS.656.07*
2 79,126.81 33,202.72
583,508.02 215.591.06 135,466.61
2.673.618.4?
Sales and tolls
21.918.99-3.00 3.230.885 .70* 0 2 30.623.26 5.607.984.11
Cost of sales Interdepartaaent
21,029,222.0ft
9, < T5,91ft.73 1,754,430.59
3.259,883.70*
7?1.250.23 1.708,108.88
21.029.222.04 3.239.883.70* 9 6 37.16ft.96 5.462.539.47
(Income or loss*)
Provision for depreciation end loss (or gain#) on dis posal or dismantlement of fixed assets
689,771.86 66$^85ft.55_
1)6,541.70* 145,444.64 2 14.572.00
Income or loss* from operations
215^)17.31_
I il.lift.69* 145.444.64
Other income: Dividends and Interest received - net
Miscellaneous income
72,475.94 g,2l8.58
6,506.81 198.90
1.728.00
81.69ft.52
6j3P5.,7l
1,728.00
(Income or loss*)
301,611.83
3 4,208.98* 147,172.64
Interest on debentures and notes payable to Anaconda Copper Mining Company
395,912.44
1 1
Met income or loss*
9ft,300.61*
3' 4,208.98* 147,172.64
srcrun mtrafflffi 31. 1944 - BY d e pa r t me n t s
IflSl 3.08
1.06 S.6l
Details of tota1
Lead refinery
Zinc oxide department
Uhlte lead department
523,5*6.95 566,339.10 390,271.*8
13,698.84
95,116.68
1,40*,186.37 131,530.82
1,107,032.08
Raritan refinery
137,7*7.64
Raritan Investments Items not
elec ro-
and allocated
she<t
advances - department
department page 40
page 41
3*2,529.86
873,101.39 278,809.15
39,99: .17
3.*2
437.047.30
4.11 1.930.953.67 1.630.833.87
0-52 1,768,224.14 1,598,753.54
8. Bo
91.512.87_______ 12.648.64
9.47 . 1.859.737.01 1,611.402.18
4.64
71,216.66
19,431.69
_5.449.269.*0 1.107.032.08 7.081.457.44 39.99' 17
457,507.70 6,027,213.62 58,88? 69 176,184.33 112,104.7' 634.867.99_________ 1.495.09________ _ 1.092.375.69 6.028.708.71^ 58,888 69 176.184.33 112-104.7'
14,656.39 1,052,748.73 18,895.52* 176,184.33* 112,104.7
*JL
34.992.94 36.225.72
-g.1,322.66,, 1.890.97*
36.358.38---- 329.957.30 21.7ftl.99f:. 722.791.43
2.650,28 21.545 80* 176.184.33* 112.104.7(
8.00
i9L
.64
36,223.72
2.64
36,223.72
1,890.97*
21,701.99*
.07 6.731.68
J ,731-75
.729,523.18
65,219.06 360.00
750.00
-6-5,515-06
750.00
21,5*5 80* 110,605.27* 111,354.70
395,912.44 1,890.97* 21,701.99* 7*9,5*3.18 21,5*5 30* 110,605.27* 507,267.14'
MTNZS AND Ig-VTNG CIAIMB. BTER RIGHTS AJTO LA S
Other chahges-
Balanoe
add -
Balance
December 31,
see notss
Deoember 31,
1943
Additions
below
1944
Lands for metal producing
plants:
Tooele plant
$
Miami plant
Lead refinery
Bari tan refinery
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
lands for manufacturing plants:
Zinc oxide department White lead department Bari tan electro-sheet
department
22,073.16 13,243.90
4.549.45
22,073,16 13,243.90
4.349.45
Other lands:
Tooele Miami
39.666.51
2,654.63 226.12
2.882.75
7.00 6,342.3'(1) 7.00 6.342.3>
39.666.51
9,004.00 228.12
9.232.12
Water rights - Tooele
6.250.0 1(2)
6,250.00
Total lands and water rights
992.623.27
7.00 12.592.3
1.005.422.64
Mines and mining claims: Investments and advances Salt Lake City office
Miami Guild-Adams lease
162,095.68 72,757.33 20,058.54 93,638.19 96.616.56
234,853.Cl 20,058.54
190,254.75
Total mines and mining claims
275,792.41 169,373.89
445.166.30
Per Balance Sheet page 10
9 1,268,615.68 169,380.89 12,592.3
1,450,588.94
NOTE 1 - Lands transferred and sold:
lands in Tooels, Utah transferred to Internationa
Smelting and Refining Company by Internatloxu
Building Association
9 6,493.4*'
Isas Mis of four lots in Salt lake City acquired f om
Diamond Coal and Coke Company in 1943 (see p^ge 38)
151,1:
As above
9 6,342,3*
2 - Water rights transferred to International Smelting qnd
Refining Company by International Building Association: 122| shares Middle Canyon Irrigation Company stoe! Water rights
9 4.31C.X
1,940.
BUI JI?CS AND MACRTNVPV
Tooele plant Miami plant Lead refinery Zinc oxide department /Lite lead department Raritan refinery Raritan electro-aheet departsent Investments and advances - Guild-Adams lease
Per Balance Sheet - page 10
B lance Deo mber 31,
1945
$ 7,< 55,569.02
3t; 03,550.21
V 53,825.51 i 28,529.17 \ 89,724.32
13,] iO,610.43
S >3,328.20
1 S3.806.49
Construction 17,949.93
17,560.74 9,611.28 6,626.26 3,656.63
20,619.66
3 87,1 >8,943.43
76,024.54
NOTE 1 - Hospital buildlag transferred to International So b ting and Refining Company NOTE 2 - Depreciation of automotive equipment written off. NOTE 3 - Equipment scrapped at Guild Adams lease cdaarged to development.
ISR000937
BPIIDIICS AND MA.CTTTrrrPT
u b lease
Balance December 31,
1943
| 7,655,569.02
3,103,550.21
1,153,825.51
628,529.17 789,724.32
13,140,610.43
393,328.28
133,606.49
Construction 17,949.95
Deduct* sales and dismantlements - details
Mae-.89
34,124.01*
17,560.74 9,611.28 6,626.26 3,656.63
20,619.68
148.00*
Other 4haages 1 add or aeduct* 3^91.46^(1)
7p6.17*(2)
7pl.21*(3)
$ 27,196,943.43
76,024.5*
Balance Deoeaber 31.
1944 7,843,086.42 3,103,550.23 1,171,386.23
636,140.45 796,350.58 13,143,560.89 393,328.28 153,516.96
27,242,920.04
d to International Smelting and Refining Company by International Building Association, quipment written off. idaee lease charged, to development.
RESERVE FOR :
Tooele plant Uiami plant Lead refinery Zinc oxide department White lead department Raritan refinery Raritan electro-sheet department
Per Balance Sheet - page IQ
Balan ce December 31,
1943
$ 6,296,661.4: 3,103,550.2: 810,539.4* 469.160.1C 580.531.02 7,909,306.9$ 111.011.03
% 19,280,760.20
Details of depreciation on 1944 operations
Depreclatlcx applicable to 1944 o
Straight-line method
Production
Cost
Tooele plant:
Lead plant
Sulphide concentrator
Oxide concentrator
t 617,706.09
Slag plant
512,846.78 .
Automotive equip
ment
2,681.07
Rate
5* 20*{2) 25^6
Onan titv
42,851,938 pounds 101,275.525 to
Lead refinery Furniture and fixtures 19,066.17 556 to 20 i
Zinc oxide department
638,140.45 3,3564j6{! )
White lead department: White lead production
White lead retreated
Raritan refinery
Raritan electro-sheet department
Per Income Account, year 1944 - page 11
36,955.008 to:
12,604,849 pounds 15.850 pounds
12,620,699 pounds 164,978.650 tOl 176,686 pounds
NOTE 1 - Depreciation reserve on hospital building transferred to Int
Building Association. 2 - Accrued on monthly balances.
3 - Rate based on remaining life expectancy.
o0o:
73 FOR DEPRECIATION
ance ber 31, 943
6,661.41 3,550.21 0,539.46 9,160.10 0,531.02 9,306.99 1.011.01
0,760.20
Depreciation on 1944
operations details below
214,874.28 *
Other ad&ition to reserve see note
below
957.26(1)
Deductions* for sales an 1 dismantlemen ts
- oae 39
18,149.84*
34,992.94 21,416.70'
27,134.50
329,957.30 2.650.28-
631,028.00
957.26
16,149.84*
1?
Balance December 31.
1944
6,494,343.11 3,103,550.21
845,532.40 490,578.60 607,665.52 8,239,264.29 113,661,29
19,894,595.62
o 1944 operations - as above oduotion method
tity
Rate
Amount
Depre liation
apiil .cable Depreciation
to ini entory per Income
Decern >er 31,
Account
1 >43
- pa*e 11
8 pounds 5.525 tons
_.1__3_1r? 22.500?
* 56,136.04 22,787.00 30,885.30
104,395.67
14, .91.54
70,327.58
22,787.00 30,885.30 104,395.67
670.27
670.27
.008 tons 89.000?
32,889.96 2,102.98
214,874.28 34v992.94
14. 191.54
229,065.62 34,992.94
21,418.70
21,418.70
:9 pounds iO^ pounds
9 pounds
.215?
'8.650 tons $ 2.00
16 pounds
1.500?
27,134.50 529/957.30
2.650,28
$ 631,028.00
223.66 23 415.42
36,358.38 329,957.30
2.650.28
654,443.42
red to International awaiting and Refining Company by iiternational
1
16
INVESTMENT IN TOOL!? OWNED SUBSIDIARIES
Net loss
linoo me*]
of the
year 1944 -
Shares
Par value
see Note 1 Itvestaent below
New Jersey Storage and Warehouse Coapa ay
Raritan Terminal and Transportation
Company
10 $1,000.00 ) 1,000.00 )
6,00
400 fro ,000.00 1,633,74*
International Building Association (2)
10 1.000.00
1,627.74* __ - 64.562.08
Per Balance Sheet, December 31, 1944 page 10
341,000.00 $62,934.34
Less indebtedness to wholly owned subsidiaries:
Nbw Jersey Storage and Warehouse Company Raritan Terninal and Transportation
Company
694.93 23,201.60
Per Balance Sheet, December 31, 1944 page lo
23,696.53
Net investment
17,103.47
The above net investment at Deoember 31,
1944 is represented as follows:
Assets:
lands Railroad construction
$ 20,065.35
Less reserve for depre
ciation
20 ,065.35
7,691,34
Less liabilities: Taxes accrued
Net assets
7,891.34 541.67
7,349.67
Difference, being accumulated operating deficits to December 31, 1944
$ 9,753.80
Net investment - December 31, 1943 Advances to International Building
Association written off Assets of International Building
Association transferred to
International Smelting end Refining company Net increase in indebtedness to Raritan Terminal and Transportation Company
and New Jersey Storage and Warehouse Company Investment in International Building Association written oft
$163,556.26 $110,648.68
51,175.80
3,428.3: 1,000 ,0C
166,452.79
Net investment - December 31, 1944 - ss above
$ 17,103.47
1COrt
IN7ESTMENT IN SECURITIES PE SUBSIDIARIES NOT WHOLLY QV/NSD
Sharea
Par value
Mountain City Copper Company 1,462,934 | 73,146.70 9
Walker Minins Company
682 042 862 042, 00
Other unoonsolldeted
subsidiaries:
Comet Coalition Mines Company 760 246 190 071. 50
Eureka Bullion Mining Company 756 000 37 600. 00
Mountain View Mining Company 728 420 72 ,842. 00
North Lily Mining Company
475 000 47 ,500. 00
Vlotor Consolidated Mining .
Company
365 390 182 ,695. 00
Yankee Consolidated Mining
Company
501 ,005 50 ,100, 50
Amount
Equity in income or
loss*
Year 1844
996.987.93 t 88,216.96 --
340 ,891. 71 187 ,923. 49
66 ,606'. 23 66 ,527. 78
18 ,306. 52
20 ,040. 20
583,08* 1,996.57*
46.54*
39.15*
702,495.93
| 85,551.64
Per Balance Sheet, December 31,1944 page 10
* 1,699,483.86
I QDn
T
INVESTMENT IN AND INDEBTEDNESS 0 ' SUBSIDIARIES NOT WHOLLY OWNED
20
Investment - Indebtedness not ourrant
Mountain City Copper
Company
#
YJalker Mining Compeny
Comet Coalition Mines
Company
Eureka Bullion Mining
Compeny
Mountain View Mining
Company
North Lily Mining
Company
Victor Consolidated.
Mining Company
Yankee Consolidated
Mining Company
-996,987.93
340,891.71 187,923.49
68,806,23 66,527,78 18,306.52 ao.040.20
200,142.21 27,328.47 67,728.61
Per Balance aeet, December 31, 1944 - page 10
4 1,699,483.86
295,199.29
Total
Market quotations December 31,
1944
9 6,987,93 4 2,925,868.00
240,142,21
44,102.10
0,891.71
144,446.74
5,251.96
107,730.00
(6,806.23
18,210.50
4,256.39
228,000.00
:8,306.52
9,134.75
J 0.040.20
11.272.61
1,91 4,683.15 4 3,488,764.70
Indebtedness not current
December 31, 1943
National Tunnel 4, Mines Company Cl) | 2,018,008.57
Walker Mining Company
200,000.00
Comet Coalition Mines Compeny
39,745.40
Eureka Bullion Mining Company
&i,7eo.&e
Mountain View Mining Company
1,934.20
North Lily Mining Compeny
Yankee Consolidated Mining Company
3,560.26
Sundry indireot subsidiaries
42.31
Per Balanoe Sheet - page 10
4 2,285,071.42
Dee saber 31, L944
20),142.21 t ',328.47 6 ',728.61
29 i,199.29
Decrease* or Inorease
2,018,008,57* 142.21
39,745.40* 5,547,79 1,934.20*
67,728.61 3,560.26*
_________ 42,31*
1,989,672.13*
NOTE 1. Not e subsidiary at December 31, 1944.
;R f)0 0 9 ^
21
OTHER INVESTMENTS
Par value
of stook. Face value
of note
Shares
Amount
Market
quotations Deoember 31. 1944
Copper Canyon Mining Company
stock
| 6,400.00
National Tunnel k Mines Company
stock (1) (2)
326,200.00
National Tunnel k Mines Company
note (3)
1,950,000.00
Perk Utah Consolidated Mines
Company stook
69,800.00
Prince Consolidated Mining
Company stook
80,000.00
64,000 $ 328,200
69,800 600,000
6,600.00 $ 23,680.00
779,386.32 615,375.00
,950,000.00
--
441,157.50 174,500.00
47,132.86 110,000.00
Per Balance Sheet Deoember 31, 1944 - page 10
$ ,226,276.66 9 923,555.00
NOTE 1 - Investment in the stook of National Tunnel k Min s Company in this roport as in the report on Anaoonda Copper Mining Com any and consolidated subsidiaries, has been reduced from the amount sh< w' n on the books of International Smelting and Refining Company by 136,307,60, the amount of the dafloit of Utah-Delaware Mining Company on dissolution in 1937.
NOTE 2 - Transferred from "Investment in subsidiaries not wholly owned," upon ' merger of National Tunnel k Mines Company with Utah Metal and Tunnel Company.
NOTE 3 - Transferred from "Indebtedness of subsidiaries n< t wholly owned" upon merger of National Tunnel k Mines Company with Utah Metal and Tunnel Company.
MINE DEVELOPMENT
22
Balance December 31,
1943
Expenditures
year 1944,
less
Klrte
proceeds develc pment
of ore
vritten
sales
oflf
Balance December 31,
1944
Copper Canyon lease details below $ 1,063,760.88 82,458.62
1,146,219,50
Gulld-Adams lease
582,456.72 237,307.93
819,764.65
Victoria lease
124,388.78 122,589.95
246,978.73
Glacier Peak project
60,353.33
357.62 60,7^.95
Per Balance Sheet -
page 10
$ 1,830,959.71 442,714.12 60,7: 0.95 2,212,962.88
Details of Copper Canyon lease
Original development expenditures: Mines, mining claims, etc. Buildings, machinery and equipment Mine development General expense Plant facilities
Less - royalty received - miscellaneous Income received during development
$ 2,3 7.13 '6.49
6,973.29 600,475.63 172,543.74
54,461.79 3.603.63
838,058.08
2.343.62
Total original development expenditures
835,714.46
Inventory of ore on hand at December 31, 1944
45,100.85
Operating loss (exoluslve of reimbursement of
development expenditures, per contract -
see note): Year 1942
158, sie .75
Year 1943
19. 2}3.66
Year 1944
87. 12 slS
As above
265,404.19 1,146,219.50
NOTE - Reimbursement of original development expend!t:ures, per contract, at $1.25 per ton produced vould increase operating losses shown above.
as follovs:
Year 1942
Year 1943 Year 1944
90,844.90 tons 104,252.00 tons
80.117.49 tons
$ 113,556.13 130,315.00
100.146.86
275,214.39 tons
$ 344,017.99
PREPAID gZPZNSES
--or
23
Prepaid insurance Prepaid taxes Sundry
Per Balance Sheet - page 10
Deoeaber 31,
1943
$ 70,642,57
7,50 183,32
Deo< mber 31, i 944
55,476.25
1,475,58
Decrease Increase*
15,166.32
7,50
1,292,28*
70,633,39
36,>31.83
13,881,56
1SR000746
DEFERRED ETTEMSEg
Tooele plant:
December 31. 19^3
December 31. 1344
Slag hauling
Sundry deferred expenses, principally employees' expense accounts
Lead refinery:
$ 3,053.97
I 4,597.82
15.99 3,119.96
4,597.82
Deferred expenses in connection with depredation in inventory
Per Balance Sheet - page 10
$ 3,119.96
Q.32
I 4,606,14
HETAI3
AMOUNT
Copper Zinc Lead Silver Gold Miscellaneous metals Manufactured products:
Zinc oxide White lead Electro-sheet copper Prepaid billet cost Prepaid freight
Less reserves for freight* refining* etc.
Per Balance Sheet - page 10
Total December 31
193
Decrease
Total
or December 31*
llcrease*
2*1
1,850,821.01 118.083.01
541,242.69 711.145.01 665,514.82 119.516.78
,091.55 2l,168.05
1.3 ,708.27 3< ,769.72 12,140.69 85,868.46
,542,929.46 89,914.96
409,534.42
674,375.29 653,374.13
36,648.32
38
2E 10
170.509.79 300,222.88
18,805.19 91,040.02
,9.308.80
i 540.35 4f 862.40
< 974,80
533.39 246.32*
161,969.44 251,360.48
11,830.39 43,506.63
9.355.12
4,596,210.00 711,211.36 3,884,998.64 1,05
594.691.96 181 996.08
776.668.04
Hi
$ 4,001,518.04 893 207.44 3,108,310.60
94;
Decrease in depreciation in cluded in above Inven tories - details page 17
Per page 6
23 415.42 * 869 792.02
POUNDS
Copper Zinc Lead
CENTS PER POUND
Copper Zinc Lead
20,059,219 1,503,200
11,249,-340
2,' 58,420
: 43,172 2,2 57,557
17,300,799 1,160,028 8,991,783
2, 8,
9.227 7.855 4.811
8.9I8
7.751 4.555
SILVER - total for all departments As above
not covered by.af: idavlts covered by afflda its
produced prior t
GOLD - total for all departments - as above
MftTATA aWD MAlftJPACTTTRlTD PRODOCTS - FTWTBHRn
? 31,
Tooele plant
' Kim plant
(credlt*\
Details of total at December . 10 A
Lead refinery
Zinc
White
oxide
lead
department department
Raritan refinery
2
Raritan electro-3hee
department
29.46 14.96 5*.*2
f5.29
74.13 *8.32
280,961.39
383,430.77 280,907.12 106,844.79
2,428.42
28,983.38
18,236.57 47,542.03
7,508.73 210,122.05
2,553.98
59.** 50.48
30.39 36.63 55.12
98.64 1,054,572.49 94,761.98 220,184.76
38.04
110,653.95 _2Q9*5P8.84
10.60 9*3.918.5* 114,7*6.86* 220,184.76
89,914.96 18,594.92
161,969.44 251,360.48
2,238.93
7,316.19
254,123.33 277,271.59
254,123.33 277,271.59
1,232,984.69
165,109.55 498,987.31
31,665.92
43,506.63
1,972,254.10 456.525.25
1,515,728.85
11,830.39 11,830.39 11,830.39
3,799 3,028
1,783
2,8*6,000 8,582,373
287,837
118,377
,1 160,028
291.033
14,166,962
3.918
751 555
9.872
*.*68
10.070
6.3*3
7.751
6.389
8.703
iced prior to August- 15, 19*2
Otaacee 1,797,413.4*- --7Q*06o.92_ 1,867,*9*.36
Prloe
3*.75 i
71.0258 36.1112*
19*0*9.096 $ 3*.3536
Ameux ; u sb >ve i 62*,60 . .16 *9.77 M3 % 67*,37 5.29
|6,37M3
ACCCT NTS AND NOTES RSCZTVABT-g -
For tolls and for metals a m mano* factored products:
Total December 31,
1945
Total De< a mber 31,
1944
Copp
Can? lea
Inspiration Consolidated Copper
Company
$ 143,476.00 1 239,857.59 $
International Uinerals and Metals Company
37,950.01
Metals Reserve Company
223,290.76
kO,996.10
Miami Copper Company
628,197.90 5 '0,03a.73
Sundry customers
254.217.02 __ 4 .2.695.01 10.717.SO
For premiums on production is ezoess of quota - Metals RaserTe Company
Sundry debtors
1,292,131.69 1,2 13,587.43 10,717.80
181,763.81
9,552.42 36,901.12 12,65i
75.500.56 __ L 9.645.62 42,740.69
681
1,549,195.86 l,3l2,785.47 90,353.61 '13,331
less reserve for doubtful notes and aeoaunta
44.999.03
J 5.632.87
Per Balance Sheet - page 10
$1,504,196.83 $1,3' 6,952.60 $90,359.61 13,33<
UTS AND NOTES BSCZI7ABLS - TRAPS. LSSS iTETKHTTB
Total ember 31,
1944
Tooele slant
Copper
Canyon lease
Details of total at December 31. 1944
Miami plant
Lead
Zinc oxide White 1 ad
refinerv deDartment denartm nt
Investments
Raritan
and
refinery advances
.99,857.59 $
199,857.59
40,996.10 70,038,73 -12.695.01 10.717.80 23,587.43 10,717.80
565,394.13 214.207.90 979,459.62
40,996.10
4,644.60
81.165.61 106.55:
51.99
61,165.61 106,55: .71 45,692.69
49,552.42 36,901.12 12,651.30
.19.645.62 42.740.69
685.40
8.400.01 13.529.28
42.642.76 U.447.48
93,785.47 90,359.61 13,336.70 987,059.63 13,529.28 81,165.61 106,551 .71 88,535.45 11,447.48
45.852.87
30.093.62
'-6,952.60 $90,359.61 13,336.70 987,869.63 12,529.28 51,071*99
15.738 t25 90,812 >46 88,535.45 11,447.48
ACCOUNTS WTTH AFFILIATES - CORK NT
27
Deoember 31 Decmber 31,
1943
: 944
Acoounts receivable from: The American Br^sa Company Anaconda Copper Mining Company Anaconda Wire and Cable Company Chile Exploration Company Chile Steamship Company
Incorporated Tooele Valley Railway Company
$
26, 566.47 29.87
86.29
111.37 1C 159.11 11 428 80
50.49
492.81 4 .507.86
26 682.63 26 .750.44
Net off accounts payable to: Anaconda Copper Mining Company
Anaconda Wire and Cable Company Tooele Valley Railway Company
86.29
2 >239.01 254.34
-,,
86.29 2 493.35
Per Balance Sheet - page 10
$ 26 596.34 24 257.09
Beorease Increase*
111.37* 10 159.11* 15 137.67
20.62*
492.81* 4 421.57*
67.81*
2 239.01* 254.34* 86.29
2 407.06*
2 339.25
Acoounts payable to: The American Brass Company Anaconda Copper Mining Company
Anaconda Sales Company (current account)
Anaconda Wire and Cable Company Chile Steamship Company
Incorporated Montana Hardware Company Tooele Valley Railway Company
* 631.33 21 290,69
2 548 379.13 --
159.57 2 798.00 16 234.12
,
2 239.01
606 785.55 254.34
_
3 955.42 --
, 539,492,84 ei3 232.32
Net off accounts receivable as above
86,29
493.35
Per Balance Sheet page 10
$ 2,529,406,55 610 738,97
631.33 19 051.68
1,941 593.58 254.34*
159.57 1 155.42* 16 254.12
1,976,260,52
S.407.06*
1,978,667.58
ACCOUNTS WITH SUBSIDIARIES NOT WHOLLY OWNED - CURRENT
28
Accounts receivable from: Mountain City Copper Company Sundry indireot subsidiaries
Net off accounts payable to: Mountain City Copper Company Sundrv indirect subsidiaries
Per Balance Sheet - page 10
Deoreaae
December 31. Dec amber 31,
or
1943
.944
increase*
% 50,048,83 49.24
50,098,07
30 975.64 22.50
50 998.14
19,073,19 26.74
19.099.93
714.40 42.31
756,71
$ 49,341.36
722.16 --
722.16
30 275.98
7.76* 42.31
34.55
19,065.36
Accounts payable to;
Mountain City Copper Company North Lily Mining Company Sundrv indirect subsidiaries
$ 714,40 46,906.13 200,00
47,820.53
Net off accounts receivable - as above
756.71
Per Balance Sheet - page 10
* 47,063.82
722.16 --
680.81
1 402,97
722.16
680.81
7.75* 46,906.13
480.81*
46,417.56
34.55
46,363.01
3SR000?53
T 29 CASH
Cash in banks: Chase National Bank, New York Continental National Bank and Trust Company of Salt Lake City, Utah First National Bank of Salt Lake City, Tooele, Utah Walker Bank and Trust Company, Salt Lake City, Utah Nevada Bank of Commeroe - Battle Mountain Branch, Battle Mountain, Nevada Valley National Bank, Globe, Arizona First National Bank in Bast Chicago, Indiana First National Bank of Nevada - Yerington Branch, Yerington, Nevada Flrestona Park Trust and Savings Bank, Akron, Ohio First Bank and Trust Company, Perth Amboy, New Jersey
Less outstanding drafts on New York offioe, deposited in banks
Pett? oash
Deoemb ir 31, December 31,
12i i
IHl
268,0 8.52 214,2 3.24
49,9 7.96 --
' 6 4.34 11,0: S.54 15,6 5,04
5,5< 0.00 5,Q< 0.00 78. a1 6.35 668,9< 2.01 41.92 2.99
627,0(9,08 H 0.35
192,916,65 123,479.82
90,909.33 60,597.30
725.91 18,042.10 15,662.90
4,064.44 65,000.00 76.044.10
629,462,13 106.468.54 520,993.59
1,254.50
Per Balance Sheet - page 10
$ 628,00.37
522,246.17
ISRO0OV54
1
INSTALMENT LAND SAILS AND OTHER ACCOUNTS RECEIVABLE IZSS RESERVE
30
Transferred Other
from
changes - Deduct
Inter-
net payments
Balance national addition received
Decaaber 31, Building see note 1 year December 31
1943 Association be lew)
1944
1944
Tooele:
House sales contracts Installment land sale
- Tom Buzziani's contract
Cash in closed bank Tooele County
State 3ank
v -8,268.00 107.33
15,493,99
705.71(1;
2,631.47 13,568.23 353.26 7,934.74 107.33
8,395.33 15,493.99 705.71
3,092 .06 1,502.97
Less reserve for
doubtful accounts
107.33
ber balance Sheet -
page 10
v 8,288.00
15,493.99
705.71
107.33
-
2,984,73 21,502.97
NOTE [I) Details of other changes:
Charges (debits): Taxes Interest Fire insurance Water, sewer and irrigation assesaoents
$ 403.59 240.50 136.50
46.11
Deductions (credits): Discounts allowed in full payment of contracts Transferred to sundry debtors (page 26)
57.64 63.35
Net - as above
826.70
120.99 5 705.71
esdooousi
S3 |
sal hc0) in9-H
SmOi 1f*. 9
n n *
2 S 39 i no
9-O4il
O CD 4
S&HF*
R* ; eeg* *fo
*<0
80 2
VQ
<
efl3 t<
^ao b
wooQ--am*Q.
a*
vi-rt|
BeA O#v1J
CD O **
OO cOgpoorot
i ami oCD n eo r cj O
83
ocy
^9 Hc-.
Oi
CD *
C)
S
<*
eg o * 3a 9Oeg0
9 eg CD 9
*%
O9 *
CO V) <n ^eg
CO 9
Mns^esj
' m ** 4S m i I
o11tg15hsj
M
&
..
IIJJ
sls0^ clnn
3 oa *5 &a,
!n*
4a9C3 0Ue 1u
| *P
|
isunilnl
5-1 CBS
* S 8 o 3a S
a. 3 t. .
aSb3.
NOTE 1 - T ra n s fe rre d fro m o is s a lf lc a t io n "Good" t o "Good b u t a lo w '
oi~n.o o o cao-
CAPITAL STOCK
Issued end outstanding - per Balance Sheet page 10 (details below)
32
Sh ires
Amount
16 5 ,500 % 12,262,500.00
Issued by International Snelting
Company to Anaoonda Copper
Par
Date issued
Mining Company for; --
value
May 27, 1914 Properties of International Saeltiag and Refining Company $ 100.00
Nor. 30, 1915 Cash
100.00
Total stock issued by International Snelting Company
1A0.00
9! 000 $ 9,500,000.00
2! 000
2.500.000.00
12< ,000 # 12,000,000.00
Issued by International Snelting and Refining Company to Anaconda Copper Mining Comoanv for:
Deo. 21, 1934
120,000 Shares of
International Smelting Company stook
Deo. 21, 1934
(Together witk $fl,000,000 principal amount 15-year 6% debentures)
Properties of International Lead Refiniig Ccvpany and Raritan Copper Works
Oot. 1, 1936 Properties of Anaoonda Lead Products Company
Issued and outstanding - as above
Unissued
75.00
75.00 75.00 75.00 75.00
120 000 | 9,000,000.00
30 000
2,250,000.00
13 500
1.012.500.00
163 >00
12,262,500.00
36 (00
2.737.500.00
200 , >00 $ 15,000,x:.oo
ISR000957
33
RESERVE FOB WOPJaTM?JtS CQttPENBATIOK INSC LANCE
Tooele plant Lead refinery Zinc oxide department White lead department Raritan refinery
Per Balance Sheet page 10
Balance
Additions
Deoember 31, details
1943
below
I 31,305.05 7,808.90 7,938,07 1,592.26
9,899.81
31,509,27
4,253.15 1,567.92 1,290,91 14,736,63
$ 58,544.09 53,407.88
De uotions -
compensation
pa d, medical
am hospital
Balance
xpensea, December 31,
etc.
1944
472.37 616.18
526.66 702.34 12,257.78
27,341.95 6,445.87 5,979.33 180.83
12,428.66
59 ,575.33
52,376.64
Details of additions year 1944
Tooele plant Lead refinery Zino oxide department White lead department Raritan refinery
Total as above
t 31,509.27 4,253.15 1,567.92 1,290.91
14,786.63
$ 53,407.68
Ch irged tost
22, >68.80 4, 53.15 1. <67.92 90.91 66.63
43,167.41
Pay roll deductions
9,440.47
9,440.47
1
ACCOUNTS AND WAGES PAYABLE
34
Ore purchases - Tooele plant Reserve for unearned tolls - Raritan
refinery Wagea payable - details below Payroll deductions for employees' war
bond purchases Employees' deposits - Tooele plant Reserve for repairs - Raritan electro
sheet department - details below Sundry eooounts payable
Par Balance Sheet - page 10
Details of Wages -payable
Tooele plant Copper Canyon lease Miami plant Lead refinery Raritan refinery Investments and advanced
As above
December 31, 194
9 149,191*70
387,77^.62 105,344*27
25,351.75 12,91*.67
6,587.90 569,93a.86
9 1,277,113.77
December 31, 1944
142,578.31
506,625.34 110,682.86
30,125.99 7,104.43
8,070.64 454,626.58
1,260,014.35
9 22,113.91 6,70^.92
19,343.14 20,909.35 35,87*.76
99CL19
9 105,346k27
24,403.61 12,900.24 17,157.93 17,114.64 37,799.'58
1,506.86
110,682.86
Details of Reserve for repaira - Reriten electro-sheet department
Balance
Additions - Deductions - Balance
December 31, oharged oper- expended for Deoembar 31,
1943
atlng expense. repairs
1944
Reserve for lead anode renewals
Reserve for drum surface renewals
9 2,857.32 3,730.58
189.00 2,738.53
[7.24 1,397.33
2,999.08 5,071.76
As above
9 6,567.90 2,927.53
1,444.59
8,070.84
ISR0OO95?
-NOTE (1 ) D e b it re p re s e n ts orerpaynent o f 1941 P ederal inoooe ta x .
* *> IS
>A|
S OaJ 4g*
es h O < e
a <e
0 -P .a
Q
SU*4VHi
gs H HiT n mS
I*
so l
Sa3*
* ss
p p
oc c 0 piKOZO S
>-(9
S3
9 99
8 aa
oo
8 s' s
88
8o 8
S3g as s
a
I
s s
- si
si .a
1 3M
s s.
Is S3
S3 HCSdft2<Oo
*5
i I-
*1
i
DIVIDEND AMD INTEREST RECEIYBD N5T
57
Interest reoeived - net;
Year 1943
Year 1944
On advances:
To wholly owned subsidiaries:
International Building
Association
| 3,707.24
To subsidiaries not wholly
owned:
Comet Coalition Mines
Company
$ 2,155.62
{
2ureka Bullion Mining
Company
1,365.65
Yankee Consolidated Mining
Company
152.04
To other companies partly
owned:
National Tunnel k Mines
Company
44,365.37
Prince Consolidated
Mining Company
201.23 48.239.91
$ 3,309.51
2,418.67 1,372.35
197.29
48,751.09 --
52.739.40
On other accounts: Tooele Valley Railway Company Snyder Mines, Inc.
Miscellaneous - net
2,705,79 7,841.54 2.143.11
12.690.44
2,190.15 6,214.89 1.041.99
9.447.03
Dividends received:
Park TJtah Consolidated Mines Company
64,637.59
65,495.94 6,980.00
Per Income Account - page 11
$ 64,637.59
$ 72,475.94
lgscamytons TNemnt
38
Tooele Blast: Profit os sale of land (details below)
aw
Miami Plant: Rents
$ 1,692*
Raritan Refinery:
Reoord storage rents
$ 1,350.00
Copper storage rents
2,723*93
Discount on prepayment oftaxes 3,715.04
Loading and unloading lighters -
net 1,008SS
Boring out American Brass
Company copper moulds - net
270*89
9,068.
Investments and advanoee: Outside property inooae, Tooele net
ophlr Hill rents
412.00 10.00
I 398,90
1,728,00
$ 1,350.00 4,594.94
786.74
6,731.68
360.00
360.00
Per Inooae Aooount - page 11
Details of profit on BPla of land Pour lots in Clearaont Subdivision, Salt Lake City: Sales price Cost (see Note 1, page 15)
Profit, as above
1SR000943
* r: -m r-
39
NET LOSS ON DISPOSAL OR QTSMANTTJMreiT 0? ; TXXD ASSETS
Coat of buildings and machinery sold Accumulated
or dismantled depredation - aag.e_.lft ^Paae 17
Deduot salvage leas dla-
mantllng emenae
Lose
issisii
Tooele plant
I 34,124*01
18,149.84
467,00
15,507,17
Zinc Oxide department (Akron plant salvage}
96.04
96.04*
Investments and advances: Guild-Adama lease
148,00
146.00
i 34,272,01
18,149.64
711.04
Ter Income Aocount, year 1944 - page 11
# 15,411.13
ISR00O944
D
y^rrw u=ngT ITEMS
Total pages 13
and 14
Wholly owned
subsidiaries
Mounts: a City
Coppei Cancan"
FIXED ASSETS:
Nines end mining claims and lands 445,166.30
Buildings and machinery
153.516.96
Investments:
Securities of subsidiaries:
Wholly ovned
41,000.00
Rot wholly owned Other Investments
1*699,483.86 3,217,676.68
Indebtedness of subsidiaries not
wholly ovned - not current 295,199-29
DEFERRED CHARGES: Nine development Prepaid expenses
1,066,743.33 2,663.16
41,000.00
996,967.9 .
CURRENT ASSETS: Supplies on hand Accounts and notes receivable trade, less reserve Cash
42,668.46
11,447.48 4,145.38
OTHER ASSETS: Advances to Tooele Valley Railway Company
80,065.50
7.059.776.45 41.000.00 996.987.93
CORBET LIABILITIES: Accounts and wages payable Accrued taxes
Indebtedness to subsidiaries wholly owned
6,996.47 1,744.9923,896.53
23,896.53
3fi.637.99 23.896.53
u v es t j o it
* 7*0*7,138.46 17,103.47 996,987.93
Walker Mining
Company
Other subsidiary
not wholly owned
702,495.93 200,142.21 95,057.08
200.142.21 797.553.01 200,142.21 797,553.01
3MB ACCOCTT ITEMS ,,oat of sales
Loss from operations Other Income:
Dividend and interest net
Miscellaneous Income
Ret loss (laoome*)
* 176,184.33 tT6,l84.33
65,219.06 360.00
3,309.51
-65,579.06 4 110,605.27
3,309.51 . 3,309.51*
51.982.06 51.982.06
3,986.31 3.988.31 47,993.75
Dtuili of total
m*
liartes fbollf ied
Rational
Tunnel 4 Mines CenroanT
Park-Utah
Prince
Consolidated Consolidated Victoria
Mines
Mining'
lease
CoBoaay
Comsanv
operations
Guild-Adsni lease
operation!
Toeele Valley Railway
Mines department,
outside
exploration,
190,254/?) 153,516.5 )
>95*93 )57.08
2,729,386.32
Ml,157.50
47,132.86
246,978.73 788.74
6,980.00
18,100.90
8.79 80.94
819,764.6 1,874.4
>
23,847.9 *
4,458.6 4,064.4
254,911.5! 719.64
>53*01. 2,729,386 02 448,137.50 47.132.86 265.958.10 UflT.T&.S1
80.065.50 80.065.50 :2S5:31.19
4,468.74 339*.
2,513.7: . 1,415.1
5.01
2,729,386.32
448,137.50
47,132.86
4,812.58 261,145.52
3.928.8? 1,193,852.9!
'
80,065.50 255,631.19
,2.06 82.06-
88,31
8^31 93.75
46,751*09
6,980.00
46.751.09 48,751.09*
6.980.00 6,980.00*
124.202.27 124.202.27
2,190.15
360.00
2.190.15
360.00
2,190.15* 123,842.27
PETAII3 OF irais NOT ALLOCATED TO DgPAR'nqmTS
42
BALANCE SHEET TT7M3
Assets: Cash - Chase National Bank, New York
$ 13,433,40
Liabilities:
Accounts payable:
Chadbourne, Wallaoe, Parke and 'Whiteside
Sundry (debit*) Taxes acorued:
Federal Inoooe tax (debit*) Federal oapltal stook tax New York state franchise tax
Employer's portion of soolal
security taxes on New York employees Indebtedness to affiliates: Anaoonda Copper Mining Company: Interest acorued, etc. Anaconda Sales Company: Current account Total liabilities
* 3,500,001 5.331
79,977,27*1 Z,500,00 300.00 I
3,494.3?
77,143.51*
3,239.01 305.7SS.S6
309.024.53
535.575.42
Exoesa of liabilities over assets page 13
345,937.02
INCOME ACCOUNT IT3M3
Cost of sales: Administrative expenses, New York offioe Capital stock tax Employer's portion of soolal security taxes on New York employees Sundry taxes
Other income: Interest received on United States Treasury tax notes (oredit*)
Loss, per pages 3 and 14
Interest on debentures and notes payable to Anaconda Copper Mining Company
Net loss--page 14
; 106,991.-13 3,750.00
l,06i;57 - 302.00
112,104.70
750.00* 111,354.70
395.912.44 $ 507.2fl7.14
Paftfl
ALPHABETICAL INDEC
A
34 " Accounts and wages payable 26 Accounts receivable - trade, less reserve 30 - Installment) etc* 27 Aooounts wltn affiliates
28 Acoounts with subsidiaries not wholly owned 35 Accrued taxes
20 Advanoes to subsidiaries - not wholly owned 18 - wholly owned 31 Advances to sundry mining companies 27 Affiliates, aooounts with
B
13 " Balance Sheet - by departments 16 - comparative 16 Buildings and machinery
C
32 " Capital Stooh 29 Cash
D
36 Debentures and notes payable to Anaconda Copper 24 Deferred expenses
Company
17 Depreciation, provision for 17 Depreciation, reserve for 44 Details of - investments and advances
41 - items cot alioosted to departments 22 Development, mine
39 Disposal or dismantlement of fixed assets, net lias on 37 Dividend and interest reoeived
3 24 " 23
Sxpensos, deferred Expenses, prepaid
F
3* 5-7
Fixed assets, net loss on disposal or diuantleoi nt of Funds received and disbursed
G 3 - Gross profit os plant operations
4B
14 Income Account - by departments
11 - comparative 27 Indebtedness of affiliates
27 Indebtedness to affiliates 21 Indebtedness of subsidiaries not wholly owned - 4ot current
le Indebtedness to subsidiaries - wholly owned
28 - not wholly owned 3 Installment land sales and other aooounts receivable 33 Insurance, reserve for workmen's oonpensation 37 Interest and dividend reoeived
25 Inventories, finished
Investment In and Indebtedness of subsidiaries - sot wholly owned
holly owned 19 Investment in securities of subsidiaries not wt >lly owned 46 Investments and advanoes, details of 21 Investments, other 41 Items not allocated to deportments, details af
ISR0007A8
- 'V
Pace
15 39
16 25 22 15 38
39 36
3,14 30 21
23 3
38
17 33
14 20 18 8 20 18 12
35
IS 2
33
Lands, mines and mining claims, water rights Loss or gain on disposal or dismantlement of
Machinery, buildings and I/etals and manufactured products - finished Mine development Mines and mining claims,water rights and lan Iiscellaneous income
Net loss on disposal or dismantlement of fixe Notes payable to Anaoonda Copper Mining Comp
Operations by departments - comparative ''ther accounts receivable, installment land s 'ther investments
Reserve for - depreciation - workman's compensation insurene
Sales and eerninga, by departments Securities - of subsidiaries - not wholly own'
- wholly owned Subsidiaries not wholly owned, aooounte with Subsidiaries, investment in end indebtedness o Subsidiaries, investment in - wholly owned Surplus account
Water rights Working capital Workmen's compensation insurance, reserve for
43