Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-07-14
Vol 81, No. 2O,312.
FINANCIAL.

| CHICAGO. ROCK ISLAND Il PACIFIC RY co.
CHICAGO ALTON R. R. co.
| CHICAGO. BURLINGTON QUINCY r. R. co.
ATCHIsoN. TOPEKA SANTA FC R. r. CO.
BALTIMORE OHIO R. r. co.
NEW YORK CENTRAL HUDSON RIVER R. R.
| co.
CINCINNATI HAMILTON / DAYTON R. R. co.
| CANADA SOUTHERN R. r co.
PENNSYLVANIA r. R. co.
MISSOURI PACIFIC R'Y co.
CHESAPEAKE OHIO R'Y CO.
NEW YORK. LAKE ERIE b WESTERN R. r.
GRAND TRUNK R'Y CO.
WABASH R. r. co.
MICHIGAN CENTRAL R. R. CO.
DETROIT. LANSING b NORTHERN R. R. CO.
CHICAGO WEST MICHIGAN R'Y co.
CANADIAN PACIFIC BY CO.
NORTHERN PACIFIC B. r. co.
WEST SHORE r. R. co.
FITCHBURG R. r. co.
NEW YORK. CHICAGO 4 ST. LOUIS R. T. CO.
BUFFALO. ROCHESTER, l. PITTSBURa R. r.
co.
CHICAGO EASTERN ILLINOIS R. R. co.
TEXAS PACIFIC RAILWAY co.
CINCINNATI. NEW ORLEANS l. TEXAS PA
CIFIC RAILWAY CO.
ROME. wATERTowN L oGDENsBURG R. R.
CO.
FLINT PERE MARQUETTE R. R. co.
DETROIT, GRAND HAVEN & MILWAUKEE
RAILWAY co.
MERCHANTS DESPATCH TRANSPORTATION
CO.
UNION LINE.
MESSRS. ARMOUR co.
MEssRs. SWIFT CO.
MESSRs. g. II. HAMMOND CO.
MESSRs. NELSON MORRIS l. co.
TOLEDO & OHIO CENTRAL RAILWAY CO.
DENVER L RIO GRANDE RAILWAY co.
ILLINOIS STEEL co.
JOSEPH SCHLITZ BREWING co.
ANHEUsER-BusH BREWING CO.
MEssRs. LIBBY. McNEILL LIBBY,
AND MANY OTHERS.
The property covers eighty-three and onehsl acres
of ground. Of which seventyeiRht and oneha1f
are owned by the company and five acres leased In
perpetuity. wholly located within the city Of Detroit
Eight thereof the Detroit river. having
a system Of piers and extensive wharfage. Seven
railroads touch the properties. VIZ:
GRAND TRUNK RAILWAY.
LAKE SHORE AND MICHIGAN SOUTHERN
RAILROAD.
MICHIGAN CENTRAL RAILROAD.
FLINT AND PERE MARQUETTE RAILROAD.
DETROIT. LANSING AND NORTHERN RAIL
ROAD.
DETROIT. GRAND HAVEN AND MILWAUKEE
RAILROAD.
WABASH RAILWAY.
The buildings. seventy-sishti in number. Of the
most substantial character especially constructed for
tho requirements Of the business. The machinery is
of the lates, type and maintained in the highest
state Of efficiency. The companies employ about i've
thousand men.
The nature Of the business and the character Of the
customers Of the company almost guarantee
against loss by bad debts. The total losses in the
past few years upon sales amounting to more than
ONE HUNDRED MILLION DOLLARS ascer-
tanned to have been lessthan FIVE THOUSAND DOL
LARS.
The real estate. working plant. ma
chinery and applcapces have beenap-
praised dat...-.........-....... 55. COS. 7S7 A
HENRY B. LEDYARD. Esq. President Michigan
Central Railroad Company, Detroit.
ALBERT ANTIsDEL. ESQ.,. General Manager Amer
lean Express Company. Chicago.
J. +. BARNARD. Esq. President Ohio and Missis-
sippi Railroad Compan ny. Cincinnati.
W. ]. LIPPINCoTT. Esq. President Cincinnati Union
Stock Yards Company. Cincinnati
These books Of and accounts Of the companies have
been examined by Messrs. Barrow. Wade. Guthrie
Co.. chartered accountants Of London and New York.
whose report is given herewith.
NO l2o BROADWAY, NEW YORK. June "a. 1892
EDWIN PACKARD, ESQ.
Precedent ysu Fork GuaraAty and Indenssitv Com
pdng.
80 Cedar Street. New York.
DEAR SIR: We have examined the books and
~ the Michi1au he Detroit
Car Wheel Company. the Michigan Forge and Iron
Company and the Detroit Pipe and Foundry Company
for four years and nine months ending 30:h septem
ber. 1891. and the Peninsular Car Company for ave
years ending December 81. 1891. We find that the
profits Of these companies shown by the books
for the above period after charging all msnufactur-
ing and administration expenses all repairs and re-
newals. depreciation of plant and machinery and
salaries. amount "a. ;ss4. go "a. yearly
age profit Of sSO2. 373 33.
Youn truly.
BARROW. WADE. GUTHRIE co.
ATTENTION IS CALLED TO THE FACT THAT
THE NET EARNINGS ARE THE RESULTS OBJ
tanned AFTER CHANGING EACH TEAR TO OP-
ERArING KXPENsEs THE COST OF MANY AD-
DIrIoNs AND IMPROVEMENTS WHICH HAVE
BROUGHT THE PROPERTIES UP TO THEIR
PRESENT CAPACITY. WHICH Is GREATER THAN
AT ANY TINE IN THEIR HISTORY.
THESE NET EARNINGS ARE SUFFICIENT TO
PAY THE INTEREST ON THE BONDS. PER
CENT PERsANNUM UPON THE PREFRRRED
STOCK. IL PER CENT PER ANNUM UPON THE
COMMON STOCK, CARRY 600 PER ANNUM
TO SURPLUS FUND. AS PROVIDED BY THE BY
LAWS OF THE COMPANY. AND LEAVE MORE
THAN PER CENT APPLICABLE TO FURTHER