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Income Account(1)Sales$294,778,287
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(2)Manufacturing cost, administrative, selling, and general expense and taxes(-)$253,848,844
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$40,929,443
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(3)Provision for depletion, depreciation, and obsolescence(-)$13,658,335
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(4)Operating Income$27,271,108
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Interest, dividends, and other miscellaneous income(+)$2,591,693
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(5)Total Income$29,862,801
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(6)Interest charges(-)$11,276,879
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(7)Net Income$18,585,922
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(8)Dividends on preferred stock(-)$6,842,500
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(9)Net for common stock$11,743,422
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Dividends on common stock(-)$1,800,000
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(10)Transferred to surplus$9,943,422
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Balance SheetAssetsCurrent Assets(11)Cash$28,470,036
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(12)US Government securities$27,247,838
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Sundry marketable securities$1,980,000
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Preferred stock held for employees less payments on cash$7,742,698
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(13)Accounts and notes receivable$41,951,684
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(14)Inventories$61,539,137
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(15)Total current assets$168,931,393
(note discrepancy)
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Reserve fund assets$6,917,227
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Sundry securities, and real estate installment contracts and mortgages$3,837,820
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Funds in hands of Trustees$691,311
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Investments in and advances to affiliated companies$8,654,700
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(16)Property account$654,731,533
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(17)Reserve for depreciation and depletion$200,408,672
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(18)Property account (net)$454,322,861
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Total Assets$643,355,312
(note discrepancy)
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LiabilitiesCurrent LiabilitiesAccounts payable and accrued liabilities$25,227,323
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Bond Interest accrued$2,998,122
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Preferred stock dividend payable$3,447,500
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Common stock dividend payable$1,800,000
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(19)Total Current Liabilities$33,472,945
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(20)Funded debt$199,421,172
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(21)Cambria Iron Company stock$8,465,625
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(22)Cumulative Preferred Stock$100,000,000
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(23)Common stock $180,000,000
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(24)Surplus$114,922,652
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Contingent reserve$2,138,990
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Insurance reserve$4,934,822
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Total Liabilities$643,356,206
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AnalysisNameDefinition
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Margin of ProfitOperating Income / Sales9.25%
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Earnings on Invested CapitalTotal income available for interest charges / sum of bonds, preferred stock, common stock, and earned surplus4.95%
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Times Interest Charges EarnedTotal income / interest charges2.65
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Times Interest Charges and Preferred Dividend EarnedTotal income / (interest charges + preferred dividendes)1.65
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Earnings per Share on Common StockNet Income available for common stock divided by shares of common stock outstanding$6.52Note: must convert (23) to number of shares
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Depreciation as a percentage of cost of plantDepreciation divided by cost of plant2.09%
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Depreciation as a percentage of sales or gross revenues
Depreciation divided by gross revenues
4.63%
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Net Income Transferred to Surplus as a Percentage of Net Income Available for DividendsAmount transferred to surplus divided by net income availablefor dividends53.50%
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Inventory TurnoverSales divided by inventory4.79Note: Real or physical turnover would divide cost of sales by inventory4.12
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Numer of days average account receivaable is outstandingAccounts and Notes Receivable divided by net daily sales51.94536143
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Capitalization ratios
Bond capitalizationAmount of bonds outstanding divided by sum of bonds, preferred and common stock, and surplus34.49%
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Preferred stock capitalizationPreferred stock divided by sum of bonds, preferred stock, common stock, and surplus16.59%
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Common stock and surplus capitalizationCommon stock and surpulus divided by total capitalization48.92%
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Current ratioCurrent assets divided by Current Liabilities5.0468040082:1 is considered minimum
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Quick assets ratioCurrent assets less inventory divided by current liabilities3.208330071About 1:1 is considered fair
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Book value of common stockSum of common stock and surplus divided by the number of shares of common stock outstanding$163.85Note: convert (23) to number of shares
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Price/Earnings RatioSelling price divided by earnings per share16.20015337
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Data adapted from: The Interpretation of Financial Statements (Graham, 1937) Pt II
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