South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-01-13
PROFIT MADE BY
INTERSTATE FAIR
Annual Report of PreS't Abe
Frank Shows Total In
come of $45,528.81

Abe Frank. president Of the ST.
Joseph County Fair and Amusement
Co. Thursday issued "A business and
financial statement for the year 1913
showing that although the Inter
state fair was operated last Septem-
Der under unfavorable conditions.
profit Of S1O,357.57 was derived by
the association. The profit and loss
surplus ANALYSIS shows that the total
income revenues amounted to S45,-
52S.SI. and total operating expenses
90 $33. SO5.87. leaving a balance of
S11.72294. 20 which was added in
come revenues Of $l28.5O and from
the whole Of which was deducted
S1.493.S7. leaving a total profit Of
S1O.357.57. The statement of con-
ditions shows assets as $93.2SS.2S
and liabilities the same amount.
Accompanying the state ment,
Pres't Frank has added an explana-
ton. one of the most important as
sertions being that with a sufficient
sale OF stock 10 pay for the invest
ment the net earnings would have
shown is II per cent on the stock
and would have enabled the COM
pany TO have declared a substantial
dividend.
In his accompanying statement
Pres't Frank recommends the pur-
chase Of additional stock or it's bonds
10 raise sufficient funds to enable
me company TO take title TO the IA
acres Of property purchased from
the Major estate on which there re-
mains to be paid S21,50 Funds
are also needed for sodding the in
field of the race track and the pad
dock at the front and side of the
grand stand, for the removal OF the
baseball grandstand and erection of
number of other additional build
ings and stables. He also recon-
mends the building Of bleachers ad-
Joining the grandstand for Is cent
admissions, and number OF minor
improvements.
The business and financial state
ment as made up by the accountant
and given out by Pres't Frank fol-
lows:
Profit and Loss Surplus Analysis.
For period ended Nov. 80. 1915.
Operating revenues. $45.52S.S1
Less-Operating expenses:
Direct departmental expense. So
1924; concession departmental ex-
pense. s1.ST3.66; administration and
general expense. $21.537.S1; total
operating expenses. $33.577.71; taxes
(accrued), $22S16; total, 3,SO5.S7.
Net operating revenue, S11,722.94.
Add-IncOme additions:
Scrap and junk sales. $11; other
income additions. $117.5O: total in
come, S11,S51.44.
Less-Deduction from income:
Interest on floating debt accrued.
S63S.22; loss from injuries and dam
ages. s47: contingent losses. $500;
L. $. income tax (accrued), $1O3.57;
other deductions from income.
S5.OS; total deductions from income,
S1.493.S7.
Net income for period ended Nov
80. 1915. To surplus, S10.S57.57.
Statement of Condition (Condcnscd).
AS at Nov. 80. 1915.
Assets.
Land buildings and equipment
Gin race track. S9O.717.74
Deferred charges and prepaid ac-
counts. S2,O5O.59.
Current assets:
Accounts receivable and unadjust-
ed advance" accounts, S1.S92.61;
Less - reserve for adjudication
thereof, $1,000; S39261; cash Gin
bank). s127.34: total. s519.95.
Total assets. S93.2SS.2S.
Liabilities.
Land purchase. $21.5OO.
Notes payable $7.2S7.33.
Unpaid audited vouchers and ac-
counts payable. S6.214.43.
Accrued taxes. S22S.16. accrued
interest on floating debt. S68S.22:
accrued wages and salaries. S232.5O.
Total liabilities. S36.05O64.
Reserved for depreciation and
contingencies. $1,000; reserved for
l.. s income tax. S103.57; total.
S1.SO357.
Capital stock-issued authorized
100000, S44.SO5; partial payments
on subscriptions S711.50; total $45.-
B76.56
surplus-Nov. so, 1915. S1O.2575l
Total. s93.2SS.2S
Pres't Franks explanation which
accompanies the statement is in
part:
To Lessen Expenses.
The cost OF operation i'm 1915
was crater than il should be the fol-
lowing season as is the case with
any new enterprise. Experience
should result in adopting methods
that will bring greater returns at
minimum of expense The fair
grounds. buildings and race track
were practically ready as planned
for use beginning on the l4th of Sep
tcmber. while not complete in every
detail nor providing all the facilities