i STEAM COAL - Clpdigital.org

28 THE COAL TRADE BULLETIN.
ployes to help themselves along the most practical
lines of profit sharing, insurance and pensions—
the latter feature as yet affecting only mine opera­
tives. Since the last annual report of your offi­
cers 234 employes have completed their payments
on contracts for the purchase of the compaiy's
preferred stock Ihrough the association, and have
received their stock 12,160) shares), their parti­
cipation in the association's earnings having cut
down the cost of the stock to them to $41.36 per
share. There are at this time 2.280 purchasers
of preferred stock through contracts with the asso­
ciation making monthly payments of $1.00 per
share on 17.222 shares. During the year there has
been distributed by the association for relief in
cases of accident and death among the mine operatives
$72,204.25, of which $13,056 was contributed
by the company. The pension fund accumulated
is $33,971.25. of which $14,129.76 has been con­
tributed by the company. In addition the general
expenses of the association have been paid
by the company. These figures, however, cannot
give an adequate idea of the great good that has
been accomplished by the employes association.
It has not only brought relief to hundreds of em­
ployes' families in need of help, but it has incul­
cated in many others habits of thrift which lead
to improved conditions and instil hope for the
future. A fine spirit of confidence in the company
and loyalty to its interests have been awak­
ened, the value of which cannot be measured;
these must, however, be great factors in the future
success of the company. It will be the policy of
the management to foster and encourage the work
of the association in every practical way.
The adjustment of the wage scale in the early
part of 1904 for two years ending April 1, 1906.
insures a satisfactory basis of wages between the
company and its employes for another year.
During the past summer and fall the coal lands
and mining plants of your company were inspected
and appraised by the eminent geologist and mining
engineer, Mr. Edward V. d'Invilliers, of Phila­
delphia, in which work he had the assistance of
Messrs. F. Z. Schellenberg and George S. Baton.
of Pittsburgh, and other mining and mechanical
engineers. During the same time also the company's
docks, railroads and railroad cars were in­
spected and appraised by the well known railway
expert. Mr. Emerson \V. Judd. of New York City.
assisted by J. V. Thompson, consulting engineer.
also of New York City. It is not practicable to
include in detail the comprehensive reports of
these appraisers and critics but in another part
of this report will lie found condensed certificates
covering the work.
Messrs. Marwick, Mitchell & Co.. chartered and
certified public accountants, of New York City,
have verified the balance sheet and statement of
earnings herewith submitted and their certificate
is attached.
Statement of earnings and balance sheet as at
December 31, 1904, follow. These include the earn­
ings, assets and liabilities of the main company
and all its subsidiary companies in which there
is complete or controlling ownership of stock
except the Monongahela River Consolidated Coal
& Coke Co.
EARNINGS.
FRANCIS L. ROBP.INS. President.
Profits incident to the mining and
marketing operations of the com­
pany after deduction of all ex­
penses 4.261,511.52
Less: Royalty allowance
for depletion. . .$ 603,939.90
Less: Addition to re­
newal fund 79,889.19 683,829.09
Less:
Net earnings $577,682.43
Interest on first mortgage
bonds $1,250,000.00
Preferred stock divi­
dends Nos. 17, 18,
19 and 20 2,176,740.96 $3,426,740.96
Undivided earnings for the year
1904 (appropriated for working
capital) $150,941.47
ASSETS.
Coal and surface acreage in Pitts­
burgh and Hocking Valley dis­
tricts, mine plants and equip­
ments, coke ovens, railways
owned and operated, railway cars,
car shops, brick plant, docks
and yards on the Great Lakes,
etc $81,532,386.49
Less—Royalty allow­
ance for depletion... 3,292,818.89 $78,239,567.60
Stocks of other companies 8,061,826.47
Merchandise—Coal on docks, and
supplies 4,938,720.16
Accounts and bills receivable 7,951,690.40
Cash—Current balances 1,169,327.27
For purchase of first
mortgage bonds un­
der sinking fund pro­
visions 1,202,818.92 2,372,146.19
$101,563,950.82