THOMSON'S MAN
ment of First Mortgage Bonds.
Tax Status: Company pays normal
U. S. Federal income tax not exceeding
2% per annum and reimburses for
personal property taxes of Conn. and
Penn. not exceeding 4 mills per annum;
Md. not exceeding 41 mills; Calif. and
D. of C. 5 mills per anum; Mass, 6%
Secured: By a specific first mortgage
on all the physical assets of the
company and a floating charge over the
remaining assets and undertaking of
the company. $750,000 additional bonds
may be issued up to 60% of the cost
of additions to the properties of the
company when net earnings shall have
been not less than twice interest re-1uirements
on outstanding First Mortzage
Bonds including those proposed te
oe issued, or in lieu thereof such additional
bonds may be issued to refund
Series A bonds.
Legal Opinion by: Orrick, Palmer &
Dahlquist, San Francisco, and E. P. Davis
& Co., Vancouver, B. C.; also Robgion,
Douglas & Symes. Vancouver,
Offered by: E. H. Rollins & Sons,
Seattle, Portland and New York, and
Wm. R. Compton Co. San Francisco,
Oct. 2. 1928. at 9%.
PACIFIC (COYLE) NAVIGATION COMPANY, Ltd.
GENERAL OFFICE: Vancouver, B. C.
HISTORY: Incorporated under laws of Canada, May 27, 1926, to acquire Coyle
Towing Co., Ltd., Hecate Straits Towing Co., Ltd, Pacific Tug & Barge Co. Ltd.,
together with a number of independently owned tugs and all the Common stock
of the British Pacific Barge Co., Ltd.
BUSINESS: The company does a gencral towing business.
PROPERTY: Company owns 18 tugs, 13 barges, 9 scows. 2 wharfs, booming
grounds, and other necessary equipment,
OFFICERS: E. J. Coyle, Pres.; B. L. Johnson, Vice Pres.; G. M. Lindsay, Sec. &
Treas.; H. J. Turney, Gen. Mgr.; C. F. Barker, Pur. Agt.
DIRECTORS: E. J. Coyle, B. L. Johnson, R. P. Clark, N. S. Burdick, H. J. Turney,
G. M. Lindsay, all of Vancouver, B. C.; A. C. Burdick, of Victoria, B. C.
GENERAL COUNSEL: Mayers, Lane & Thompson, Vancouver, B. C.
GENERAL AUDITORS: Price, Waterhouse Co.
Fiscal Year Ends: July 31. Annual Meeting: 2nd Wed. in Sept.
CAPITALIZATION, As of July 31, 1929
Par Value Authorized Outstanding
79% Cum. 1st Pref. Stock.............. $100 $1,000,000 $730,500
7% Cum. 2nd Pref. Stock............ $100 $1,000,000 $341,000
Common Stock cce.-....No Par 15.000 shs 13.961 shs
1. 7% CUMULATIVE FIRST PREFERRED STOCK
from Sept. 1, 1926, to Oct. 1. 1928. None
since.
Transfer Agent: Royal Trust Co.
Public Offering by: R. P. Clark &
Co., Ltd.; J. C. Hogg & Co., Vancouver,
B. C., June, 1926, at 99, with a bonus
of one share of Common with every
four shares Preferred.
Provisions: Preference as to assets
and 7% cumulative dividends. Annual
sinking fund of 19% for first 5 years
and 2% thereafter, to purchase or to
call at not exceeding redemption price.
Callable: At 110 in whole or in part
plus accrued dividends.
Dividends: 7% per annum, payable
quarterly, Mar.. June. Sept., Dec. 1, paid
2. 7% CUMULATIVE SECOND PREFERRED STOCK
Provisions: Has preference after annually, Apr. and Oct. 1, from Oct. 1
first Preferred to assets and 7% cumu- 1926. to Oct. 1, 1928. None since.
lative dividends. ’ !
Dividends: 79% per annum paid semi- Transfer Agent: Royal Trust Co.
COMPARATIVE INCOME STATEMENT, Years Ending July 31
1929
23.691
"28
2,618
52,000
‘0200
1927
$ 205,656
100,000
20.000
+ 85,656
64,145
8.218
$ 13,293
$11.73
10.12
1.54
Operating Profit _.... =
Depreciation ......
Tncome Taxes ._...
Balance . —— reean
Preferred Dividends ..oocooceoeriiiiiiomiiciiccaennes
Stock Redemption Reserve. oo ian
076
_f
..05
“05
Surplus for the year...
Earned, per share First Preferred...............
Earned, per share Second Preferred...........
Earned, per share Common stock. .................
Deficit.
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