Evening star., 1928-10-30
PROBES; ELECTRIC
BOND AND SHARE
Trade Commission Brings
Out 1906 and 1927 Com
pariSon of Assets.
By the. Associated Press.

BY the Associated Press
Exhibits to show that assets of the
Electric Bond & Share Co. had grown
from $4,440,599 in 1905 to $124, ,195, ,442
in 1927. we're introduced today In the
Federal Trade Commissions power in
vestigation.
Information on details of the COM
pany'S financial condition was obtained
by commission experts from the COM
pany prior to refusal of its officers last
week to testify or produce records con-
corning its business.
Numerous tables, showing assets La
bilities, earnings, surpluses, etc, were
submitted by the examiners and eco
nomists and entered for the record Of
Robert E. Healy, commission counsel.
These said that assets had grown from
s4.440.599 in 1905 to $124,195. .442 in
1927. while expenses increased from
$4s,232-. to $6,613,973 during the same
period.
Comparison of Surplus.
The surplus in 1906 was shown as
$5Sl.l61, and the 1927 surplus was
placed at $21 ,039,062. Total earnings
for 1905 were placed at $306,5l3, and
for 1927 at $lS,513.299.
The tables were presented by Samuel
Meisels, commission economist. These
also said that the Bond g. Share Go.
had collected commissions from the
selling of stocks and bonds for subsid~
iarv companies amounting in 1906 TO
sac 4s7 and in 1927 to 81 ,286, ,2l6. In
every instance the amounts upder tne
various classifications were SHOWN as
we'll for the intervening years.
The records said that prontS from
the sale Of stocks and ponos hao
amounted in 1906 to $85,34S anu III
1927 to $28S,080. .,s,.u
cononanies for various services, such as
enrineering and administrative services,
were included after 1909, Receipts from
this source that year were put at Szs,zts,
and for 1927 at $8,084,956. .
Healv also introduced articles OF m
corporation and bylaws OF the Bona "
Share Co.
Transfer Is Cited.
One of the witnesses, Smith w. Brook
hart ir.. a son of the Iowa Senator, VINO
is EMPLOYED in the economics division OF
fIre Commission, produced q list OF
shareholders in the bond company VINO
own more than per cent OF the voting
stock. This also included similar share
holders In one or more holding or oper-
ating companies in the bond group.
Charles n. Rogers, another commits
sion expert, produced a table showing
PROPORTION of interstate sales to all
sales made by the American Gas and
Electric Co.,. the American Power and
Light Co, the American Power ana
Light Corporation, the National Power
and Light Co. and the Southeastern
Power and Light Corporation. :.
Questioning Meisels, Healy asked
whether it had been disclosed that
stock of the Electric Bond and Share
Go. had ever been sold to one Of its sub
sidiary companies. Meisels said this
had happened in 1925, and that the
record showed q block Of Bond and
Share stock had been purchased by
Lucien w. DeBuys and had then been
transferred to the Electric Power and
Light Co.
Noting that total profits from the
sale Of stocks and bonds in 1925 was
shown to be $6,747,33 Healy asked
Meisels whether the bulk Of this profit
was made on the transaction with De
BUYS. The witness replied In the af-
firrnative and, when asked the. approx
innate figure Of the profit made in
selling the stock to the Electric Power
& Light Co.. estimated it was about
$4,000, ,ooo..