New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-09
D1LCE or SAFE TRUST STOCK FALLS.
IT SUSTAINED A LOSS LAST YEAR OF s2"slo-THE
EARNINGS or THE coNcERN HAVE fall
LEN OFF 30 PER CENT.

IT SUSTAINED A LOSS LAST YEAR OF s2@si3-THE
EARNINGS Or THE CONCERN HAVE fall
LEN OFF 30 PER CENT.
The affairs Of tho Herring Hall Marvin Company
were the subject Of some discussion in business cir
cles yesterday because Of the published statement
showing a falling off in the value OF the Sate
Trusts stock. The annual statement OF the cor
poraton shows that the last year was not on'y
prontless but that a loss OF s22Sl5 had been sus-
tanned The Trust formed by the safe manu-
featuring firms OF Herring e. co. OF this city; the
Hall Safe and Lock Company. Of Cincinnati; the
Marvin Safe Company. of this city. ana Myers q
Smith and Farrell & CO.. OF Philadelphia. on April
"a 1892 It was shown by the published statements.
based on expert examinations that the concerns
forming the Trust were extremely prosperous ana
that they earned IN average net profit annually
Of S27s32o o. and that tho net profit for III" last
year OF tho three on which the average was based
$1,000 10.
1t was expected that dividends % per cent on the
preferred and possibly = per cent on the common
stock would be paid. and the stock found ready
subscribers The price Of tho stock has fallen from
loo TO about % FOR the preferred and the common
stock is quoted at 10.
\ published report to the effect that only three
quarterly dividends Of > per cent each had been
paid on tho preferred stock and nothing on the
common" was pronounced incorrect at the office or
John W Davis, No 10 Wall-st. yesterday.
The following statement made there by one
who is familiar with every detail Of the corporation
The fact IT, the gross earnings OF the concern
have fallen OF about 70 per cent during the last year
which accounts for tho Suspension Of DIVIDENDS for
the time In tho year ~ ne companys existence
IL paid per cent on the preferred ana per cent
on the common stock and carried forward az re-
serve an amount equivalent TO moro than per
cent on tho common stock. In It's first year y
earned 6 per cent its preferred. ana over !
pe- cent on the common stock. In the second year
inc company paid three quarterly dividends or :
per cent each but did not pay the fourth quarter
and has not paid the first quarterly DIVIDEND OF 'h'
year and l. consequently only two quarterly pre-
s,-rIt fI,fIep1s in arrears These currua-
i've and are chargeable to future profits. COM
mittee has been appointed 70 investigate anu eh
anime IN. affairs Of the company. and devise plans
FOR the interest Of the stockholders Tnere ~ Nc
thought Of dissolution any more than there woula
be In any sound concern the business OF wnicn TAU
gone hack temporarily because OF the hard times
Neither the president Of the concern nor r.. W
Wooley the manager. could he found AZ 'heir OF
nce 10 3s5 Broadway, yesterday. one or the
s.octhoiiors said to Tribune reporter that the
depresslon I'm Industrial securities was general ann
ma, tho falling OF IN he value or the Saie s'ocns
wps possibly brought 10 the attention or the puo"0
ettors .-...,~.
I'm the safe business. a. In many other oranches
q, ,n,nufacture" he sad men have been kept NJ
,vork during the hard times AZ n loss rather man
d.tch,rge them and close the factory doors. n'y
vcere retained So. that when business dih revive
We would have our old and experienced force. Ihal
accounts I'm a measure for the balance on the wrong
The officers Of the company are Edward :,
Hail president. william r. Hall. treasurer ana
Richard T. Pullen. secretary