Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-13
CITIES SERVICE CO.
EXPANDS IN YEAR
Increase In Total Assets Re.
ported in Annual Statement
to Stockholders.
By the Associated Press.

By the Associated Press.
NEW YORK, April i3.-The annual
report of the Cities Service Corporation
reflects unprecedented expansion for
gas an oil enterprises, headed by Henry
l.. Doherty.
Total assets at the end of 1880 were
carried at 81 .282 ,624,854, an increase of
more than $192,000,0o0 in the year.
Consolidated current assets of the COR
poration and subsidiaries were $l79, 707,-
$50. including $73.000,000 in cash.
The report stated that the total num-
Der of holders Of securities Of the COM
pany and its subsidiaries rose during
the year from approximately $50, 900 to
100000. This makes the corporation
one OF the most widely held in the
world.
Stockholders Increase.
Common stockholders totaled $50 900,
as compared with $4,000 q year pre-
viously and only 1000 a decade ago.
The companys rapid expansion has
been largely financed by intensive pub
lie distribution of its securities. The
number of its common stockholders Is
exceeded only by that of the American
Telephone &c Telegraph Co., which re-
ported 567,694 holders on December 81.
The company spent some $170, 100000
on construction and expansion during
the year, the report says.
In raising new capital for investment
expenditures, $118, 115,60O of Cities Serv-
ice per cent debentures and SIS, 000,-
600 of Toledo Light g. Power Co. e.
subsidiary per cent notes were sold.
Aggregate net earnings Of the COM
pany and its subsidiaries before prefer
red dividends and other charges were
announced at $84,862 ,958, an increase
Of SIS, 100, 900, and a new high record.
This reflected, among other things, ex-
pansion of facilities and new acquisi-
tons. The net earnings applicable to
Cities Service common stock and re-
serves, as previously reported. was SAL
81, against SIS. 1871, 440 in the preceding
year.
The latest statement, for the IL
months ended February % showed
$37, 264 500 applicable to common stock
and reserves, as compared to $50, 124,-
SIS in the preceding year. The mar
rover margin of gain in the latest
showing is understood to reflect pri-
marily the slump in petroleum prices.
Decline i'm Net Small.
Although power sales showed de-
cline, the report pointed out that 1880
net of electric subsidiaries was only
per cent less than the results of the
banner year 1929 and were greater than
In 1928. Electric power was sold to
more than 10000 customers. An i'm
portant acquisition during the year was
the $50,000,00O Federal Light & Trac-
ton Co.
Domestic production of crude oil by
Cities Service subsidiaries was 32,317,-
225 barrels, an increase of SIS per cent
over the preceding year.
The report explained that the Cities
Service organization is now zone of
the largest producers Of crude oil in
the United States"
1t also owns more than 1900 miles
of gas and oil pipe lines, not including
half interest in the 900-mile Texas
Empire system.
The company also has become an
important real estate owner In down.
town New York, where construction re-
Gently was started on new Skyscraper,
to be one of the city's largest.