The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-05-16
SALMON TRUST DETAILS
STATEMENT OF NET PROFITS
OF CONSOLIDATION.
VIII Control FOur-Fifths OF the
Canned Salmon Products OF
the World.

The New York Commercial. q the
date Of May 10th, gives all the details
NJ the financing Of the Onffroy syndi.
cate 10 control the salmon Industry and
coming from an authoritative source
VIII set at rest vague rumOrs which have
from time 10 time found their way into
print.
The full text OF the terms Of agree
ment under which subscriptions viii be
received Is printed II provides ,hat
each accepted subscription OF $4,000 for
the six per cent gold debenture bonds
Of which there Will be $4,000 shall
entitlc the subscriber 70 $4,000 Of such
bonds, and also 20 receive from Messrs.
Roland Onffroy and Thos. b. McGoyern
$1,000 Of per cent cumulative pre-
ferred stock. and 5000 OF common stock
OF the company. Subscriptions for larg-
er or smaller amounts shall Tarticl-
pate In like proportions
Some interesting figures are given
pertaining 10 the economies that can be
effec,ed and the income which Will be
derived. The prospectus sets forth that
the Pacific Packing and Navigation
Company will control fOur-hfths Of the
canned salmon products Of the world.
The net earnings at :he present time
Of these companies and firms, from sal
mon business alone averages at least
81 case, which on pack OF 1900. 900
cases II {3000.000. Additional earnings
are estimated 20 be S25O,0OO
BY the proposed consolidation large
savings will be effected. the most i'm
portan; being reduction of commissions,
trade allowances and expenses now in
CURED in selling the pack, and the
amount 10 be derived therefrOm Is 81
timated az $500 on total sales Of SIS
600. 900. An annual saving aggregating
$4,000 Is promised from consolidation
in operating expenses and the purchas-
ing 0f supplies. The total net income
from the salmon packing business is es-
timatcd at A.05O.OOO.
In addition II IA considered that the
consolidated corporation would have the
following sources Of net profit.
10000 bbls OF salt salmon from
Alaska. at $3.50 .............S 185 90
5000 bbls Of salt chinook salmon
Tor export ..................... 10000
Proceeds ~ sale Of fresh fish
other than salmon ............ 10000
200 carloads OF fresh frozen sal
mon, halibut and sturgeon at
$3.50 each ..."............... 10000
IOta! '.'...''..'.. '...'.'.'''.''S lSo.OOO
Salmon packing profits ........S4, $50. 900
Grand total OF net profits. ...S. .24j, 90
The statement Is made that options In
writing have been secured from elgh-
teen companies and II has been asce"-
tained. according TO the statement, that
the property and franchises Of others
can be purchased at satisfactory prices.
II Is proposed TO capitalize the new
company as follows:
Six per cent. debentures. ..$ 100000
Seven per cent, cumulative
stock ........... ............12. 500. 900
Common stock ................ 1880. 900
The distribution OF the estimated earn
ings would be as follows:
Annual interest at s per cent
on S7,000000 uf debentures. 10000
Annual sinking fund ......... 1,NOO,00O
Seven per cent on $l2.500000
preferred stock ............... SIS 900
Six per cent on $12,5OO, 600 com-
mon stock ............,....,. 10000
Annual surplus .............. 100000
Total ..........................$4. .$4.245. 900
In a memorandum attached 10 the
additional Information re-
gardng the industry is given. The to-
tai pack based on the results Of the
last four years T. given as fellows:
Columbia river .iis'-''' ......... $4,000
British Columbia district ...... 400. 900
Puget sound Observation-Disclosures. $50 0OO
Alaska ...........................l,4OO,OO0 400, COO
Outside rivers. Washington and
oregon '.................. 2OO.cOO
Total Observation-Disclosures. 500, 900
The following Is quoted: