The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-07-18
SENDS
0U |. ] s ] E!.||||||:.
Financial Showing for the Fiscal
Year Of the Big Fertilizer
Company.
COTTON. OIL SHOWED A Loss
Commissions on Stock Sales a
Considerable Decentralization
Of Properties.

3 RI y l-
puny has Just issoud II statement OF Its
finances at the close Of tho year ended
June 15, 1906, which 1t mailed out yestcr-
day to stockholders and others III terested
last night The printed stat ment cm-
braces the statement Of earnings for tho
year ended June is, 1905, 1.-THE profit and loss
account. and finally the consolidated
balance sheet of the Virss:'.n:- Car Carolina
Chemical Company ind subsidiary COM
panies. all of them on one folder, and IN
addition thereto on Il separate sheet tho
balance sheet Of the Southern Cotton
Gu Company for the year ended May
Z 81, 1905. Tho losses OH the operation of'sAc
Southern Cotton Oh Company are de-
Quoted from tho balance OF the Virginia.
Carolina Chemical Company In the profit
aud loss account. 5 8
rho net earnings of tho Virginia Caro-
lima Company for the year Just end
ed, in connection with the manufacture
and sales OF fertilizers, Including the
operation Of mining companies Is stated
at $2,S3o, 1O9.54. From this are deducted:
Interest and discount. s274.bS649; Interest
on bonds 1892, 29167 and dividends on pre-
ferred stock, $1,320,000, total deduction
+ of s, 926. S7S.1G. leaving the surplus for tho
year carried to profit and loss account,
5000. 231. 3s. This surplus is after f-e':'is
paid out and charged to operating OK
pcnscs, ssl4,3n.64 for repairs and maintc-
nance during the past fiscal year. The In
ventory, It is stated, has been taken Al cost
prices which are much below the market
except as to s340470.89. by-product, which
has been taken below athe price ut which
contract has already been made for tho
sale Of more than two-thirds Of It,
The profit and loss account opens with
the balance as Of June Is. 1904 OF 50. 49,
O33.21. from which arc deducted Commits
sions on sale Of preferred stock, 100000
adjustment Of Inventory, interest fire
losses etc, applicable to period prior TO
June 49, 1901 sl97, 1875, and Southern Cot
ton Oil Company, adjustment OF ainven-
tory repairs, fire losses. etc. applca BILE
TO period prior to May 81 1901. s4s, G0S52.
total deduction of sG05 $50. 81, leaving of
the old balance, s2.s5oss2,34. To this sum
Is added the surplus of the Virginia
Carolina Company for the yenr ended
June 15 1905. 1865, 231. 3s, leaving S3Sl6, 1372
Deducting from this sum tho loss on the
operations Of the Southern Cotton OIL
Company for the year ended May 81
1905, and the surplus at the end OF the
fiscal year, $3477.5 27.22
AS will be seen from an examination
of the statement. the company, Is still
paying expenses and losses for the year
1903-'Oi, and the heavy loss on riie
operation of the cotton OIL con-
Germs for the year just closed
detracts considerably from the showing
Of the Chemical Company proper.
Ii the consolidated balance sheet the.
assets are thus stated: Capital assets--
,,lo ,fo MI
Investments, s21,9c6,s 23,s7: and current as
sets Qncluding manufactured products
material and supplies; interest and In
surance paid in advance. accounts rccciv-
able, good bills receivable. miscellaneous
invest onts s, and cash In banks and on.
hand s15.72s,3G726, making total OF
$50 222, 1926. s5E
The statement OF liabilities Is MS fol-
lows: Preferred stock $4,000, 900: COM
mon stock, s27.9Si, 400, a total of sh.9&.-
400; collateral trust bonds. (less 100000
cancelled during yenr) s6,50o,0oO; capital
stock Of subsidiary companies outstand-
ing. $3.50; bills payable. $3.0e5, 4o4.76; ac-
counts payable. sl4s 406.9i: bond Interest
accrued, s67,TOS.34, and surplus as per
profit and loss account S,477527.22,
balancing the assets.
The accuracy and correctness OF the
auditors report ds attcsted In an ap-
Co.. accountants.
Aside from tho valuation Of the real
estate, plants. etc, and the item OF
"other Investments" aggregnting nearly
twenty-five millions, the most striking
features of the statement are the loss
during the year OF the Cotton OIL Com
panya the large item Of commissions
(s3GO, O0O) on sale of preferred stock. In
the consolidated balance sheet the large
Item of bills receivable of s6,234, 020.96 Is
offset by an allowance of reserve for
doubtful accounts Of s290,53604. The large
sum outstanding Is due to the fact that
advances have been made on crops which
had not beer marketed at the close OF
the fiscal year,
Against this, 1t will be observed, the
company has made considerable progress
In paylng on its collateral trust bonds
Z half million having been thus ex-
pended.
Tho balance sheet of the Cotton on
Company shows: Real estate, plants
and other permanent Investments, $9,7?2,'
1ol, 81; current assets, including materials
and supplies, interest and insurance paid
| in advance, accounts and bills receivable
and cash in banks. S5.6O1, ,9s. Il total OF
| s15303, 003. 70. Liabilities are thus stated:
| Common stock. $10O0O,0G0; current liablll-
ties (blls and accounts payable). s4,57S,-
| 797S0; reserves for Insurance and sum-
mcr repairs, $2o1 ,o65.7l; and surplus at
May slst, 1901 Ocss adjustment OF In
ventory, fire losses etc., applicable TO-
period prior to May Slst, l0o4, ana loss
for yea ended May slst, $3.50 10000 s6l4,>
O4O19, making the total Of sl5'3sa'ooa't9'
| ID. i Z n .~s,E e., < aHt.