TRUCKS BUSES RAIL CARS FIRE APPARATUS GAS ELECTRIC LOCOMOTIVES -
Awzzza~ Report and
Consoh?hfedBa/ance SJeet of
/ MACK. TRlJCI4S, INC,
andSu6sidiivy Cony a&es
/
MACK MODEL AB-DUAL REDUCTION DRIVE EQUIPPED WITH MACK SCREW
HOIST AND STANDARD DUMP BODY FOR ROAD BUILDING
MACK MODEL AC-CHAIN DRIVE WITH RACK TYPE BODY
MACK MODEL BB-WITH ALL STEEL PACKERS BODY
MACK MODEL BJ-6 CYLINDER EQUIPPED WITH VAN BODY
MACK MODEL AK-DUAL REDUCTION DRIVE EQUIPPED WITH TANK BODY
MACK MODEL BK--F CYTJNDER 29 OR 33 PASSENGER PARLOR CAR BUS
MACK MODEL A&-4 CYLINDER 25 OR 29 PASSENGER CITY TYPE BUS
(GAS OR GAS ELECTRIC)
TO THE STOCKHOLDERS OF
MACK TRUCKS, INC.
Your Directors submit herewith consolidated balance sheet and profit and loss statement of Mack Trucks, Inc., and subsidiary companies, certified to by Arthur Young and Company, showing the condition of your Company as of December 31, 1928, compared with December 31, 1927.
Sales for the year 1928 were $55,850,860.69.
The combined net earnings for the year were $5,915,301.30 or $7.83 per share on the outstanding 755,625 shares of common stock.
During the year the regular quarterly dividends of $1.50 each were paid on the Common Stock, amounting to $4,443,987.58.
The bank loans of $7,000,000, incurred to furnish part of the cash necessary to retire preferred stock, on December 31, 1927, have been reduced to $4,000,000.
The plants have been fully maintained and the maintenance cost charged to operating expense, and following our usual practice the cost of experimental and development work has been charged off. The Reserve for Depreciation has been in- creased by $1,845,504.73. The inventory has been priced at cost or market which- ever was lower. Reserves have been provided for materials considered obso- lete. All new trucks and buses are priced at cost. Used trucks and buses in inventory are marked down to lower values than current re-sale prices. Substan- tial reserves for contingencies have been provided.
Your Company has continued its efforts to correct the abuses in the truck industry, as set forth in the last two Annual Reports, and your Directors are pleased to report that the credit policy adopted two years ago by your C:ompany has demonstrated its soundness.
The heavy commercial motor vehicle business improved somewhat during 1928 and your Company was able to secure an increased portion of the desirable business, which was available, and at the same time improve its financial and physical condition.
Orders on hand and the prospects for business during the year justify your officers in forecasting a volume of business somewhat larger than last year. If the anticipated volume is secured, net profits should show a substantial increase.
The President takes this opportunity to express his appreciation of the loyal efforts of the employees and the splendid spirit of cooperation which is being mani- fested.
FOR THE DIRECTORS,
A. J. BROSSEAU,
President
New York City
February 21, 1929
ABACK TRUCKS, INC.
CURRENT ASSETS :
ASSETS
Cash ..............................................
Accounts and Notes Receivable ......................
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Current Assets . . . . . . . . . . . . . . . . . . . . . . _ .
BALANCE RECEIVABLE FROM EMPLOYEES
UNDER STOCK ALLOTMENT. . . . . . . . . . . . . . . . . . . .
FIXED ASSETS :
Real Estate ........................................
Buildings and Building Equipment ....................
Machinery and all other Equipment ..................
Less : Reserve for Depreciation ..................
Total Fixed Assets .........................
CONSOLIDATED BALANCE SHEET AT D
1928
$ 2,311,703.56
22,966,200.34
18,533,204.68
$43,811,108.58
$ 835,815.10 $ 1,435,032.69
$ 1,487,713.85
12,724,082.54
$ 1,483,625.99
12,710,756.00
17,428,544.85 16,456,720.06
$31,640,341.24 $30,651,102.05
11,105,884.17 9,260,379.44
$20,534,457.07 $21,390,722.61
SUNDRY INVESTMENTS AT COST . . . . . . . . . . . . . . . . . $ 509,802.27 $ 523,313.95
DEFERRED CHARGES . . . . . . . . . . . . . . . . . . ..I......... $ 367,916.12 $ 455,221.56
LICENSES, PATENTS, PATENT RIGHTS AND GOODWILL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.438.364.94 $ 2,438,364.94
$68,497,464.08
1927
$ 2,992,637.00
22,855,472.66
17,214,622.16
$43,062,731.82
$69,305,387.57 .!
CERTIFICAT
We haw audited the books and records of MACK TRUCKS, INC., AND SL the above Consolidated Balance Sheet and accompanying Statement of Earnings prepared thej iaries at December 31, 1928, and the consolidated result of operations for the year ended the;
New York, February 11, 1929.
AND SUBSIDIARIES
CEMBER 31, 1928, AND DECEMBER 31, 1927
1927
$ 7,000,000.00 1,427,459.14 1,339,883.78
92989.67
$ 9.860.332.59
LIABILITIES & CAPITAL
CURRENT LIABILITIES : 1928
Notes Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . $ 4,000,OOO.OO Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,291,034.55
Accrued Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,499,099.98 Customers’ Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,111.50
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . $ 7,899,246.03
RESERVES :
For Current Year’s Federal Income Taxes. . . . . . . . . . . . . . $ 810,OOO.OO $ 820,OOO.OO For Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,259.44 1,012,850.57
Total Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9; 1,810,259.44 $ 1,832,850.57
SECURED 6% NOTES SERIES “A” 1929-1940: Mack Trucks Real Estate, Inc. . . . . . . .*. . . . . . . . . . . . . . . $ 2,400,OOO.OO $ 2.600.000.00
EQUITY OF MINORITY STOCKHOLDERS IN SUBSIDIARIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CAPITAL STOCK
COMMON
Authorized -
Issued - Allotted un- der subscrip- tion contract-
1,000,OOO shares of no par value
755,625 shares of no par value
24,829 shares
780,454 shares stated at
$ 4,735.96 $ 2.915.48
SURPLUS :
Capital Surplus, being excess consideration on Common Stock issued and allotted above value of $5 per share included in Stated Capital . . . . . . . . . . . . . . . . . . . . . . . . .
Earned Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,902,270.00 $ 3,907,640.00
OF AUDITORS
;TBSIDIARIES for the year ended December 31, 1928, and we hereby certify that, in refrom correctly set forth the consolidated financial position of Mack Trucks, Inc., at date.
ARTHUR YOUNG @ COMPANY
$29,478,831.81 23,002,120.84
$52,480,952.65
$68,497,464.08 $69,305,387.57
our opinion, and Subsid-
$29,570,841.81 21.530.807.12
$51,101,648.93
. MACK TRUCKS, INC., AND SUESIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1928
Net Profit for year after providing for Depreciation but before providing for Reserve for Federal Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deduct :
Reserve for Federal Income Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CONSOLIDATED STATEMENT OF SURPLUS
AT DECEMBER 31, 1928
SURPLUS AT DECEMBER 31, 1927, per Certified Accounts . . . . . . . . . . . . . . .
Add :
Net Profit for 1928 per accom- panying Statement of Earnings. .
Deduct :
Cash Dividends on Common Stock from January 1, 1928 to Decem- ber 31, 1928
Cancellation of Common Stock allotted . . . . . . . . . . . . . . . . . . , . .
SURPLUS AT DECEMBER 31, 1928
Total
$51,101,648.93
5,915,301.30
Capital
$29,570,841.81
. .
. .
$ 6,725,301.30
810,000.00
$ 5,915,301.30
Earned
$21,530,807.12
5,915,301.30
$57,016,950.23 $29,570,841.81 $27,446,108.42 ~
$ 4,443,987.58
92,010.00
$ .4,443,987.58
92,OlO.OO
$ 4,535,997.58
$52,480,9.52.65
$ 92,OlO.OO
$29,478,83 1.81
$ 4,443,987.58
$23,002,120.&c
BOARD OF DIRECTORS
A. J. Brosseau, Chairman I
R. E. Fulton
Charles Hayden
R. F. Hoyt
W. E. Reid
J. E. Savacool
W. Hinckle Smith
Andrew V. Stout
Albert H. Wiggin
F. B. Adams
J. A. Bower
W. A. Bradford
T. L. Chadbourne
Wm. E. Corey
H. W. Croft
W. R. Edson
E:. C. Fink
EXECUTIVE COMMITTEE
A. J. Brosseau, Chairman
Wm. E. Corey
Charles Hayden
Albert H. Wiggin
J. A. Bower
W. A. Bradford
T. L. Chadbourne
TRANSFER AGENT OF STOCK
Guaranty Trust Company of New York, New York City
REGISTRAR OF STOCK
Bankers Trust Company, New York City
A. J. Brosseau, .
OFFICERS
R. E. Fulton, .
E. C. Fink, ,
A. F. Masury, .
W. R. Edson, .
J. E. Savacool, .
C. W. Haseltine, .
T. V. Homan, .
R. G. Castleman, .
F. R. Harrison, .
I. G. Hopkins, .
H. S. Conklin, .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. . ., . .
. .
President
Vice President
Vice President
Vice President
Vice President
Vice Pres. Sr Covnjh?roller
Secretary-Treasurer
Asst. Sec. & Asst. Treas.
Asst. Treasurer
Asst. Secretary
Asst. Treasurer
Auditor
MACK TYPE 90-750 GALLON ROTARY PUMPER
MACK TYPE’ 79-1000 GALLON CENTRIFUGAL PUMPER
MACK TYPE 15-MECHANICAL HOIST AERIAL HOOK & LADDER TRUCK
BRAN
AKRON, 0. DENVER. COLO. Mack-International Motor Truck Corp. Maek-International Motor Truck Corri. 832-834 Coburn Street 565 So. Broadway
ALBANY. N. Y. Mack-International Motor Truck Corp.
DETROIT, MICH.
1062 Broadway Mack-International Motor Truck Corp. 5133 Grand River Avenue
ALLENTOWN, PA. Mack-International Motor Truck Corp.
ALTOONA, PA. Mack-International Motor Truck Cork 2322 Union Avenue
ATLANTA. GA. Meek-International Motor Truck Corp. 464 Spring Street, N. W.
ATLANTIC CITY, N. J. Meek-International Motor Truck Corp. New York & Reading Avenues
BALTIMORE, MD. Meek-International Motor Truck Core. 1210-28 E. 20th Street
BIRMINGHAM, ALA. Mack-International Motor Truck Corp. 2501 A”e”“e F
BOSTON (Allstonl MASS. Mack Motor Truck Co. 15 N. Beacon Street
BRIDGEPORT, CONN. Mack Motor Truck Co. 3240 Fairfield Avenue
BRIDGEPORT, PA. Mwk-International Motor Truck COrP. 25, West Fourth Street
BRONX, N. Y. Mack-International Motor Truck Corp. Leggett Ave. & Barry Street
BROOKLYN, N. Y. Mock-International Motor Truck Corp. 73 Empire Boulevard
BUFFALO, N. Y. Mack-International Motor Truck Corp. 1732-1’740 Jefferson Avenue
BUTTE. MONT. Msck-International Motor Truck Corp. 636 W. Galena Street
CAMDEN. N. J. Msck-International Motor Truck COrP. Jefferson Avenue & Sixth Street
CHARLOTTE, N. C. Me&k-International Motor Truck Corp. 1300-06 Mint Street
OBATTANOOGA. TENN. Meek-International Motor Truck Corp. 1129 Fort street
CHICAGO, ILL. Meek-International Motor Truck COrP. 33rd Street & Wentworth Avenue
CINCINNATI, 0. Mitck-International Motor Truck Corp. 1223 West 8th Street
CLEVELAND, 0. Meek-International Motor Truck Corp. 7001 Carnegie Avenue
COLUMBUS, 0. Meek-International Motor Truck Corp. 517 N. Park Street
DALLAS. TEX. Mack-International Motor Truck Cow. 1900 S. Ervay Street
DAVENPORT. IOWA Mach-lnternational Motor Truck Corp. Front & Brown Streets
DAYTON,O. Meek-International Motor Truck COrP. 124 Van Buren Street
DULUTH, MINN. Mack-Internstional Motor Truck Corp. 215 East First Street
MINNEAPOLIS (Twin City) MINN. Mack-International Motor Truck Core.
SAN FRANCISCO, CAL.
2505 University Ave., Midway (St. Paul) Msck-International Motor Truck Corp. Eleventh & Howard Streets
ERIE, PA. Mack-International Motor Truck Corp. 1921-23 State Street
NASHVILLE, TENN. Mack-International Motor Truck Corp.
SCHENECTADY, N. Y.
801 Lea Avenue Mack-Internatronal Motor Truck Corp. 103 weaver street
NEWARK, N. J.
FALL RIVER, MASS. Meek Motor Truck Co. 231 Bedford Street
FORT WORTH, TEX. Mack-International Motor Truck Corp. 505 W. Weatherford Street
FRANKFORD. PA. Mack-Ipternstional Motor Truck Corp. Erie & Caster Avenues
FRESNO. CALIF. Mack-International Motor Truck Cow. 1652 “II” Street
HARRISBURG, PA. Mack-International Motor Truck Cork. 124-728 South Cameron Street
HARTFORD, CONN. M&k Motor Truck Co. ‘709 Windsor Street
HOUSTON. TEX. Maek-International Motor Truck Corp. 1809 Travis Street
INDIANAPOLIS, IND. Mack-International Motor Truck Corp. 729 North Capitol Avenue
JACKSONVILLE, FLA. Mack-International Motor Truck Cork. 114-124 Park Street
JERSEY CITY, N. J. Maek-International Motor Truck Cow. West Side Avenue at Newark Avenue
KANSAS CITY, MO. Mach-International Motor Truck Cow. 2605 Warwick Boulevard
KNOXVILLE. TENN. Mack-International Motor Truck Cow. 213 West Depot Avenue
LITTLE ROCK. ARK. Meek-International Motor Truck Corp. 315 West 12th Street
LONG ISLAND CITY. N. Y. Meek-Internstional Motor Truck Corp. Anable Avenue & 34th Street
LOS ANGELES. CAL. Meek-International Motor Truck CORD. 20th & Alameda Streets
LOUISVILLE. KY. Mack-International Motor Truck COLD. 2311-2319 So. Brook Street
LOWELL, MASS. Mack Motor Truck Co. 39 First Street
MANCHESTER, N. H. Mack Motor Truck Co. 664 Chestnut Street
MEMPHIS. TENN. Meek-International Motor Truck Cor!~. 980 Jefferson Street
MIAMI, FLA. Mack-International Motor Truck Cow 2101 N. Miami Ave.
NEW HAVEN, CONN.
, Mack-International Motor Truck Corp.
Mack Motor Truck Co. 151 Orange Avenue
NEW ORLEANS, LA.
1232 Broad Street
Mack-International Motor Truck Corp. 1100 So. Jefferson Davis Parkway
NEW YORK, N. Y. Mack-International Motor Truck Corp. 84th Street and West End Avenue
NORFOLK, VA. Mack-International Motor Truck Carp 204 w. 24th street
NORWICH. CONN. Mack Motor Truck Co. 115 N. Main Street
OAKLAND. CAL. Meek-International Motor Truck Corp. 1902 East 12th Street
OKLAHOMA CITY, OKLA. Mack-International Motor Truck Corp. 3 East Tenth Street
OMAHA. NEBR. Mack-International Motor Truck Corp. 2152 Farnam Street
PATERSON, N. J. Mack-International Motor Truck Corp. 931 E. 24th Street
PHILADELPHIA, PA. Mack-International Motor Truck Corp. 42nd Street & Woodland Avenue
PHOENIX, ARIZ. Mach-International Motor Truck Corp. 523 West Washington Street
PITTSBURGH, PA. Mack-International Motor Truck Corp. Liberty Ave. & Gross street
PORTLAND, ME. Mack Motor Truck Co. 4 York Street
PORTLAND, ORE. Mock-International Motor Truck Corp. 285 Oregon Street
PROVIDENCE, R. I. Mack Motor Truck Co. 1124 N. Main Street
.j READING, PA. Mack-International Motor Truck Corn. 1212 Moss Street
RICHMOND, VA. Mack-International Motor Truck Cart). Boulevard L Leigh Street
ROCHESTER, N. Y. Mach-International Motor Truck Core. 1357 University Avenue
SACRAMENTO, CAL. Mack-International Motor Truck Cow. 3180 “M” Street
ST. LOUIS, MO. Msck-International Motor Truck Corp. 2800 Pine Street
CHES
MILWAUKEE, WIS. Mack-International Motor Truck Corp.
ST. PAUL (Twin City) MINN. Mock-International Motor Truck Core.
4321-4331 Wisconsin Avenue MINEOLA, LONG ISLAND. N. Y.
2505 University Ave., Midway (Mimi.1
Mack-International Motor Truck Corp. SALT LAKE CITY, UTAH
393 Jericho Turnpike Mack-International Motor Truck Corp. 163 Motor A”en”e
SEATTLE, WASH. Mach-International Motor Truck Corp.
SCRANTON, PA.
Ninth Avenue & Roy street
SHREVEPORT, LA,
Mack-International Motor Truck Cow
Muck-International Motor Truck Corp. 2060 Texas Avenue
Wash. Avenue & Walnut Street
SIOUX CITY, IOWA Mack-International Motor Truck Corp. 625 Pierce Street
SPRINGFIELD, MASS, Mock Motor Truck Co. 1236-40 State Street
SYRACUSE, N. Y. Mach-International Motor Truck Corp. 923 W. Genesee Street
TACOMA, WASH. Mack-International Motor Truck Corp. 309 Puyallup Ayenue
TAMPA, FLA. Mack-International Motor Truck Corp. Plett Street Cu Peckwood Avenue
TOLEDO. OHIO Mack-International Motor Truck Corp. 2221 Detroit Avenue
TULSA, OKLA. Mack-International Motor Truck Corp. 105 North Boulder Avenue
UTICA, N. Y. Mack-International Motor 65 North Genesee Street
WASHINGTON. D. C. Mack-International Motor 57-59 “L” Street SE.
WATERBURY, CONN. Mack Motor Truck Co. 1188 S. Main Street
Truck Corp.
Truck Corp.
WHITE PLAINS N. Y. Ma&-1nternat;oonal Motor Truck Corp. 111 S. Kensico Avenue
WILKES-BARRE, PA. Mach-International Motor Truck Corp. 264 Carey Avenue
WORCESTER. MASS. Mack Motor Truck Co. 308 Belmont Street
CANADA
MONTREAL, QUEBEC Mack Trucks of Canada, Ltd. 1501 St. James Street, West
TORONTO, ONTARIO Mach Trucks of Canada, Ltd. 1941 Yonge street
VANCOUVER, B. C. Mack Trucks of Canada, Ltd. 1146 Georgia St., W.
CUBA
HAVANA Meek Trucks of Cuba. S.A. Avemda de la Republica 190 y 192
ARGENTINE
Buenos Aires
Tomes & Cia
BRITISH WEST INDIES
Kingston. Jamaica
Atlantic Fruit & Sugar Co.
COLOMBIA
Bogota
G. Pradilla & Ci&
Medellin
R. E. Restrepo & CO”iPahY
Cali
A. Ariztizabal & Cia
FOREIGN
EUROPE (ALL1
The European Distributors of
Mack Trucks
25 Broadway, New York. N. Y.
HAWAII
HO”Ol”lU
YO” Hi-mu” Young Co., Ltd
JAPAN
Tokio
Kongo Shokwai
NEWFOUNDLAND
St. Johns
Marshall’s Garage
DEALERS
NICARAGUA
Me”%f”e
Hebard & Kilhauer
PERU
Cella
Vulcan Iron Works
PORT0 RICO
5%” Juan
Suers. de L. Villamil Y Cie
VENEZUELA
O”%C”S
Maracaibo
C. Adrianze & Alberto-Reyna & Co.
W. T. STEVENS, INC. 50 CHURCH STREET, NEW YORK CITY, N. Y.
Handling following countries:
Africa
Australia
Borneo
Burllie
Ceylon
Federated Malav States
India
J&Y&
New Zealand
Si&i
Strait Settlements
Sumatra