Arizona republican., 1913-02-12

b An increase over Report Dec. 91
 S+.29S, TOO Issued in December. 191
 q An increase of S329,373.95 for th
 I desire to call particular attention to the fact that the figures previously quoted. for 1912. refer to our system as q whole. So that no misconception may exist as to that portion of our invest ment lying in any of the larger cities in our territory. These figures con- cluSively prove that our company is in a wholesome and prosperous condition. With the rapid growth of the past few years it is. or should be. generally known that we have maintained tho high standard of financing, which so long characterized The Colorado Tele- phone company. Like that company, the amount we have invested in actual physical property, is greater than our pitaI liabilities by a considerable sum. This is of double advantage to our stockholders: first, in that the val | ue of their stock Is at once apparent, when the need or desirability arises. for l selling or mortgaging their holdings 1 when emergency funds are required. | It insures the ready market that all stable and safe investments should | command. In the second place. it is our great safeguard in the face of un- 1 just attacks which must constantly be
 Apected bv public service corporations
 It is our insurance in any final trial of | strength between our company and
 those who would seek to undermine it's
 credit at large.
 We have been subjected from time to
 time, and must expect in the future 10
 be similarly subjected, to attacks such
 as l have indicated. But in the fact
 that there is no water in our stock tha.
 we have no fixed charges in the matter
 for bond interest, no preferred stock.
 no abnormal charges of any kind, lies
 our safety and our strength. Our books
 and our system of accounting are open
 at all times so that "he who runs may
 read" No charge that we make an
 excessive profit can possibly be main
 tained in the face of the facts shown by the figures herewith submitted, which l prove concuSiVely that our rates arc reasonable; because they are sufficient only to return a fair percentage upon
 our actual investment. and this invest
 ment can be substantiatcd by care | full inventory of our property. either by
 interested. or disinterested investiga .
 tors. It is noteworthy that those with
 political purpose, or who seek self
 grandiZement. are careful to avoid an
 analysis of these figures. or our chal-
 lenge to refute them.
 No corporation in the United States
 makes fuller or more complete state
 ment to it's stockholders, and to the
 general public. than this company does
 both annually and from time to time
 between annual periods. A large num-
 Der of our stockholders are people oI small means, whose little all in the , matter of savings. is invested with US It is only natural that such investors should feel timid and alarmed Wher attacks are made upon the depositarS of their funds. It is largely to reassurt ! the small stockholders that these few ! paragraphs are written.
 Because Of our association with Tn. \ American Telephone and TeleGra pl { company, there exists in the minds O { some an idea that We are more or les. l foreign corporation, and that becaus' ltf this our receipts leave this West { crn country that we serve: tat tn ! mone' paid for tc 'cphorn service large ly goes out of ou-' terI:t ry. This i wholly mistaken idea.
 $i inree millo1, seven hundred anI ! 1 forty-f.ve thousand nine hundred an, sixty dollars and thirty-four cent ] 1 ($3,74J, ,960.34) was paid back directl, in salaries and wages to employees re ] siding in our own territory. The per { centage of gross receipts applied t , salaries and wages, is not equalled D, . any public service company in tn : country.
 {l Other items, operating and mainten q ance expenses, rents, light, heat, tray cling expense, taxes. etc, are large1 $i disbursed locally. The large numbe and proportionate holdings of loca { stockholders in this company is so we1 ! known that it will be readily under ! stood that a goodly portion of tn ! amount available for dividends wa { likewise locally disbursed. It will b { very evident from the foregoing tha ] the Mountain States company is in ev $ cry way truly local in character aE tt management and is no small factor i ! the industrial health of the Rock } Mountain region. Fl One of the most salient features c ! our past years experience has been tn { rounding out of our territory by the ac ~ auisition Of practically all of the te1e