PUBLIC UTILITIC3
the Pacific Coast, with approximately 100 ports of call, ranging from Nome,
Alaska, to San Diego, Calif, including ports of British Columbia, Oregon and
Washington. Company is popularly known as the Admiral Line due to its practice
of naming its vessels after admirals of U. 8S. Navy.
PROPERTY: Company owns 23 passenger and freight vessels for a total of
75,939 gross tons. Operates wharves at Seattle, Tacoma, Portland, San Francisco,
Oakland, Wilmington, San Diego and Juneau, Alaska.
SUBSIDIARIES: Pacific Steamship Terminal Co., Pacific Motorship Co.
OFFICERS: H. F. Alexander, Pres.; R. Stanley Dollar, Vice Pres.: Herbert
Fleishhacker, Vice Pres.; E. A. Stuart, Vice Pres.; A. F. Haines, Vice Pres.; E. H.
Hall, Treas.; J. H. Cooper, Sec'y.
DIRECTORS: H. F. Alexander, M. A. Arnold, W. A. Brown, R. P. Butchart, Robert
Dollar, R. Stanley Dollar, Harry H. Fair, Herbert Fleischhacker, Mortimer
Fleischhacker, Francis G. Frink, A. F. Haines, D. C. Jackling, E. A. Stuart, David
Whitcomb.
Fiseal Year Ends: Dec. 31. Annual Meeting: March.
CAPITALIZATION, As of Dec. 31, 1929
Par Value Authorized
Preferred Stock......... .......... $100 50,000 shs
Stock .... sanseessnss iO PAT 50,000 shs
i. 7% CUMULATIVE PARTICIPATING PREFERRED STOCK
Provisions: (1) Has preference as to Participation: If in any year, junior
7% cumulative dividends and as to as- stocks receive 79% dividends, further
sets in event of liquidation. (2) No dividends must be distributed equally
cash dividends shall be paid on any between Preferred and junior securijunior
security to this Preferred stock ties until Preferred receives an aggreunless
all conditions of the company’s gate of $10 per share.
first mortgage deed of trust has been Callable: At 110 and accrued divifully
complied with, all dividends on lends.
this Preferred stock paid in full and Voting Power: Non-voting unless
the next two (2) ensuing quarterly the company shall fail to declare and
Preferred stock dividends have been say four successive dividends.
set aside. (3) Company shall incur no Dividends: 79% paid quarterly, Feb.,
indebtedness other than current bank May, Aug., Nov. 1, from May 1, 1925, to
loans and present first mortgage or Nov. 1, 1929. Dividend of Feb. 1, 1930,
create any senior or equal securities was passed.
without written consent of two-thirds Transfer Agent: First Seattle Dexoutstanding
Preferred shares. (4) No ter Horton National Bank, Seattle.
additional Preferred shares may be is- Legal Opinion by: Grosscup, Morrow.
sued unless net earnings equal or ex- Publie Offering by: Peirce, Fair &
ceed twice annual dividend require- Co., and Geo. H. Burr, Conrad & Broom,
ments of shares outstanding. Feb. 10. 1925, at 92.50.
COMPARATIVE INCOME STATEMENT, Years Ending Dee. 31
‘a9g
Operating Revenue ...............cooo.oooo....
Operating Expense and Taxes... ........
Net Earnings ..
Other Income .....
Total Income
Interest ...ooooeeeeeoe.
Depreciation, etc. ......
Net Income ..._..............
Preferred Dividends ......... ....._.............
Surplus for the vear..
“Deficit
5% =388 HY
CON Teg”
ASSET
TIVE CONSOLIDATED RALANCE SHEET, As of Dec. 31
1929
302,436
260,801
142,784
17,500
2792 228
Cash eee mete ema a en——————-Accounts
Receivable _..__....._.. FHSS PAS men nee
Claims Against Underwriters..."
Called Bonds due Jan. 1, next vear.. EEE me
Materials and Suobplies
Total Current ASSets ooo 995,759
Reserve for Bond Interest and Prin... ............... 31,618
Stocks and Bonds....................... eee emt ee eee meneame 6.834
Investment in Subsidiaries... EE gs Sm wpm pnnmnenncen 0S UI RT
Property FOR RUUUUPRIIURURIRRN | 3° J 1.
Deferred Charges ... ee eeeteeeeaeentammemeeomeeeevaaeeannn. 601.565
TOTAL ASSETS ........
wc ff
“R591
1928
106,404
358,957
126,250
33.000
272.858
‘9
4
»0
772
1,462
480.940
12 801 297
