The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

American Ship Building Co. Its Annual Report Shows the Company to be in Satisfactory Financial Condition and in Excellent Shape to Care for Business HE annual report of the Amer- | ican Ship Building Co. appended herewith is self-explanatory and all comment is superfluous. The com- pany has reduced its liabilities $2,000,000 during the past year and has readjusted its surplus by subtracting $683,000 from the market value of securities and $439,- 136.02 for the abandonment of the West Bay City plant. Its corrected surplus is of July 1, 1913, is therefore $5,438,430.53. The earnings for the year were $712,- 061.75, with $192,757.05 written off for maintenance and $240,000 for reserve the net income for the year was $279,304.70. Dividends for two quarters took $276,- 500 of the sum, leaving a balance. of 2,804.70 which was carried to surplus. The surplus for the year ending June 30, 1914 is therefore $5,441,235.23. President Smith in his report makes the following significant statement: "Owing to the-improved rules and regulations adopted by the vessel owners themselves, and the carrying by them of 25 per cent of the insurance, a much - more careful operation of the vessel as to loading and navigation has resulted, and in consequence the repair work of the company has been considerably de- tailed." That is certainly high testimony for the Lake Carriers' Association and _ its policy of separate courses for up-bound and down-bound vessels and the earnest efforts of the Great Lakes Protective CONSOLIDATED BALANCE SHEET AS-OF JUNE 30, 1914. ASSETS, Plans and property as appraised by Manufacturers Appr. Co...... Good-will, patents, as. per: books: ... 005.0055 Investments as per books: Steamship stocks Bonds Stocks, subsidiary compan y: Notes* maturing. after June 30, 1915.... 32. Inventory and current assets: $12,056,238.71 $ 351,500.00 751,735.00 ~ 600,000.00. 169,973.64 1,873,208.64 Inventory; materials; supplies ands sorap.:: 6.40 22 ee 530,331.44 Uncompleted contracts ea es tte Cee 4,959.18 535,290.62 Current assets: Notes receivable maturing before July 1, 1915.00.03 .. $ 508,108.96 Accounts receivable, including unbilled day work............ ee WACOPUEd: > INTCLES Es ec kere 0 ee aw cue oY ea : 73791, $1,575,986.62 Less: 91,061.54 Gash-on hand and: in banker ne ee Advanced to subsidiary company............. Deferred .charges to operations............+... Reserve for doubtful accounts and notes................. en eteKe le 814% ele ver cere ene axe $1,484,925.08 587,579.48 2,072,504.56 351,397.01 57,743.85 $23,630,675.64 CAPITAL AND LIABILITIES. Capital stock: 7 per cent non-cumulative preferred Authorized $15,000,000 Common, Authorized 15,000,000 Funded indebtedness: 5. per Current liabilities: Notes payable Accounts payable Accruals'. Laxes Liability insurance Reserves: Maintenance : Uncompleted construction Bond discount Fire insurance Appreciation : ufacturers' Company appraisal Surplus: Balance July 1, 3 ae Adjustments applicable to prior periods: Loss occasioned by abandonment West Bay City plant a Oe ec a 6 06 B08 @ 08 9088 Depreciation market value of securities... Adjusted balance July 1, 1913...-...-++.++++- Surplus for year ending June 30, 1914: Earnings for year before deducting maintenance and eee pelea e evabneie e Let ehenene o.6 Pe eee Issued cent 'purchase 1 bonds on Buffalo property, $50,000 due yearly on April 1.... pt gio en ole te, ae rene see. 6) ee 8 Tel OKO MO eLe OTe Coe OTe. Lee CS, 8 6 eee me 80 ee Sao ee 6 80) 6 \0'e\s, Coe wh Oe © 1Oe cen 8) A. 05 078050 (0 bye) cere oe eee erro tees e eee Bete tee e060 0e 028 (0'-9 10 6 %6\ 016 108 UL. (8500.6) ig Noida Ma RE SOLO ONG fe Re Gre Ce le: 9001 O18 10.6 <6) SL 6s Vice. eles 0 6 eer eel © 008 0 si8ie CTR Blain ove elie ecene, wee se Aelia. j0.cW 60 50u8 8 aes Se rer avelene tes (eave: 6. 01h a a0 0. 810 6, 6g 86 Be Sete co tuep ih ecm i Bree ese. We Wa 8 Cees m8 e Ce a in ee 0p 00 Shee Ones OO Oe. Re oe Fie gt eV glee 68) CINCO OTe L0 8 R06 KOrP Real estate, buildings, dry docks, JON SW Sve eie th 6 6 ecewc eee mee 88 e066 eee e 6 6.6, 00-8 Siece ares: Issued $7,900,000-00 t money mortgage 250,000.00 500,000.00 * 172,851.90 65,125.75 3,241.91 741,219.56 $ 428,117.97... 19,058.65 10,000.00 103,583.00 560,759.62 1,137,461.23 $6,561,366.55 $439,136.02 683,800.00 1,122,936.02 $5,438,430.53 $712,061.75 depreciation < 2c cs cc oe a ee en ae ess: 'maintenance "2.8.5. eee es oe Peau oo Less reserve for maintenance....--+++-> 240,000. ; .70 Net income for year ending June BO 1914 Go ke ee = pated sini aaees ess preferred dividends for two quarters.....------ 5500. $23,630,675.64 notes amounting to $100,000 of the Western Dry Note :--There is a contingent lability rae American Ship Building Co., which has been Dock & Ship Building Co., guaranteed by t paid since the close of the fiscal year. = ¢ 7°600,000.00 ~ $15,500,000,00 -- Association to minimize accidents by assuming part of the risk. The report to the stockholders is as follows: "Owing to the general business depres- sion which has prevailed for the last two years, especially in the iron and steel trade, the business on the Great Lakes for the year ending June 30, 1914, has been unsatisfactory. We believe that when the steel business revives, business on the Great Lakes will also be very much better, but, in view of the prevailing and continued depression, the Directors have deemed it unwise to make any declaration of dividends for the fiscal year ending June 30, 1914, in excess of the 3% per cent already paid. "There have been a number of changes in the personnel of the officers of the company. Henry A. Christy was elect- --~6,684,292.25----ed chairman of the board in December, 1913. Russell C. Wetmore, vice presi- dent and treasurer, died in January, 1914. O. J. Fish, assistant treasurer, was chosen treasurer in place of Mr. Wetmore, deceased. ALL ped Gy. Smith was elected general manager of the company in July, 1914, to take the place made vacant by the resignation of R. B. Wallace. Edward Smith, for many years a director of the company and president of The Buffalo Dry Dock Co., was chosen president of this company, September 23, 1914, to take the place made vacant by the resignation of James C. Wallace, who 'had ably filled the office for the past ten years. On the same day, M. E. Farr, for many years the president of The Detroit Ship- building Co., was chosen vice president in place of Mr. Edward Smith, who resigned. "An appraisal of the properties of the company and its subsidiary companies was made during the year by The Manufacturers' Appraisal Co., and the values placed on the properties were in excess of the book values. "The financial condition of the com- pany is most satisfactory. During the past year its liabilities have been reduced over $2,000,000; thus putting it in most excellent shape to await the revival of business. : CAPITAL STOCK Remains unchanged from last year, viz: Authorized :-- Preferred: 20.6 eo $15,000,000 Common) 6.77242. 2 sna ee 15,000,000 Total 22) 00 ee ee $30,000,000 Issued :-- Preferred' 3. (ee $ 7,900,000 Common 201.4 ise 7,600,000 Potale yy ie ee $15,500,000 °