Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-07-16

MESShS. q. H. HAMMOND CO.
MEssRs. NELSON MORRIS 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-three and onehalf
Of ground. of which seventy eight and one-hsf
are owned by the company AMI five acres leased in
perpetuty wholly located within the city Of Detroit.
Eight acres thereof the Detroit river having
q 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 eight in number are of the
most substantial character especially constructed for
the requirements of the business The machinery is
Of the latest type and is maintained in the highest
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 the
past few years upon sales amounting to more than
ONE HUNDRED MILLION DOLLARS are sscer-
tanned to have been less than FIVE THOUSAND DOL
LARS.
The real estate, working plant. ma
chinery and Appliances have beenaI.
praised 100 az -
And the cash assets at............. l..,79 600 on
HENRY B. LEDYARD. Esq. President Michigan
Central Railroad Company. Detroit.
ALBERT ANTISDEL. Esq, General Manager Amer
lean Express Company. Chicago.
J. F. BARNARD. Esq. President Ohio and Missis-
sippi 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 4
Co.. chartered accountants Of London and New York.
whose report is given herewith.
NO. 100 BROADWAY. NEW YORK, June "a 1892.
EDWIN PACKARD. ESQ.
PYesident ycu York Guaranty and Indemnity Com
pGny.
DEAR SIR: We have examined the books and
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
Der. 1891. and the Peninsulsr Car Company for i've
years ending December 81. 1891. We fnd that the
net profits Of these companies shown by the books
for the above period after charging all msnufactur
ing and administration expenses. all repairs and
newals. depreciation of plant and machinery and
salaries amour. to a. 334 2ao o. or a yearly aver
age profit o; $50. 373 b.
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 AID
DITIoNs AND IMPROVEMENTS WHICH HAVE
BROUGHT THE PROPERTIES UP TO THEIR
PRESENT CAPACITY. WHICH Is GREATER THAN
AT ANY TIME IN THEIR HISTORY.
THESE NET EARNINGS ARE SUFFICIENT TO
PAY THE INTEREST ON THE BONDS. s PER
CENT PER ANNUM UPON THE PREFERRED
STOCK. L. PER CENT PER ANNUM UPON THE
COMMON STOCK. CARRY 900 PER ANNUM
TO SURPLUS FUND. AS PROVIDED By THE BY
LAWS OF THE COMPANY. AND LEAVE MORE
AnAN =" ~. ar az -A. ~
Dt'iDINDS oIoN mi oonoN
fhE fhIi NIi oAN De
CLooILi ar Ed al oHno "ANe-
fACIohID or ~ inE rnIsINi iiAE 40
WILL 40 ALL NV oNpIn sInooIioN
bhiNo soLD' oAnLI W EsiiMAiL eho"s
Thai INF ARE A inI nA ~ oI sL.ioooo.
WHICH, Ar LEE fAlLNo LnL lNiLnLsI ofoN
1hE DoNDS' Ten NHNI oroN ihE fnh-
FEhkED srooA. fEn oLNi Va fhE CUM
NoN STOCK AND CAhhliNa eSooo TO The
sonfLco hoND' Lea 60 - zen SHNA AffLi-
CABLE To FURTHER Di'AoHNDS ofoN THE
COMMON sIocA.
s eonp.S esa"s'e tns'
the CONSOLIDATION fnereoi VIII result In an annual saw