United Corp.

Reporting for the first half year of 1930 United Corp., Bonbright-Morgan utility holding company, showed for the period a net profit of $4,107,453. About $3,000,000 resulted from dividends on stocks held and about $1,000,000 from sale of securities. A pleasing aspect of such a holding company as United Corp. is the fact that its operating expenses are virtually negligible, since it has no product to manufacture and no plant to run. Thus United Corp.'s expenses during the six months period amounted to $154,679. For the entire year the company expects to receive in dividends on stocks held $18,368,260. Its own dividends on its own $3 preferred will come to $7,438,101, leaving a balance of $10,930,159, approximately 2% of value of investments. " Odd point in United Corp.'s report is the decline of its cash holdings to the cigaret-money figure of $129,414. The company opened the year with cash on hand totalling $18,390,230; but spent between April 15 and May 12, some $14,000,000 in the purchase of stock in Consolidated Gas, in which it now owns some 200,000 shares. United Corp. has also recently acquired 2,100,000 additional shares of Columbia Gas & Electric, but these shares were secured on a stock exchange basis, not in open market purchases. It was commonly believed that United Corp. would soon issue additional stock, thus replenishing its cash reserve, but that such new stock would not be issued until completion of the United Corp. Columbia exchanges.

The company valued its investments at $539,456,181 on June 14 compared to $304,916,947 on Dec. 31. The 1929 figure, however, was against 7,252,515 shares compared to 12,332,515 shares in 1930. Chief United Corp. investments at present

are: United Corp. holdings Company (in dollars) Mohawk Hudson............................ $ 6,673,590 Niagara Hudson...............................27,208,691 Public Service of N. J...................... 76,061,755 United Gas Improvement...............215,035,234 Columbia Gas & Electric................136,718,193 Commonwealth & Southern............35,590,010 Electric Bond & Share.......................5,969,201 Consolidated Gas of N. Y. . ............24,737,429

Major 1930 investments $80,000,000 worth of United Gas Improvement, about $125,000,000 in Columbia Gas & Electric, and the entire Consolidated Gas Investment, these three companies therefore presumably representing prime utility buys.

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