.MTk.MTQ2

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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.