QUINCY MARKET REAL ESTATE TRUST 



Boston, Oct. 6, 1913. 



At the request of certain stockholders the Trustees make the following brief report as to the present 

 Condition of the Quincy Market Real Estate Trust, for consideration by the stockholders in connection with 

 a proposition recently placed before them for a purchase or exchange of their shares. 



A condensed estimate of the Balance Sheet at the close of the next fiscal year, May 2, 1914, is as follows: 



Cost of Land $1,839,368.70 Capital Stock $2,000,000.00 



Cost of Buildings 1,364,835.09 Mortgage debt 350,000.00 



Cost of Machinery 250,000.00 Surplus 124,211.08 



Investments 6,990.00 



Cash 13,017.29 



$2,474,211.08 $2,474,211.08 



During the past 10 years the Lessee has expended considerable sums in additional buildings and 

 machinery, the former of which will become the property of the trust at the expiration of the leases in 1933 

 and the latter will, by the terms of the leases, aid in ensuring full value to the Lessors of their interest of 

 $250,000 in the machinery. 



An estimate of these expenditures has recently been made as follows: — 



Buildings $200,000 



Machinery 400,000 



The estimated income for the current year indicates that there will be a surplus of about $11,351.08. 



This surplus will continue annually, gradually increasing through investment of each previous year's 

 surplus, until 1923, when an increase of rental is provided for in the lease amounting to $5000 per annum. After 

 that date it was the original intention to increase the dividend to 5 per cent, per annum. The prosperous pres- 

 ent condition of the trust, however, would seem to justify an increase before 1923, say within 5 years, unless 

 the shareholders should decide otherwise. 



In estimating the value of their shares, stockholders should consider that the trust is earning 5 per cent, 

 though paying only 4 1-2 per cent. 



