New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-10
Earnings of Agwi
20 for Interest:
None for Stocks
Annual Statement Reveals
Heavy Losses on Sale
Of Liberty Bonds and
Ending French Project

1foss earnings of the Atlantic, Gulf
ana west Indies Steamship Lines in
1920 were s9,3a6, 900 in excess Of 1910
according to the annual report issued
70 stockholders to-day After provid-
ing Tor operating expense and interest
charge and writing off losses on the
sale Of Liberty bonds, there remained
only a few thousand dollars available
Tor dividends. against S5.576,OOO earned
the previous year Losses on the end-
ing Of the French project also were
revealed in the report.
Total operating revenues amounted to
so4se4,o 600 il 1920, as against s45.-
$4,000 in 1918. Operating expenses
amounted 20 s52,54l 900 in 1920. an in
crease over 1919 OF s13.0790 900. There
was substantial increase in main
'enance charges, but the greatest part
OF the increase in 1920 is accounted
LOT oy ar increase in TRANSPORTATION
sno charter expenses These are
e'e actual cost of handling business
transportation expenses amounted IN
s@o'i9I'ooo, an increase Of $685., 900
over 1919, and charter expenses
amounted to 1886 600. an increase of
s2-32s coo.
me company paid its 5 per sent
dividend on the preferred and 10 per
cent on the common out of surplus.
Charging the amount-s2,1 83, ooo-to
ps'h' and loss account The balance
'Hee' as Of December 81. 1929, shows
total Of 1885, 900 current ass,ts
s s.n include s2,S53 $50 cash ana 81
iso'oVo Liberty bonds, etc. Current
assets at the beginning of the wear
.o od s27653 600, which included So
s1I'oVo cash and s1l,26O00o Liberty
"o.os. iotai current liabilities at the
o onn OF the year amounted to $780,
- "hicn Included s2,0O7 900 bank
Iosas ana s4,55s, 900 accounts payable.
60, me beginning Of the year current
. i,sphasies totaled s6,981 900. and in
s.aueo IN this was s4,ll2,o00 accounts
ysysoic: There were no bank loans at
me beginning Of the year. On the De-
s'ef Of, 1920, balance sheet the
ass IN IN commizsion is carried at s54.-
1872, which is the appraisal value
TT y. december, 1918, plus cost of addi-
err. sihce There is also shown the
ieSo"ac'ion cost Up to December 81
80, OF sne vessels being built. This
So nag I'll, 724 900, and it Is estimated
.s an additional sl4.500, 900 would
snsi hneoeo TO complete the VESSELS then /
-! franklin D. Mooney, president. in I
vsport to stockholders. says:
VA. VT management believes that the I
-. is|o and early months Of 1921 /
,n,.. seen the peak Of the extreme diff +
yors. surrounding the operation of /
duyis- .u snip business; that, whereas
ess.ns sns period Of great scarcity Of |
br.saa tonnage the established -oute /
sss,'assg was less profitable. nartjcu-
ny With regard to coastwise lines. /
ssSa- me so'called tramping business.
sssa..,.. ne eons+tIons now prevailing the /
sgsa.asy OF the traffic moving over the I
yc 49, routes with permanent rail- !
els.. 'ssiznt connections makes this /
49, o. steamship business much more /
ss1 s give than the tramping business,
nss ..om row on the long Established !
or .s.ht freight and pahsenzcr routes
sys,. ~ your lines viii snow mod /
sysss profits. Therefore. while large ;
ess ..s cannot be expected under pres /
~s.sv7Nan1'ions, your management looks |
uaS. eohhasntiy 20 stable though I
al. earnings from your steam
ssbsidiaries.s
so .as hzures VI the Atlantic Gulf Cor
IA on, controlled BY the Agwi, are
~ consolidated with those Of the pres-
Il s..s seia pany, bat Agwi's annua! report
ts ss mat In the first six months of
~ sne OIL produced at the wells Of
IL nspt'c Gulf oil Corporation in
4 II ~ a. saranjes field amounted 10
xs <ess.s,o bnrfels and that piped 81
1870 sBA xeId or ia storage /
fSsssteA to s,4i3,ooo barrels In ROAD