Evening Star Newspaper, June 22, 1933, Page 11

EXPLANS FIVANCES| OF CITE SERVEE Trade Commission Account- ant Tells of Doubling of Book Value. By the Associated Press. Financing operations of the Arkansas Natural Gas Corporation, that increased outstanding securities from $24,950,000 in 1928 to $66,442,410 in 1930, and near- 1y doubled the book value of common stock largely owned by Citles' Service Co., were detailed to the Federal Trade Commission today by Roger E. Barnes, commission accountant. 1t was his second day under examina- commission coun- hes Fad told of a viously, B book assets of the sel y 5,000,000 writs-up corporation over assets of companies from which it was merged in January, 1928 Barnes today said capital issued to acquire the assets of the merging com- panies amounted to $24,950,479, of which $21,165,100 was from the sale of preferred stock and $3,785,379 was from no par common stock. Book Increase Explained. By the end of 1930, the outstanding gecurities had increased to $66,442,410 and consist in no par common st in class Al common, ,00) in preferred, $12.-| 350.000 in first gage bonds, $3,000 in 000,000 in three- ¥ 67,563 in premiums Paid to surplus on class A stock. It was the sale class A stock, an {ssue without voting rights and without ence over the common stock, s said, that brought the big in- crease in book value of the no par com- mon stock. He added that in March, 1929, di- rectors of Arkansas Natural Gas Cor- poration voted the issue of 4,000.000 shares of class A common to which holders of common were entitled to one share for each share of common at $4 a share. Cities Service, which owns 72 per cent of the common, bought 617,851 shares of the class A stock III $4 a share. Then the corporation sold 3,52 shares of class A stock to the Cities Service Securities Co. through Henry L. Doherty & Co., its fiscal agent, for an average price of $7.69 e net consideration to Arkan Gas Corporation was $25,538,458. $1 Entered as Capital. ‘The directors of Arkansas Gas voted that $1 of the consideration received from each class A share should be en- tered as capital and the balance paid into surplus. This resulted in a capital entry of §. 21 and a capital sur- plus entry of $22,015937 after deduc- tions for marketing expenses. Barnes said the net effect of the issue of class A stock “increased the book value of the old common share from $2.43 per share to $4.64 per share.” He added: “The capital surplus was created from the new capital raised by the issue of the class A stock, and it accrued to all of the old common stockholders as well as Cities Service Co. to the extent of their pro-rata equity interest therein. “The total capital surplus created from the issue and sale of class A stock amounted to $22,015.937. Cities Service Co.’s total equity entitled it to 40.62 per cent of the capital surplus arising from the sale of class A stock, or $8,942,873. Of the total capital surplus so created, Cities Service Co. contributed $1,853,550 through subscription to 617,851 shares of class A stock at $4 & share BODENHAMER BURIED AT ELDORADO, ARK. Gov. Futrell and High Legion Offi- cials Attend Funeral of Oil Blast Victim. By the Associated Press. ELDORADO, Ark, June 22.—The body of Maj. O. L. Bodenhamer, former national commander of the American Legion, who met death in an East Texas oil field explosion Monday, was borne to the grave yesterday by eight com- manders, past and present, of the local Legion post from which he rose to State and national eminence in Legion affairs. Gov. J. Marion Futrell and other State officials accompanied the flag- draped casket. Representing the Amer- fcan Legion of the Nation were Frank Samuels, national adjutant, and Jim Barton, general manager of the Legion’s monthly magazine. SOCIAL CENTER FORMED Dr. Meikeljohn to Join Organiza- tion on Coast. SAN FRANCISCO, June 22 4;9)—! Formation of the San Francisco “Adult | Center for Social " with Dr Alexander Meil of Amherst announced h Rosenshine, al work this Fal problems of cont and would be mo the New York School for Social Re- search. - FO UOB TH JULY EXCURSIONS 1} FARE 11 Pullman Fare to Almost Anywhere LEAVE June 30, July 1, 2, 3, 4 RETURN July 4. MOUNTAIN EXCURSION LEAVE June 30, July 1 RETURN July 8 e $10.00 Trip to Charleston 8imilar Low fares to intermediate points. Consult Ticket Agent CHesapeakE and OH'O THE EVENING STAR, WASHINGTON, Child on Track In Wheelbarrow Unhurt in Crash By the Associated Press. MONTREAL, June 22—Sitting in a wheelbarrow which her 8- year-old brother had left on the Tailroad tracks, Luette Leduc, 2 vears old, was thrown 50 feet when a passenger train roared by, butting both handles from the wheelbarrow. The child was unhurt. TRUST LAWS CLASH WITHNEW STATUTE Reconcile Recovery Act With State Measures. By the Assoclated Press. BROKER DIES IN FALL i An effort to reconcile relaxation of George L. Batchelder Plunged From | the Sherman and Clayton acts under 5 | the national recovery act with stringent 40th-Story Window. | anti-trust laws in many States is being NEW YORK, June 22 (#).—George |made by Hugh 8. Johnson, the admin- L. Batchelder, 38, was killed in a plunge | istrator, from & window of his investment bond | Dudley Ctes, sssistant administrator - or industry, to e United Typothetae firm Batchelder & Co., on the fortleth | ;¢ pmericq 'today of study being given floor of the Cities Service Bullding | the question of making the Federal leg- Tuesdey. | islation operative in such States as Personal effects found on the body, | TeXaS, where potent laws against intra- which was mangled when it struck 8 | "< solution is in process.” he said. ledge on the seventeenth floor, were “Obviously something must be done.” dentified by @ brother, Charles F.| He pointed out that a number of Batchelder. 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Referring to the methods of enforcing trade agreements once they are ap- proved, he expressed hope that each |Gen. Johnson Attempts to | industiy wil police itseir. “For ev industry that come: there is a ge of recalcitrants.” Ca sald. “It is hoped that industries w bring to the administrator clear cut | cases of violation when they occur and that he can pass them along to the Federal Trade Commission or the d trict attorneys for action. The indus- tries <hemselves would be the first to know of violations of the code.” The commercial printing representa- tives gathered here to discuss the formulation of a code of fair competi- tion for submission to Johnson. They represented the National Com- mittee on Industrial Control headed by Frank J. Smith, of Rochester, N. Y. A subcommittee composed of Harold further studies of the northern trans- | i Anglo Corned Beef,2 | Alice Tomato Juice .+ 10¢ APPLE SAUCE . . ASTOR D. C., THURSDAY, JUNE 22, 1933. P. Winchester of Albany, N. Y., George H. Cornelius of Indianapolis and John J. Deviny, secretary of the association, | presented’ a tentative code for con- sideration by the committee. LINDY PLANS FLIGHT | IN NORTH ATLANTIC Considers Survey of Greenland and' Iceland for Pan-American Airways System. By the Assoclated Press. NEW YORK, June 22 —Col. Charles | A, Lindvergh 15 considering a fiight to | Greenland and Iceland this Summer to | take charge of an aerlal survey of that territory for the Pan-American Airways | System; of which he is technical adviser. | “Juan T. Trippe. president of the system, sald yesterday an expedition will sail late this month to carry on FOOD STORES LEADERS IN QUALITY AND SERVICE 12-01 Cans 29c 2 = 15¢ ORANGE PEKOE TEA 100% INDIA s 17c “SUNSHINE” Nobility Assort. Cakes, 29¢ Il IOWA STATE. .....» 31c i it 1 %-1b. pkg. ASTOR TEA BALLS pxs. of 10.. 10c F=———" DROMEDARY Atlantic flying route. If he is able to leave his duties here, Col. Lindbergn | may join the expedition later by plane. 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