Six-year analysis of consolidated income account.
[Years ended December 31.]

[NOTE. The company in 1916 changed the manner of presenting its income account by consolidating the accounts of the Atlantic, Gulf & West Indies Steamship Lines and its subsidiary companies, and the comparison with years prior to the year ended December 31, 1915, is therefore not possible.]

After deducting dividends on stock of subsidiaries not owned by A., G. & W. I.; 1920, none; 1919, $32,692; 1918, $4,236; 1917, $31,893; 1916, $49,386; 1915, none. See "Comparative consolidated income account."

• Deficit.

Consparative consolidated income account.

[Years ended December 31.]

[NOTE.-The company, in 1916, changed the manner of presenting its income account by consolidating the accounts of the Atlantic, Gulf & West Indies Steamship Lines and its subsidiary companies. The annual report for that year contained comparative figures for the year 1915. Comparison with years prior to the year ended Dec. 31, 1915, is, therefore, not possible.]

Operating revenue..

OPERATING EXPENSES, ETC.

$54,983, 504 $45, 587, 264 $26, 633,550 $48, 212, 054 $35, 175, 970 $21, 400, 474

1Includes $1,672,819, being balance of compensation received from United States Railroad Administration due to its operation of the Clyde, Mallory, and Southern Steamship Lines during 1918, which was determined and settled in 1920, and not hitherto accounted for. Also includes fees and commissions of $814,573 received from the United States Shipping Board, accrued during prior years but not determined and settled until 1920.

98339-22-PT 27-4

Not reported.

If the amounts shown in note (1) had been applied to the periods in which earned there would be a deficit of $1,020,773 instead of a net income of $1,466,619 in 1920, and consequently nothing earned on either preferred or common stock, but the earnings on stocks for the periods to which said amounts are applicable would be considerable increased.

Consolidated balance sheet.

[Atlantic, Gulf & West Indies Steamship Lines and subsidiary companies, as of December 31.]

* Based upon statement of current assets and current liabilities, as above.

* Including Liberty bonds.

EQUITIES FOR STOCK.

On December 31, 1920, the net tangible assets applicable to the common stock amounted to $27,371,070, or $182.92 per share. This figure is arrived at after deducting good will, franchises, etc., amounting to $12,029.320, or $80.39 per share.

HISTORY AND PROPERTY.

History. The Atlantic, Gulf & West Indies Steamship Lines was incorporated on November 25, 1908, under the laws of Maine to acquire the property of the Consolidated Steamship Lines, which were sold under foreclosure proceeding in 1908.

The corporation on December 31, 1920, owned stocks and bonds of its subsidiary companies as follows:

1 To Dec. 31, 1920, the Atlantic, Gulf & West Indies had paid three calls aggregating £130,000 on the £650,000 capital stock subscribed.

Property. The company and its subsidiaries, as of December 31, 1920, owned and operated marine equipment as follows:

In addition the company had miscellaneous equipment, as follows: Eight launches and motor boats, two coal hoisters, and one barge.

Control of certain oil properties acquired.-In order to furnish fuel oil for such of the ships as may be fitted to burn oil; also to furnish cargo, the directors, after considering the matter carefully for two years, in February, 1919, acquired from the Tepetate Oil Co, a controlling interest in certan very valuable oil properties in the southern district of the Tampico field in Mexico, on which were located a number of oil wells. These wells have been connected by pipe lines, some 50 miles in length, with Tecomate, the company's sea-loading terminal, where 15 large storage tanks having a total capacity of 825,000 barrels, and a topping plant of 30,000 barrels daily capacity were completed in 1920. The 10-inch pipe line in operation has a daily capacity of 80,000 barrels. A topping plant, having a capacity of 30,000 barrels. is also in operation Three Mexican corporations, known as Agwi Oil Co., Agwi Pipe Line Co., and Agwi Refining Co., were formed to acquire title to the leases and real estate, including a concession for a pipe line from the wells to seaboard, and a terminal site, and all of the shares of these three Mexican companies are in turn owned by Atlantic Gulf Oil Corporation, organized under the laws of Virginia, with a paid-up capital of $20,000,000, of which the Atlantic, Gulf & West Indies Steamship Lines owns $10,750,000 par value. The Atlantic Gulf Oil Corporation has authorized an issue of $10,000,000 first mortgage 6 per cent 10-year sinking fund gold bonds, all secured by a pledge of the capital stocks of the three subsidiary companies of which bonds $5,000,000 par value were issued and are owned by Atlantic, Gulf & West Indies Steamship Lines.

The corporation, through it marketing company, the Agwi Trading Corporation of Cuba; also owns a 224 per cent interest in and has acquired the first right for a period of 20 years to purchase any oil exported by the Colombia Syndicate, of Delaware, which owns or controls over 1,000,000 acres of Colombian oil lands east of the Magdalena River and immediately north of the Tropical Oil properties. Eminent geologists and experts, who have examined the property, have reported so favorably that a special fund of $2,500,000 has been set aside for developments. Several geologists and engineers with a large force of Americans and native Colombians, are building roads, camps, etc., preparatory to drilling a number of wells, but, owing to the many difficulties encountered, it will no doubt take several years to properly prospect and develop the property. Sev eral wells already developed by the Tropical Co., also the many seepages on the Colombian Syndicate lands, justify the belief that any oil produced will show at least 34° Baumé.

The Agwi Petroleum Corporation (Ltd.), with an authorized capital of £1,000,000, has been organized in England, with Sir Joseph Davies, M. P., chairman of the board of directors. Sixty-five per cent of the capital stock is owned by the Atlantic, Gulf & West Indies Steamship Lines, and a suitable location of 466 acres 34 miles south of Southampton on the west side of the channel entering that port has been purchased. A 5,000-barrel topping and finishing plant were expected to be in operation October 1, 1921.

The Cuban-American Terminal Co. has under construction a large modern terminal in Habana Harbor.

French enterprise.-Owing to the abandonment of this enterprise the entire investment therein as of December 31, 1920, totaling $1,607,629, has been written off the books. There were outstanding, in connection with the enterprise, large contracts for the purchase of pipe, pumping equipment, etc., which contracts have been adjusted, involving further loss to the company of approximately $1,200,000.

OFFICERS AND DIRECTORS.

Officers.-G. L. Stone, chairman of board, Boston; F. D. Mooney, president, New York; R. F. Hoyt, vice president, New York; A. B. Cole, clerk, Kittery. Me.; R. C. MacBain, secretary and treasurer, New York; W. C. Peek, assistant treasurer, New York; C. N. Wonacott, assistant secretary, New York.

Executive committee.-E. J. Berwind, F. C. Fletcher, R. F. Hoyt, F. D. Mooney, A. R. Nicol, G. L. Stone.

Directors.-E. J. Berwind, R. F. Hoyt, H. E. Rogers, W. A. Bradford, F. D. Mooney, H. H. Raymond, A. G. Smith, New York; F. C. Fletcher, Henry Hornblower, G. L. Stone, Boston; O. P. Brown, Newcastle, Pa.; A. R. Nicol, Summit, N. J.