134% 7% Years- 1% 1913-14 Pfd. Com. Years Pfd. Com. 7% 434% 7% 5%. 1915-16. For any dividends paid during current calendar year, see Daily Dividend Sheet. EIGHT-YEAR ANALYSIS OF INCOME ACCOUNT Other income..... Total income... *Includes operations of vendor companies prior to organization June 4, 1910. Net sales.. Operating expenses 31,384,969 1915 1914 1912 COMPARATIVE INCOME ACCOUNT, YEARS ENDED JANUARY 31. 1918 1917 1916 1915 $35,631,660 $30,347,482 $23,309,802 $25,409,150 $26,314,804 $24,504,769 $14,848,819 26,925,120 21,148,701 23,506,261 24,033,294 21,960,616 13,215,974 Operating profits $ 4,246,691 $3,422,362 $ 2,161,101 $ 1,902,889 $2,281,510 $2,544,153 $ 1,668,845 31,257 40,240 $ 4,277,948 $3,445,058 $2,187,065 $1,925,104 $2,319,231 $2,578,922 $ 1,709,085 Net income..... $ 3,021,935 $ 3,037,213 $ 1,733,008 $1,410,040 $1,878,568 $2,185,132 $ 1,449.414 Surplus.. Total surplus... $ 5,492,105 $ 3,993,340 $3,151,675 $2,404,522 $ 2,288,802 $ 2,437,734 $ 1,704,137 115,720 $ 350,000 150,000 949,414 754,723 $ 5,215,139 $ 3,719,705 $ 1,881,158 $ 2,365,355 $ 2,288,802 $ 1,737,734 $ 1,404,137 1 From Standard Corporation Records. Copyright 1918 by Standard Statistics Co., Inc., 47-49 West St, N. Y. This information, while Lot guaranteed is believed to be correct. 16.82% 16.83% Depreciation of buildings and fixtures and amortization of leases. $14,510,827 $14,510,827 $14,510,827 $15,535,370 $15,525,369 $19,122,875 $17,775,746 5,275,926 5,185,668 6,310,591 6,533,378 6,028,067 Investments.. Equipment.. 896,710 855,601 763,396 646,375 909,134 582,677 320,827 128,074 141,530 81,207 44,270 Pfd. stock acquired Current Assets assets........ $12,538,857 $ 9,997,280 $7,424,517 $9,449,999 $ 8,692,178 $ 7,653,426 $ 4,280,772 Total assets.... $33,299,754 $30,642,294 $29,087,028 $32,283,135 $31,562,387 $27,440.187 $22,421,616 Liabilities Preferred stock.... $ 7,012,500 $7,260,000 $7,507,500 $ 7,755,000 $ 8,250,000 $8,250,000 $5,000,000 Common stock.. 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 204,540 154,534 98,199 Total cur. liabil... $ 4,234,616 $ 3,072,587 $ 2,304,493 $ 5,043,811 $3,955,701 $1,271,073 $ 602,141 Total liabilities.. $33,299,754 $30,642,294 $29,087,028 $32,283,135 $31,562,387 $27,440,187 $22,421,616 *Net working capital $ 8,304,241 $ 6,924,693 $ 5,120,024 $ 4,406,188 $ 4,736,477 $6,382,353 $ 3,678,631 "Based upon statement of current assets and current liabilities as above. Percentage earned on $6,485,912, the average preferred stock outstanding. Percentage earned on $15,000,000 common stock, after deducting 7% preferred dividends.. 241.22% 30.15% JOINT ACCOUNT LETTERS AND FORMS 1 LETTERS STATING A JOINT ACCOUNT AGREEMENT UNDIVIDED AS TO LIABILITY, DIVIDED AS TO CARRYING. July 8th, 1915. Messrs. Brown & Co., Dear Sirs-We are writing to confirm our telephone conversation of this morning to the effect that you would join Smith & Co. and ourselves in a joint account for the purchase and sale of $1,500,000 City of Springdale, Iowa, 5% 20 year bonds due August 1st, 1935, for which bids will be received by the city treasurer on the 17th inst. You are taking a participation of $300,000 in the account. We are to be Manager of the Account and submit a bid of @100.55, payment and delivery in Springdale, Ia., in the name of Jones & Co., Brown & Co. and Smith & Co. in the order stated. The account will be Divided Carrying, Unlimited Liability. The rules for the conduct of the Account will be agreed on in event that we are the successful bidders, and in general the terms used and the account agreement will be understood as stated in the Joint Account forms published by the Investment Bankers Association of America. Will you please let us know if your understanding of our agreement is in accord with this letter? Messrs. Jones & Co. Very truly yours, JONES & CO. July 12th, 1915. Dear Sirs: Your letter of the 8th inst, referring to the Joint Account for the purchase of City of Springdale, Ia. bonds correctly states our understanding. Messrs. Brown & Co., Very truly yours, BROWN & CO. July 20th, 1915. Dear Sirs: We are writing to confirm the understanding for rules of the account reached at a meeting held at our office this morning of the members of our joint account in City of Springdale, Ia. bonds. From a booklet of this name by Hastings Lyon, published by the Investment Bankers Association of America. We determined that the selling price should be $102.75, and interest. A member shall have a selling commission of a half and may allow a broker's commission of a quarter. Expenses of a member for purposes of the account shall be deducted from the amount allowed him as commissions. Delivery shall be only on the manager's order, and on receipt by him of the selling price and interest without allowance for commissions. Members may offer and sell the bonds without restriction as to territory. All advertising shall be done and circulars prepared and printed by the Manager at the expense of the Account in the name of Jones & Co., Brown & Co., and Smith & Co. in the order stated. Unless earlier terminated by agreement the Account shall continue until all the bonds are sold. In general the terms used and the rules of the account will be understood as stated in the joint account forms published by the Investment Bankers Association of America. Will you please confirm this understanding of the rules of the account? Very truly yours, JONES & CO. Messrs. Jones & Co. Dear Sirs: Your letter of the 20th inst, referring to the ules of the Joint Account for the purchase of City of Springdale, Ia. bonds, correctly states our understanding. Very truly yours, BROWN & CO. AGREEMENT FORMING THE ACCOUNT Four matters must be decided in making this agreement. They are: 1:-Name The name or names in which the bid is to be submitted (or the purchase made) and the order in which they are to appear. 2:-Purchase Price 3:-Carrying Divided, Undivided or Special. |