Word: netted
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Over a month ago Lord Kylsant's trial began (TIME, June 15). He was accused on two counts: 1) misleading Royal Mail stockholders in 1926 and 1927 by publishing statements showing annual net profits of over a million dollars, when the company was actually losing nearly three times that much and dividends were being paid from a secret reserve fund of which the stockholders had no knowledge; 2) issuing a false prospectus of debenture stocks "with intent to induce persons to entrust or advance property to the company...
...items of good news crept into the German Press: 1) After a week of credit restrictions the Reichsbank boasted a net gain of $23,000,000 in gold reserves and foreign exchange. 2) While the U. S. auto trade struggled through the doldrums, exports of German automobiles for the first five months of 1931 showed considerable increase over the same period of last year...
...Salt Lake City (Aug. 24), Kansas City (Aug. 26), Chicago (Aug. 31). Shippers were instructed to keep their argument on a broad basis and not single out individual roads for attack. The tenor of the opposition was to be, apparently, that the roads would not increase their net revenue by rate upping because shippers would cut their consignments or find other means of transportation, thus causing freight traffic to drop even more...
...shrewd managerial ability and the driving sales force of Richard H. Grant whose radiating enthusiasm built Chevrolet's sales from 314,000 cars in 1924 to 1,001,000 in 1927. Although during the June quarter GM sold 2.5% less cars than in the corresponding 1930 period, the net income of $55,122,000 was $1,736,000 higher than in 1930. For the half-year GM earned $84,122,000 against $98,355,000, or per-share earnings of $1.83 against a $1.50 dividend requirement. Although the second half is the harder one for motor companies, GM enters...
...point on which many a Cities Service shareholder lacks information is the company's earnings. Until last year it never reported charges to reserves for depreciation, depletion, etc. Last year, however, it did show $24,000,000 appropriated for these items. Most companies make these charges before figuring net earnings; Cities Service makes them afterwards. After these charges the common stock earned 68? a share for the year, as compared to $1.39 stated as earned per share in the company's annual report. The company's accounting is unaudited...