Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-07-13
FINANCIAL.

PESSsfLVANIA X. X. CO.
MISSOURI PACIFIC R'Y co.
CHESAPEAKE OHIO R'Y co.
NEW YORK. LAKE ERIE WESTERN R. R
GRAND TRUNK RrY co.
WABASH r. r. co.
MICHIGAN CENTRAL r. r. co.
DETROIT. LANSING NORTHERN R. R. CO.
CHICAGO WEST MICHIGAN R'Y co.
CANADIAN PACIFIC R'Y co.
NORTHERN PACIFIC R. r. co.
WEST SHORE R. R. co.
FITCHBURG r. R. co.
NEW YORK. CHICAGO ST. LOUIS R. R. co.
BUFFALO. ROCHESTER 4 P1TTSBURG B. R.
co.
CHICAGO EASTERN ILLINOIS R. R. co.
TEXAS PACIFIC RAILWAY co.
CINCINNATI, NEW ORLEANS b TEXAS Pa
CIFIC RAILWAY co.
ROME, WATERFOWL OGDENSBURG B. R.
co.
FLINT PRRE MARQUETTE R. R. CO.
DETROIT, GRAND HAVEN MILWAUKEE
MERCHANTS DESPATCH TRANSPORTATION
co.
UNION LINE
MEssRs. ARMOUR co.
MESsRs. SWIFT CO.
MESSRS. g. Il. 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 eishty-three and onehak acres
- Oroupd ofv which one-half area
are owned by the company and nve acres leased In
perpetuity 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-eightin in number. are Of the
substantial character especially constructed for
the requirements Of the business. The machinery -
o, the latest type and is maintained in the highest
thousand men.
customers Of the company are 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 estate. working plant. ma
ehiaery and Appliances have beenap-
praised .e5. eos. 7S7 Al
HENRY b. LEDYARD. ESQ.,. President Michigan
Central Raiirosd Company. Detroit.
ALBERT ANTIsDEL. ESQ.,, General Manager Amer
ican Express Company. Chicago.
J. F. BARNARD. Esq. President Ohio and Nissis-
sippi Esilrosd Company. Cincinnati
". ]. LIPPINCOrT. Esq. President Cincinnati Union
Stock Yards Company. Cincinnati
These books Of and accounts of the companies have
been examined by Messrs. Barrow. Wade. Guthrie L
Co., chartered accountants Of London and New York.
whose report is given herewith.
NO. l2o BROADWAY, NEW YORK, June "A, 1892
EDWIN PACKARD. ESQ.
President Seu York Guaranty and Indemnity Com
panv.
90 Cedar Street. New York
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 3Oth Septem-
Der. 1891. and the Peninsular Car Company for I've
years ending December 81. 1891. We ind that the
net proats Of these companies shown by the books
for the above period, after charging all manufactur-
ing and administration expenses all repairs and
nswals, depreciation of plant and machinery and
salaries amount to "a. "a. 29o. 81. = yearly
age proht of ssOa, 1913 30.
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-
DITIONS 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, II PER CENT PER ANNUM UPON THE
COMMON STOCK. CARRY 1000 PER ANNUM
TO SURPLUS FUND. AS PROVIDED BY THE BY
LAWS OF THE COMPANY. AND LEAVE MORE
THAN PER CENT APPLICABLE TO FURTHEl
DIVIDENDS UPON THE COMMON STOCK.
THE PRESENT NET EARNINGS CAN BF
CLOSELY APPROPRIATED. ALL CARS MANU-
FAcTURED UP TO THE PRESENT TINE AS
WELL AS ALL NOW UNDER CONSTRUCTION
BEING SOLD. CAREFUL ESTIMATE SHOWS
THAT THEY ARE AT THE RATE OF LOO. 600
WHICH, AFTER PAYING THE INTEREST UPON
THE BONDS. 8 PER CENT UPON THE PRE-
FERRED STOCK. IL PER CENT ON THE COM
mon STOCK AND CARRYING ESQ. 900 TO THE
SURPLUS FUND, LEAVES IA PER CENT APPLI
CABLE TO FURTHER DIVIDENDS UPON THE
| COMMON STOCK.
The officers Of the several companies estmste that
the consolidation thereof will result In annual
ing Of more than slo0. 900 in expense account alone
1t is believes that the business viii continue to in
the future it has in the past The comins
year promises be the largest In the history Of ths
rompany more than nine thousand being sold II