New-York tribune., 1902-05-25
INTERNATIONAL POWER AFFAIRS.
REPORT OF ACCOUNTANTS WHO EXAMINED
THE COMPANY's CONDITION.

THE COMPANY'S CONDITION.
Following the great slump in Interr tonal Power,
when the stock dropped from 19S on April - 10
s. on May 2. President Hoadev arranged WIN
PIiny Fisk of Harvey Fisk & Sons for thorough
examination into the condition OF the company
That examination has been conducted by Harvey
Fisk & Sons through the firm Of Haskins q sells
chartered public accountants. whose report was
made public yesterday afternoon The examination
of the books and records covered the per1ou OF
oneration of the International Power Company
from its organization. January 3D. 1899 to April 80
1902 The company has an authorized capltal OF
100000 preferred stock all issued and outstanding
and 81 400 600 common stock, of which b40o"" Is
issued 81 S53 600 of the latter being in the
company's treasury. There are also 5000" bonds.
The balance sheet shows the companys total as
sets on April 80 TO have been S.O295lO 26 property
and plant are valued 81 S9 30 Y; patents, good
will etc at S26s 944 90 net; investments dncuding
80 11S shares of American Locomotive preferred
stock at 9212. and 6.613 shares of the common. at
31s), $ 25l7 81. material and supplies on hand'
s2Ss ia 5S and current assets $36l3S5 81
The liabilities include capital stock, 9o4'VS'
bonds 500 O00; current liabilities $945l32 IS. and
profit and loss. s237.377 7s. The income and proht
and loss accounts show balance equal on April 50
dividends of Sc II a share the 5000 shares or
preferred stock and 90 40 shares of common stock
outstanding, but it is noted by interests dentihed
with the company that just after April 80 extra
dividends aggregating 212 per cent were declared
the common and preferred shares.
In their comments upon the figures of the balance
sheet Haskins & Sells say in part:
The real estate is shown in the attached balance
sheet at the present appraised cash Nalle. me
buildings and equipment are SHOWN al me CdSh
values at which they were appraised by the com
quistion by the company these appraisals ap-
peared to have been made on very conservative
and additions which have been made thereto by the
drawings represents part of the material con-
sumed and the direct labor employed in making
new patterns and drawings; All addltlonS improve
ments and repairs of old patterns have been
cnTbeeG qect 20 d oe % % SSs 34I 81 Is hal
ance account arising from the difference between
ac9ured' With the addition thereto of $4,000 the
value, based upon its annual minimum revenue of
$500 placed upon the Amoskeag Fire Engine
@en account r. w6ch Tepreseaps the %
ne ne expermenmrat az and deye@oPeht @ NJ %Grs % & gone & cE
she and peo III its coal TUCK ks ad sea
truck The development ACCOUNT also inciuaes the
velopmen OF the auto truck in electric and gasolene
motors, improvements made on the puryea motor
teries to be applied to automobiles. Some actual
have been derived from Re deVeiopment S Work
The account represents the business and good
forysix letters Patent Of the the United States t Of
America purchased with the property of the Corliss
Steam Engine Company, under which the Corliss
steam engines are manufactured. Also the bust
with the property of the American Wheeiock En-
gine Company IN. 10 and under forty-two letters
which the Wheelock steam engines
dedaoted S n Hs Of 5000 g.
represents certain capital stock OF the company
issued for the property and plants acquired. which
were subsequently, returned 10 the treasury of the
company, the estimated value Of the Amoskeag
Fire Engine business and the capital stock OF the
American Diesel Engine Company acquired a
bonus
bte The item 6 Bsya9 6 @ hwP IS 8 unde5 Ills liz
payable, which are all due TO the company's larg-
est stOckholder
The company has contracts with the American
Diesel Engine Company the Diesel Engine Com
pany; Limited Of England the Merritt Electric
"A Brake (omDanV International Pou-ar Cor
pany. Limited of London: the Hydro Pneumatic
Storage Company and the International Air power
Company Of West Virginia, giving il the exclusive
manufacturing rights for the United States and
many foreign countries. Of the Diesel engine the
auto truck and the Merritt electric air brake
The company is just beginning the manufacture
of the Diesel engine and the auto truck and ac-
cordinsy, no results from this business are shown
in the income account. II is stated by the pres-
dent. however that the company now has sIf-
fcient orders ahead for the manufacture OF Diesel
engines and auto trucks for shipment abroad alone
aside from orders from this country 10 run all OF
its factories continuously for several years