Word: postalized
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...Postal Shift. Because of the outcry that was raised at revelation of how Kreuger & Toll, acting with full legal rights, had shifted the collateral behind its bonds, the New York Stock Exchange lately passed a rule that it must be notified immediately of such changes. More than two years ago Postal Telegraph & Cable made such a shift. It removed and retired Commercial Cable Co.'s first mortgage bonds and debenture stock, replacing them with Commercial Cable unsecured notes. The amount involved was about $20,000.000. Leading statistical services have been aware of the change, as have sharp-eyed investors...
...Postal Telegraph bonds, of which some $50,000,000 are outstanding, last week sold at 15¢ on the $1 against a 1932 high of 39¢. In 1931 the company had its gross business fall only 8% against the total drop of 16% in U. S. telegraph business but its cable and wireless business was off sharply...
Last week Postal's parent, International Telephone & Telegraph, made its 1931 report. Salient points: 1) Net income: $7,654,000 against $13,750,000. 2) Telephones in the system provided 59% of the gross revenue, increased from 688,000 to 769,000. Of the gain 50,000 was from acquisition of the Rumanian system. 3) I. T. & T.'s telephone business is distributed as follows: South America, 534%, Asia, 3.2%, Europe, 27.9%, North America (Mexico) 7.8%, West Indies...
...earnings were more than double interest charges, last week I. T. & T.'s three bond issues sold at forebodingly low prices of from 19¢ to 24¢ on $1 and the common stock below $5. In March it was reported in the Press tha Clarence Hungerford Mackay, chairman of Postal, director and big stockholder of I. T. & T., had fallen in his bathroom hurt his head. Last week it was an open secret that Chairman Mackay still lay abed, worried and fretful, may never attend another board meeting...
...most casual inspection of the annual operating statements of the Postal Department would reveal the illuminating fact that first-class (letters) is the only service to show a profit-that it nets the Government from 50 to 90 millions of profit annually...