Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-07-15
FINANCIAL.


NEW YORK. LAKE ERIE WESTERN R. R.
GRAND TRUNK R'Y co.
WABASH r. r. co.
MICHIGAN CENTRAL R. r. CO.
DETROIT. LANSING NORTHERN R. r. co.
CHICAGO WEST MICHIGAN I'Y CO.
CANADIAN PACIFIC R'Y co.
NORTHERN PACIFIC R. R. co.
WEST SHORE r. II. co.
IITCHBURG R. r. co.
NEW YORK. CHICAGO L ST. LOUIS r. r. co.
BUFFALO. ROCHESTER L PITTsBURa R. R.
CO.
CHICAGO EASTERN ILLINOIS r. r. co.
TEXAS PACIFIC RAILWAY co.
CINCINNATI, NEW ORLEANS TEXAS PA
CIFIC RAILWAY co.
ROME. WATERFOWL L OGDENSBURG Il. R.
co.
FLINT PERE MARQUETTE R. R. co.
DETROIT. GRAND HAVEN l. MILWAUKEE
RAILWAY co.
MERCHANTS DESPATCH TRANSPORTATION
CO.
UNION LINE
MESSRS. ARMOUR co.
MEssRs. swIFTek co.
MESSRS. @. II. HAMMOND 4 co.
MEssRs. NELSON MORRIS L co.
TOLEDO OHIO CENTRAL RAILWAY co.
DENVER 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-tbrse and one-half
Of grouni Of which seventy-eight and one-hak
owned by the company and i've acres leased in
perpetui;y wholly located within the city Of Detroit
Light thereof the Detroit river. having
a system Of piers aud 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. ssventy-eightin in number. Of tho
most substantial character especially constructed for
the requirements of the business. Tie machinery is
Of the late. type and Is maintained in the highest
state of efficiency. The companies employ about i've
thousand men.
Tho nature Of the business and the character OF tho
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 are ascer-
tanned to have been less than FIVE THOUSAND DOL
LARS.
The real es.lte. working plant. ms
chinery and Appliances have beenap-
praised Cos. 7S7 A
A~1f h.. y. 40 AN
By
HENRY B. LEpYARp, ESQ.,. President Michigan
Central Railroad Company. Detroit.
ALBERT ANTISDEL. ESQ. General Manager Amer
lean Express Company. Chicago.
J. T. BARNARD. ESQ. President Ohio and Missis-
sirpi Railroad Company. Cincinnati.
". J. 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.
Pyssident yep York Gnaranfy and Indemnity Com
pang
DEAR SIR: We have examined the books and &C.
counts of the Michigan Car Company. the Detroit
Car Wheel Company. the Michigan Forge and Iron
Company and the Detroit Pipe and Foundry Company
for four years and nine months ending Both septem
ber 1891. and the peninsular Car Company for nve
years ending December 81. IS9L We rnd that the
net PROFITS of these companies shown by the books
for the above period after charging all n,anufactur-
ing and administration expenses. all repairs and re-
newaIs. depreciation of plant and machinery and
salaries. amount to g. 34. 10 S7. or yea-ly aver
age profit OF s9o2, 373. 81
Yours truly.
BARROW. WADE. GUTHRIE CO.
ATTENTION is CALLED TO THE FACT THAT
THE NET EARNINGS ARE THE RESULTS OBJ
TANNED AFTER CHARGING EACH YEAR TO OP-
GRATING EXPENSES THE COST OF MANY AD-
pITIoNs 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 PER ANNUM UPON THE PREFERRED
STOCK. - PER CENT PER ANNUM UPON THE
COMMON STOCK, CARRY esO. COO PER ANNUM
TO SURPLUS FUND. AS PROVIDED BY THE BY.
LAWS OF THE COMPANY. AND LEAVE MORE
THAN PER CENT APPLICABLE TO FURTHER
DIVIDENDS UPON THE COMMON STOCK
THE PRESENT NET EARNINGS CAN BE
CLOSELY APPRoXIMATED. ALL CARS MANU-
FAcTURED UP TO THE PRESENT TIME As
WELL AS ALL NOW UNDER CONSTRUCTION
BEING SOLD. CAREFUL ESTIMATE SHOWS
THAT THEY ARE AT THE RATE OF sl.1oo. 600.
WHICH. AFTER PAYING THE INTEREST UPON
THE BONDS. 8 PER CENT UPON THE PRE-
FERRED STOCK. IL PER CENT ON THE CON.
MON STOCK AND CARRYING ESQ. 900 TO THE
SURPLUS FUND, LEAVES II PER CENT APPLI
CABLE TO FURTHER DIVIDENDS UPON TIE
COMMON STOCK
The ofcers Of the several companies estimate that
the consolidation thereof will result in annual saw
ing of more than s1oO 600 expense account alone.
Itis believed that the business viii continus to in
crease the future has in the past The comma
year promises be the largest in the history Of the
company. than nine thousand being sold in
advance Of their manufacture. and applications com
ing in in excess Of the capacity Of the combined
works.
The total number Of freight In the vari-
Gus railroads the Cnited States Ii about million
two hundred thousand and from hundred and
twenty thousand TO one hundred and forty thousand
new cars are required annually take the place o
| these which become worn out-ths average life Of
fra,~bt benc from, eight To tan yeara Thfs viii