165 BROADWAY. NEW YORK
 

New York, February 3rd, 1909.

To the Stockholders:

We give below a statement of the operations of the Company for the period from May
31st to December 31st, 1908, together with the Balance Sheet as of December 31st, 1908.

While this has been one of the dullest seven months in the Company's history, yet we are
able, after charging off the interest on the bonds and all fixed charges, to show net earnings of over
$265,000.00, which is equivalent to 4^^ on the Capital Stock.

CONSOLIDATED INCOME ACCOUNT
SEVEN MONTHS ENDING DECEMBER 31, 1908.

4r

Sales and other incomes.......................................................   .         $1,132,769.03

Cost of Manufacturing and Selling................................       $762,279.26

Interest on 6% Convertible Gold Bonds...........................         105,000.00

Profits for 7 months ending Dec. 31, 1908.........................         265,489.77              1,132,769.03
 

CONSOLIDATED BALANCE SHEET, DECEMBER 31, 1908.

ASSETS.

Cash, Accounts Receivable and Merchandise.......................    $1,683,549.28

Factories, Patents and Water Power...............................     10,637,203.79                 iSte^-"

Stocks, Investments, Real Estate other than factories.................         552,914.84                 *^^^^

Profit and Loss (Deficit on account of charging off

discount on bonds).........................................         261,465.97            i3jI33'I33 ^
 

LIABILITIES.
 

m^-
 

Accounts Payable................................................         $21,201.38

Accrued Interest on Bonds........................................           30,000.00

Reserve for Depreciation on Plant.................................           63,932.50

Mortgage on Real Estate other than factories.....................           20,000.00

First Mortgage, 6%, Convertible 20 Year Gold Bonds   .............       3,000,000.00

Capita! Stock ....................................................     10,000,000.00            I3,i35.i33'^
 

C. A. STARBUCK,

President.
 

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