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Report[bold] on[bold] Eastern[bold] Manufacturing[bold] Company[bold] and Subsidiaries[bold]
Consolidated Statement of Condition
As at December 31, 1929
ASSETS[bold]
CURRENT ASSETS: Cash in Banks and On Hand.......................................................... $214,394.68
Notes Receivable (Less Reserves)............................................... 39,628.63
Accounts Receivable— Trade (Less Reserves).........................540,502.69
Due from Madawaska Company— Sale of Stumpage..............203,000.00
Inventories:
Pulpwood in Pile at Mills.............................................................................................$ 730,910.19
Raw Materials and Supplies.......................................................................................608,114.42
Work in Process at Mills.............................................................................................102,751.36
Finished Paper ...............................................................................................................603,362.53 2,045,138.50
Pulpwood Operations .......................................................................................................788,960.31
Marketable Securities, at Cost, and Accrued Interest...........................................68,355.83
TOTAL CURRENT ASSETS .............................................................................. $ 3,899,980.64
MISCELLANEOUS INVESTMENTS AND ACCRUED INTEREST (Less Reserves 71,029.66
PLANT ASSETS (Less Reserves) ...................................................................................4,557,582.57
TIMBERLANDS (Less Depletion Reserve )..................................................................2,278,160.49
PREPAID STUMPAGE— Passamaquoddy Company....................................................265,794.26
TREASURY STOCK .............................................................................................................52,312.56
OTHER ASSETS ....................................................................................................................109,214.12
DEPOSITS FOR PURCHASE OF FRACTIONAL COMMON STOCK .....................6,048.00
DEFERRED CHARGES TO OPERATIONS..................................................................58,137.79
UNAMORTIZED DISCOUNT— FIRST MORTGAGE BONDS...................................123,524.97
TOTAL ASSETS
.....................................................................................................$11,421,785.06
LIABILITIES[bold] AND[bold] CAPITAL[bold]
CURRENT LIABILITIES: Loans Payable— Banks .....................................................................................................$ 950,000.00
Trade Acceptances Payable......................................................................................................................171,520.00
Accounts Payable— Trade ........................................................................................................................326,969.04
Due to Officers and Employees.......................................................................................66,392.21
Accrued Expenses ..............................................................................................................61,768.59
Dominion Government of Canada— Income Tax 1929..............................................1,965.63
Reserve for Federal Taxes........................................................................................................................450,000.00
Dividend Payable January 1, 1930 on Preferred Stock .........................................30,737.00
TOTAL CURRENT LIABILITIES....................................................................$2,059,352.47
MORTGAGE NOTES PAYABLE .......................................................................................58,902.00
FIRST MORTGAGE SINKING FUND 7% GOLD BONDS................................... $2,700,000.00
LESS: Sinking Fund— Cancelled Bonds.......................................................................... 439,600.00 2,260,400.00
CAPITAL STOCK:
Common .................................................................................................................................. $3,148,104.96
Preferred— $3.50 Cumulative ......................................................................................... 1,755.650.00
Preferred 6% Non-Cumulative (Liberty Paper Company)................................ 9,500.00
TOTAL CAPITAL STOCK..............................................................4,913,254.96
SURPLUS ............................................. 2,129,875.63
TOTAL LIABILITIES AND CAPITAL......................................................................11,421,785.06
CONTINGENCIES— DECEMBER 31, 1929 (A ) Liberty Paper Company Dividends Guaranteed— $570.00 per Annum— Paid to July 1, 1929. (B ) Passamaquoddy Pulpwood Stumpage Permit calls for the purchase of specified stumpage at a fixed price annually to 1935.
CERTIFICATE: We have examined the books of account and records of the Eastern Manufacturing Company and its subsidiaries, and prepared therefrom the foregoing statement, which, in our opinion, correctly reflects the condition o f the Company as at December 31, 1929.
MILLER, FRANKLIN AND COMPANY, INC.
February 12, 1930.
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