The Birmingham age-herald., 1908-04-11


 Qctof Si. 1906, was sl,1e5,1os. The fol- Swin Adjustments were made by the ac- Sa1anoF sa of october si. 1906. i. .,1. .iss. .tos Less special appropriation
 for depreciation, inn
 provement and replace
 ment fund .............S S175S S92 Other adjustments ........ 117,754 293,l46 Balance ........................... S71 ,963 Surplus for fiscal year ended
 October 31, 1907. 907............... 2n37s Total P. & l. surplus ...........s1,143,34 The balance sheet shows the effects of the various adjustments, all of which were designed for future safety and there fore add to the strength of the companys position. Current assets and liabilities were as follows:
 Current Assets
 Materials on hand, iron and com
 missary merchandise ......... .Sl9e,747 Accounts and bills receivable - 42754O Cash on hand, ......................... 1OS,S72
 s7Ss,159 Current Liabilities
 Bills and accounts payable ...... .S54S. .S76 Employes' deposits and accrued in
 terest ......................... 69, 537
 s61S, ,413 There is nothing striking in these fig ures though they show that the affairs of the company are in good shape. Cash on hand is not large but the total of current assets is considerably in excess of the total of current liabilities. The various changes in the balance sheet made at the suggestion of the auditing company make clear the exact standing of Alabama Con- solidated's finances. The cost of all tile properties of the company is carried Tn the balance sheet nt s4,6s3,2se In addition tnrfe. has been sx- pended since the orgaiization on n. " construction, eqhlpmeat and permanent improvements s2,oN,Hi3, making the tool valuation at present s7259.3 3Ss Against this the company mas outstanding the fo,- | lowing:
 | Common stock, 25,0O0 shares at $l0 each ...... .....+....... $2, ,500, 600 Preferred stocks 1900 shares at Slo0 each ....... ...... ........ 250, o00 ! First mortgage extension and inn provement per cent bonds . Al oOO | First consolidated mortgage, S0- l year per cent bonds ............ 1,74 600 | Iotal ...t...... ................. .S5, ,932, coo | It will thus be seen that the total cap l italization of the company is we'll under the actual cost of the various properties plus the amount expended thus far on new construction and other permanent im- provements The Consolidated now owns l the following: LAND HOLDINGS. Acres. 1 Ore lands Etowah, Taliadega, lief | ferson and Polk counties Gwo states) ..... ...... ....................10S0 10 S04 l Coal lands, Tuscaloosa and Jefferson | couhties ........ '..'''. ,''......'zo' loo l Farm and timber lands, 10 coun- 1 ties ....... .........- .......23, 4h | PLANTS OPERATED.
 Gadsden, two blast furnaces, l Ironaton. two blast furnaces and brown | ore mines.
 Etowah, two red ore mines. l Attalla, red ore mine. Rock Springs, quarry Hammond Cor Gate C!ty). red ore mine | Lewisburg, including Mary Lee railroad, .coal mines and coke ovens. Brookwood, coal mine and coke ovens. | Searles, coal mine and coke ovens.
 Returning to the question of earning power the following facts suggest them- selves:
 Total net earnings from operation in last fiscal year were nearly six times the interest on outstanding bonds.
 Alter the deduction of interest on bondt the balance was equal to 43b per cent or the preferred stock. ! Less bond interest and the preferred div