LIABILITIES

CAPITAL STOCK:

Iowa City Gas & Electric Company: First 6's Outstanding.

Less amount held by U. L. & Rys. Co.

Mason City & Clear Lake Railroad Company:
General Mortgage 6's Outstanding.
Less amount held by U. L. & Rys. Co..
Peoples Gas & Electric Company:

General Mortgage 6's Outstanding.
Tri-City Railway & Lighting Company:
First and Refunding 5's Outstanding.
Less amount held by U. L. & Rys. Co.
Collateral Trust 5's Outstanding.

Tri-City Railway Company:

First 5's Outstanding.

Less amount held by U. L. & Rys. Co.

219,996.95

CASH AND SECURITIES IN HANDS OF TRUSTEES:

Bond Interest due January 1, 1918.

S'

Cash held as Collateral to Bond Secured Notes.

1,354,866.31
645,152.09

ITEMS IN SUSPENSE AND OPEN ACCOUNTS.

SURPLUS OF SUB-COMPANIES AVAILABLE FOR DIVIDENDS

SURPLUS, as per Statement annexed..

$52,543,010.73

*These Notes have since been paid.

$52,543,010.73

MIDWEST REFINING COMPANY

FINANCIAL STATEMENT AS OF DECEMBER 31, 1917, 1916, 1915

MAY DEPARTMENT STORES CO. 1

Dividends Paid Since Organization

Years

1910..

1911..

7% 1%

Pfd. Com. 14%

7%

5%

For any dividends paid during current calendar year, see Daily Dividend Sheet.

EIGHT-YEAR ANALYSIS OF INCOME ACCOUNT

*Includes operations of vendor companies prior to organization June 4, 1910.

COMPARATIVE INCOME ACCOUNT, YEARS ENDED JANUARY 31.

Total income... $ 4,277,948 $ 3,445,058 $ 2,187,065 $1,925,104 $2,319,231 $2,578,922 $ 1,709,085

1,902,889
22,215

$ 2,281,510 $2,544,153 $1,668,845 37,721 34,769 40,240

Deductions

Net income..... $ 3,021,935 $ 3,037,213 $ 1,733,008 $1,410,040 $1,878,568 $2,185,132 $1,449,414

440,663 $ 393,790

577,500
750,000

439,035
712,500

Preferred dividends

Common dividends

Previous surplus...

Surplus..... $ 1,772,398 $ 2,112,182 $

350,000 150,000

115,720 $ 551,068 $1,033,597 $ 949,414 3,719,707 1,881,158 2,365,355 2,288,802 1,734,734 1,404,137 754,723

Total surplus... $ 5,492,105 $ 3,993,340 $3,151,675 $2,404,522 $ 2,288,802 $ 2,437,734 $ 1,704,137

$ 5,215,139 $3,719,705 $1,881,158 $2,365,355 $ 2,288,802 $1,737,734 $ 1,404,137

1 From Standard Corporation Records. Copyright 1918 by Standard Statistics Co., Inc., 47-49 West St., N. Y. This information, while Lot guaranteed is believed to be correct.

Depreciation of buildings and fixtures and amortization of leases.
Based upon the average preferred stock outstanding, upon which dividends were paid.

Preferred stock.... $ 7,136,250 $7,260,000 $7,631,257 $ 7,776,000 $8,250,000 $6,271,900 $5,000,000 Common stock.... 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

assets........ $12,538,857 $ 9,997,280 $7,424,517 $9,449,999 $8,692,178 $7,653,426 $ 4,280,772

Total assets.... $33,299,754 $30,642,294 $29,087,028 $32,283,135 $31,562,387 $27.440.187 $22,421,616 LiabilitiesPreferred stock.... $ 7,012,500 $7,260,000 $ 7,507,500 $7,755,000 $ 8,250,000 $8,250,000 $5,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

Common stock....

Purchase money

mtge...

15,000,000

2,910,822
84,666
4,952,118
204,540

2,636,645

2,208,944

626,988

124,979

114,874

96,271

4,962,419

4,391,899

2,688,762

154,534

Reserve for depre-
ciation and amor-
tization.....

Special surp. acct..
Profit and loss surp.

Current Liabilities-

1,687,500 5,215,138 $ 1,100,000 1,244,853 907,722

Reserve for trading

Total cur. liabil... $ 4,234,616 $ 3,072,587 $ 2,304,493 $5,043,811 $3,955,701 $1,271,073 $ 602,141 Total liabilities.. $33,299,754 $30,642,294 $29,087,028 $32,283,135 $31,562,387 $27,440,187 $22,421,616 *Net working capital $ 8,304,241 $ 6,924,693 $ 5,120,024 $ 4,406,188 $4,736,477 $6,382,353 $ 3,678,631 *Based upon statement of current assets and current liabilities as above.

Percentage earned on $6,485,912, the average preferred stock outstanding. Percentage earned on $15,000,000 common stock, after deducting 7% preferred dividends..

241.22%

30.15%