profit

Within a year, the company?s stock and mortgage liabilities settled down to a total capitalization of about $101,000 in common stock, $56,000 in preferred stock, and $52,000 in mortgage bonds. Except for the gradual retirement of the mortgage, which was accomplished by 1903, these figures remained relatively constant until 1896. In that year the accumulated surplus was distributed to common stock owners pro rata in the form of $50,000 worth of new common stock. Capitalization was then set at $200,000. This in turn grew to $300,000 in 1902 when the surplus was once again capitalized in the form of capital stock. No further changes occurred before the outbreak of war in 1914, but the surplus had grown again to nearly $60,000 by that date.--Harry Poindexter