New-York tribune., 1907-11-11
PACIFIC COASTS REpopr
Company Called the Lackawauna :,
the West.

the West.
Seattle. Nov 1O.-Holders OF Pacific q
Company stock in the West while pleasaa -
the showing made by the Pacific Coast Corn
in it's annual report. recently made public ro4-,
out that the management may be overconsa.-
tive in the matter of dividends and in its bo.,,
keeping generally. but they feel however -.
the property is in able hands and that a,,.-.E
ally the common stock viii be placed -,
higher basis. 1t now pays D per cent anr,,.r'
There have been reports here in the las, 80
days that control of the property would mas, :
Morgan interests. but it is quite certain g..
such control could not be secured in the ono-
market and only at private sale in the srs..
that of the large holders should be con.
PEELED to sell in order to raise cash to Co..
necessities that might develop as a conseousr..
of the current money disturbance. No 60
the Great Northern people would like to sem.
absolute control. and it may be Morgan intarav..
have been commissioned to negotiate il for tbo,.
The company's report for the year ended Inn.
30 showed an increase in gross OF 81 Oos
while the operating expenses increased 81 O5a
622 21 Some items of considerable amount me-.
charged to operating expenses which ordinarnr
would be charged 10 property or permanent i'm
prOvement accounts. For instance one SIM, !.
1868, ,546 "A. for rebuilding and extraordinarv -
pairs to steamships. was charged to opara,tu-
expenses instead of TO permanent fnurovsr.-s
account. where it belongs, The sum OF s1-t
953 53 for buildings and improvements tn ci,
lots and warehouses and other Improvement,
which ought to have been charged to proDer,-
account was likewise taken out of the operatt,.
expenses. The sum Of S6O9, ,797 OF which ~
received from the sale OF real estate IN "a,
Francisco. Seattle and other places was -,
added to the net receipts. but credited IN t,a
property account.
After deducting interest on bonds and
cent on the first preferred stock. the balance q,
net profit with these credits TO the income ~
count above mentioned would amount =,
$22SO.137 90. or 22.O8 per cent on the commo,
and second preferred stock After dedue+7a.
the per cent on the second preferred and corr
mon stock the net surplus for the fiscal vas-
carried to profit and loss amounts n 81 690
131 o., instead Of S47O,S40 So as appears IN fba
consideration the property account amounts -
S30S4.2 2S6 81. a little over 3O.OS per cent on
the common and second preferred stock
One of the directors Of the company ststs,
that the coal lands of the Pacific Coast Couparv
are worth at least five times the whole cspirai
ization of the Pacific Coast Company and thas
the net receipts from coal would largely exceed
the net returns for the year 1907 in fact tbs
only source Of coal supply for the city OF Sea+ls
is the Pacific Coast supply Of coal and the de-
mand exceeds the supply. Recently the Navr
Department offered TO take $1,000 tons from tbs
Pacific Coast Company, but the offer was de-
clined on account OF the great demand for The
actual home supply Of the city OF Seattle ard
the railroads entering there as the Northern
Pacific Railroad and Great Northern were u7-
able under the Interstate law 10 deal In coal
As consequence the Pacific Coast Company
has succeeded to their large coal business
The real estate holdings OF the Pacific Coast
Company In the city OF Seattle are estimated tn
be worth the capital stock of the cor1psnv
Next spring the contract made with the Mil
waukee & St Paul Railroad 10 enter the city az
GgsaerNN NTa-
Railroad goes into effect, whether the MI
waukee & St. Paul road is finished or not ana
under this contract the rental received from ths
81 Paul road VIII amount to per cent upon
S1O0O.00O a year The gross earnings Of ths
conpanys steamship lines in the last fiscal wear
were. according TO the report, S3S7,S60 and total
gross earnings S7.4O6.495. Operating expenses
were S59S6.616 and net earnings 81. 1.419S7S In
the land department the company sold land uos
necessary to the preservation or operation OF ths
company 10 the extent OF S6O4, I63. this amount
being credited to property account; also for ths
account OF the Columbia & Puget Sound Rail-
road, owned by the Pacific Coast Company, Land
sales In Seattle for S50S3 were credited 70 prop
erty account The company developed in tia
year 2.229,OOO tons OF coal. To the net receipts
as shown in the report should be added proceeds
nom land sales, making. as before mentioned.
total net Of S2.2S0. 49,
The COmpanys authorized Cauital stock a
S12.525.0OO. consisting OF 81 $4,000 < per cent
non-cumulative first preferred, $4000O00 non
cumulative second preferred and s. 100000 COM
mon- The second preferred shares equally with
IAe common aIter receiving its own I per cels
and per cent has been paid on the common for
any one year. The common stock has been ac-
cumulated by various railroad interests iielI-
ned with the development OF roads entering Sc
attle' or which hope TO enter that city, and !:
may be authOritatively stated that the people
back OF the Union Pacific the Great Northern.
the St Paul and the Canadian Pacific are largs
holders. and that each OF the Corrpanies men
toned would like to have undisputed control %
the Pacific Coast property. The Pacific Coast
Company owns some o. the most valuable ter
uinal facilities and CITY pFOperty IN seattle and
It's true assets are but family shown in the re-
port for the year
Evidently the directors do not care to have is
matter OF public knowledge that the company oc-
cupies such a markedly favorable position fuan-
clally and physically. or that IL has resources
that can be turned into income far beyond thoss
commonly known The directors OF The Pacino
coast Company are strong men. and they aTs
developing the property in a manner that in-
creaseS its value to other companies 10 an ex-
tent that will bring a very high price for con
Grant 3. Schley, Of New York: CopIey Arnory,
OF New York. W. N. Barnum. OF New YorSs
John Kean. OF New Jersey; J. y. Hill. % New
York; IL A Tucker. OF Boston; F. II. Hartman,
or New York; II. W. Cannon. Of New York; i
D. Farrell OF Seattle.
The Pacific Coast Company controls the Pa
cifc Coast Steamship Company (ownins its en-
tire capital stOclS), and operates five steamship
lines running between San Francisco. Portland
Victoria. Sitka, Fort Bragg. san Diego, etc:
also owns all the securities Of the Columbia -
Puget Sound Railroad (nOw standard gaugels
seattle TO Franklin, etc, with sidtnSs. MY
seven miles. and it's Now Castle mine; the Pa
ctHc Coast Railway marrow gaugel, Port Har-
ford, Cal, to Los OlivOs, eighty miles Operates
Franklin Coal Company, owning Franklin mine,
with 5000 acres OF coal lands az Franklin sh1
2,Oo3 acres at New Castle: also Black Diamona
4Wash) Coal Mining Company and Sogt.
Prairie Coal Company. at Burnett. Wash us
dividend record follows:
Div 'es zee 700 'O1 'Oa '0S .Os 'o5 Oa 1soJ,s