Canal Capital Cp (COWP)

[Mr. Bill]

COWP 4.33M OS 2.12M Float .04 x .05 at ALL TIME LOW

* The OS has not changed since Feb 1995 - NO DILUTION in 12 years! Par Value .01 stock
* Company UNDERVALUATING assets- property bought 80 years ago with the same value today? No way!!!
* The averaqge house increased in price by 36 times between 1942 and 2001
* This company files it's 10Q and 10K SEC filings on time every time. Review their history.
* Stability: Same officers since 1991

* Assets: $5,160,539
* Liabilities: $3,803,000 Curr 626,575 NonCurr: 489,533 LTermDebt: 2,687,000
* Equity: 5,160,539
* Company seems to be valuing property acquired 70 to 80 years ago at almost the same cost today. Much of this was land.
* See 1937 and 1942 average costs below
--> Omaha NE. 9 Acres in 1976 @ 1,150,000 worth only 1,159,000 today? Seems grossly undervalued IMO
--> St Paul MN. 10 Acres in 1937 @ 83,000 worth only 187,000 today?
--> Sioux City IA. 18 Acres in 1937 @ 400,000 worth only 400,000 today? Very GROSSLY Undervalued IMO
--> St Joseph MO. 30 Acres in 1942 @ 902,000 + 200,000 building worth only 951,000 today?
--> Sioux City, IA. 30 Acres in 1937 @ 100,000 + 89,000 building worth only 134,000 today?
--> St Joseph MO. 16 Acres in 1942 @ 39,000 worth only 39,000 today?
--> Sioux City, IA. 2 Acres in 1937 @ 110,000 worth only 64,000 today?

Note: Company has 986,865 common COWP shares at a cost of $11,003,545 or $11.15 cents a share!

Insider Ownership:
Asher B. Edelman... 1,909,605 44.13%
Michael E. Schultz.... 58,835 1.36%
William G. Walters... 234,440 5.42%
________________________________________
TOTAL...............2,202,880 of 4,326,929 shares or 50.91% Float: 2,124,049

1937 costs: How Much things cost in 1937
Average Cost of new house $4,100.00
Average wages per year $1,780.00
Cost of a gallon of Gas 10 cents
Average Cost for house rent $26.00 per month
A loaf of Bread 9 cents
A LB of Hamburger Meat12 cents
Average Price for new car $760.00
Toothpaste 35 cents

1942 costs: How Much things cost in 1942
Average Cost of new house $3,770.00
Average wages per year $1,880.00
Cost of a gallon of Gas 15 cents
Average Cost for house rent $35.00 per month
Bottle Coca Cola 5 cents
Average Price for a new car $920.00

1999 costs: How Much things cost in 1999
Yearly Inflation Rate USA 2.19% UK %
Average Cost of new house $131,750.00
Average Income per year $40,810.00
Average Monthly Rent $645.00
Gallon of Gas $1.22
Average Cost New Car $21,050.00
US Postage Stamp 33 cents
1 LB of Bacon $2.59
Ground Coffee per IB $3.41
Loaf of Bread $1.49
Dozen Eggs 89 cents

How Much things cost in 2001
Average Cost of new house $136,150.00
Average Income per year $42,350.00
Average Monthly Rent $7135.00
Gallon of Gas $1.46
Average Cost New Car $25,850.00
US Postage Stamp 34 cents
1 LB of Bacon $3.22
Ground Coffee per IB $3.06
Loaf of Bread $1.82
Dozen Eggs 90 cents
Share Indexes Average Rough Guide Dow Jones Industrial Average FTSE 100 Average 5500

http://www.thepeoplehistory.com/2001.html

Todays trading and L2:
COWP 4.4M OS .04 x .05 at ATL Next at .10

NITE 0.04 5000 UBSS 0.05 5000
DOMS 0.035 5000 HILL 0.10 5000
HILL 0.03 5000 NITE 0.10 5000
PERT 0.03 5000 DOMS 0.15 5000
SALI 0.03 5000 HDSN 0.52 2500
UBSS 0.03 5000 SALI 0.53 2500
CARR 0.02 5000 PERT 2.00 500
HDSN 0.02 5000
NETW 0.005 5000
ETRD 0.0001 5000

Top 5 Important Market Makers

MMID Volume Rank|%
NITE 155,369 1 | 61
UBSS 48,390 2 | 19
DOMS 20,000 3 | 7
PERT 10,000 4 | 3

http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=cowp

CANAL CAPITAL CORP - Nasdaq National Market: COWP

Time & Sales most recent next page
Rec. Time Action Price Volume
11:47:40 AM Bid 0.04 5000
11:01:06 AM Bid 0.041 5000
10:57:52 AM Bid 0.04 5000
10:57:52 AM Ask 0.05 5000
10:57:50 AM Trade 0.04 5000
10:07:38 AM Trade 0.04 5000
9:34:12 AM Trade 0.04 5000

___________________________________________________________
Leased Held for
Year Total Exchange Stkyds to Third Develop-
Location Acquired Site(2) Bldgs. Opertns(1) Parties ment (3)
-------- -------- ------- ------ ---------- ------- --------
St. Joseph, MO 1942 46 0 30 0 16
S. St. Paul, MN 1937 10 0 0 10 0
Sioux City, IA 1937 22 0 0 18 4
Omaha, NE 1976 9 0 0 9 0
Sioux Falls, SD 1937 31 1 30 0 0
---- ---- ---- ---- ----
Total 118 1 60 37 20
---- ---- ---- ---- ----

9. PROPERTY ON OPERATING LEASES

Property on operating leases consist of approximately 37 acres of land located in Omaha, Nebraska; S. St. Paul, Minnesota; Sioux City, Iowa as well as furniture and equipment used in the Hauppauge, New York office. Land and structures leased to third parties include vacant land, exchange buildings (commercial office space), meat packing facilities, railcar repair shops, lumber yards and various other commercial and retail businesses.

A schedule of the Company's property on operating leases at July 31, 2007 is as follows (000's omitted):

Current Year
(Retirements
Historical Cost Additions
--------------- --------- Carrying
Bldgs. & Bldgs. & Accum. Value
Description (1) Land Imprvmts. Land Imprvmts. Depr. 07/31/07
--------------- ---- --------- ---- --------- ----- --------
New York office
Leasehold assets $ 0 $ 8 $ 0 $ 0 $ (8) $ 0

9 acres of land
in Omaha, NE 1,150 21 0 0 (12) 1,159
Acquired in 1976

10 acres of land
in S. St. Paul, MN 83 485 0 0 (381) 187
Acquired in 1937

18 acres of land
in Sioux City, IA 400 0 0 0 0 400
------- ------- ------- ------- ------- -------
Acquired in 1937
$ 1,633 $ 514 $ 0 $ 0 $ (401) $ 1,746
======= ======= ======= ======= ======= =======




A schedule of the Company's reconciliation of property on operating leases carried for the nine months ended July 31, 2007 and the year ended October 31, 2006 is as follows (000's omitted):

July 31, October 31,
2007 2006
---- ----
Balance at beginning of year $ 1,763 $ 1,840
Acquisitions and Improvements 0 0
Cost of property sold 0 (53)
Depreciation (17) (24)
Reclassifications 0 0
------- -------
Balance at end of the period $ 1,746 $ 1,763
------- -------


10. PROPERTY USED IN STOCKYARD OPERATIONS

Property used in stockyard operations consist of approximately 60 acres of land located in St. Joseph, Missouri and Sioux Falls, South Dakota. The Company's stockyards provide all services and facilities required to operate an independent market for the sale of livestock. Stockyard facilities include exchange buildings (commercial office space), auction arenas, scale houses, veterinary facilities, barns, livestock pens and loading docks.

A schedule of the Company's property used in stockyard operations at July 31, 2007 is as follows (000's omitted):

Current Year
(Retirements)
Historical Cost Additions
--------------- --------- Carrying
Bldgs. & Bldgs. & Accum. Value
Description (1) Land Imprvmts. Land Imprvmts. Depr. 07/31/07
--------------- ---- --------- ---- --------- ----- --------
30 acres of land
in St. Joseph, MO $ 902 $ 200 $ 0 $ 0 $ (151) $ 951
Acquired in 1942

30 acres of land
in Sioux Falls, SD 100 89 0 0 (55) 134
------- ------- ------- ------- ------- -------
Acquired in 1937
$ 1,002 $ 289 $ 0 $ 0 $ (206) $ 1,085
======= ======= ======= ======= ======= =======




A schedule of the Company's reconciliation of property used in stockyard operations carried for the nine months ended July 31, 2007 and the year ended October 31, 2006 is as follows (000's omitted):

July 31, October 31,
2007 2006
---- ----

Balance at beginning of year $ 1,100 $ 1,121
Acquisitions and Improvements 0 0
Cost of property sold 0 0
Depreciation (15) (21)
------- -------
Balance at end of the period $ 1,085 $ 1,100


11. PROPERTY HELD FOR DEVELOPMENT OR RESALE

Property held for development or resale consist of approximately 18 acres of land located in the Midwest of undeveloped land not currently utilized for corporate purposes and not included in any of the present operating leases. The Company constantly evaluates proposals received for the purchase, leasing or development of this asset. The land is valued at cost which does not exceed the net realizable value.

A schedule of the Company's property held for development or resale at July 31, 2007 is as follows (000's omitted):

Current Year
(Retirements)
Historical Cost Additions
--------------- --------- Carrying
Bldgs. & Bldgs. & Accum. Value
Description (1) Land Imprvmts. Land Imprvmts. Depr. 07/31/07
--------------- ---- --------- ---- --------- ----- --------
16 acres of land
in St. Joseph, MO $ 39 N/A $ 0 N/A N/A $ 39
Acquired in 1942

2 acres of land
in Sioux City, IA 110 N/A $ (46) N/A N/A 64
------ ------ ------ ------ ------ ------
Acquired in 1937
$ 149 $ 0 $ (46) $ 0 $ 0 $ 103
====== ====== ====== ====== ====== ======




A schedule of the Company's reconciliation of property held for development or resale carried for the nine months ended July 31, 2007 and the year ended October 31, 2006 is as follows (000's omitted):

July 31, October 31,
2007 2006
---- ----

Balance at beginning of year $ 149 $ 300
Acquisitions and Improvements 0 0
Cost of property sold (46) (151)
Reclassification of property 0 0
------- -------
Balance at end of the period $ 103 $ 149
------- -------


15. RELATED PARTY TRANSACTIONS

Interest Expense Related Party - At July 31, 2007, all of Canal's Long-Term Debt is held by the company's Chief Executive Officer and members of his family. These notes pay interest at a rate of 10% per annum and come due May 15, 2009. Canal has incurred interest expense on these notes of $202,000 and $203,000 and for the nine month periods ended July 31, 2007 and 2006, respectively. At various times during fiscal 2007 and 2006 certain holders of these notes have agreed to defer interest payments due them to help Canal with its cash flow. All deferred interest liability for fiscal 2006 plus accrued interest at a rate of 10% per annum, has been repaid as funds became available. As of July 31, 2007, the balance due under these notes was $2,687,000 all of which is classified as long-term debt related party.