The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-10-08
bir16yesr Representative Cites
!. Ceunpany's Figures to Show
It's Growing Rich
MILLIONS ARE PUT
y ASIDE AS SURPLUS
ssRoad Has Funds for Every Bet.
!. ttrment Except Betterment
S of Its Men"

'.E 10 SNOW toat ING De'Ss
Etoiiway 10 rich corporation win
5millions OF dollars In concealed as
Esots. while 1t declares that 1t Is TOO
y poor TO pay its employees the wages
hoy demand. William d. Mahon.
zfoefeoenting the street car men, read
&to the arbitration board on the wage
and hour question, Monday Afternoon
the company's own fgures which
show that q property which Presi-
EHnnt Hutchins said in 1900 was worth
<only 31,8ee.765, 10 now paying divi-
Y nonds and interest on $2S.000.000.
s'Whence came the added values!
&IAey came out Of earnings. and at
- expense Of wages" said Mr.. Ma
He pointed out that in 1899, the
Eokysical property of the company
yos offered for sale at $7.S06. 7S!. ~:
5nieh President Hutchins admitted
~ = trading price. and a higher
uro tAan the actual value.
Tho company IL paying interest
& tpnd issues Of $11.00.000. or 49,.
nnx9SE In excess Of Mr.. Hutchins
1orn statement of valuation In
6DAD. and S3.193.262.sS In excess
ths price set by the company on
~ property In 1899" said Mr.. Ma
s.The interest charge amounts
more than $5SS.495 annually.
h6nco came these added values!
10y came out of earnings.
NJ. Hutchins tells US further,
~ II January, 1911, there was Va
F@So. 1O7. in cash or its equivalent,
y A. Ona0ttnn00
kkheR he said that this surplus was
hack into the property. This
HfIaue comes from earnings, at the
ME- Of the wage fund.
>FIAo property has been built up
- valuation OF two millions, or
7n1sked ale price Of seven nall
1Sa to- 80, DOT. 900, out OF the
s2ints. you DO % 1T the expense
WAGES, unless wages have risen IN
tnortion. ss.asH. ~, ~
sIs this company in poverty.
- e can pay ave per cent divi-
1nA % III stockholders. - sworn to
~ auditor. some $6S1.bo0 last
". and eet aside IN enormous SUN
surplus In additiony
1.-THE company has funds for every
{ftorment and. Improvement except
Aoft6FmSAt and 4nDEoHament- oc
nens Thses = NO appreciation
re, no insaranee fund for the nen.
Thsy IRE discarded BY eIimina-
n. 80 Per sent nf kAAml annually.
6Qey fund 4. tat but the wage fund.
lss12 he .c0nDonI would pay ~
~ Twins wage ana setain- the
1865 u ~ Trained men. it'wuuld
&axo. - t1rns 70 mach Of the wage
into the damage fund: and II
IN ~ kex. - liberally a. 1t pays
owofh9 Of ,lawyeys, higher grade
= ei6nGy Tc6uId BE- maintained.
Kho nsn, ARE, .wretchedly UNDER
n1hr Asfat and fatten1ng company
&t 1c6sta Of it, surpluses, its liber-
e4pepditures. It's depreciation
~ ana tn dividends.
tn The Anu61 report closes with the
6olDor1ty of it, scattered stockhold-
ind bondholders. It rccites all
ok = heing done for the welfare
fneArajls and ties, wires and poles
70 earn, but It aays nothing about
~ welfare Of the men who slave for !
~ company. The material welfare
~ plant T. sought. but not the
1riAn welfare or the men,"
Irwin Fullerton, auditor OF the d.
~ MAS placed ON the stand and
44od on tho company's securities.
q. Fullerton guarded the company's
rdAAses and betterments.
"a board meets again, Wednes-
~ st o'clock. Mr.. Mahon an
Mnnced that the men have closed
4ir case, unless the company in
nd to Introduce new testimony.