TODD SHIPYARDS FIRST ANNUAL REPORT.

PROSPERITY of companies having contracts to build or repair ships is sharply brought out in the annual report of the Todd Shipyards Corporation, issued a few days ago. The report is the first issued covering a full year's operations, the company having been organized in 1916. Earnings available for dividends on the capital stock for the period ended March 31 last were equal to $44.07 a share on the 89,470 no par value shares outstanding. The income account follows:

Dividends paid during the year amounted to $7 a share. President William H. Todd in a statement to stockholders, says:

"Since March 31, 1918, the property of Seattle Construction & Dry Dock Co., with the exception of its dry docks, has been sold at a satisfactory price, and the bonds of that company are no longer an obligation of Todd Shipyards Corporation. Todd Dry Docks, Inc., has been formed to acquire the dry docks and has purchased land and constructed a complete repair plant at Harbor Island, Seattle. This plant is now in operation.

"The Todd Dry Dock & Construction Corporation has constructed a complete shipyard, covering one hundred acres, at Tacoma, Washington, where work is in progress on the construction of ships for the Government, and contracts now held assure full operation through the year 1919. The $500,000 preferred stock of this company referred to in the balance sheet has since March 31, 1918, been purchased by the Todd Shipyards Corporation."

The company owns the Robins Dry Dock & Repair Co. in Brooklyn, the largest docks of the kind in the world, and also plants in Hoboken, Seattle, Tacoma and New York.