Matches, Groceries, Fords

Three gigantic corporations selling cheap and universal products last week issued their 1930 reports, revealed that fortune was not all frowns last year.

Matches. Far flung are the operations of Kreuger & Toll Co., holding company for the great "Swedish Match Trust," for 21 industrial banking and real estate operations, for the Grangesberg Co. iron mines (Europe's biggest), for the control of L. M. Ericsson Telephone Co. Master of its many operations, getter of its match monopolies is close-shaven,quick-speaking Ivar Kreuger, self-made, much publicized "world's richest bachelor." To shareholders last week he reported that Kreuger & Toll during 1930 earned $24,163,000 from dividends and interest received, against $14,278,000 from those sources in 1929. Trading profits however were $8,626,000 against $14,816,000. The net result was that Kreuger & Toll in 1930 had profits of $32,789,000 against $29,095,000 in 1929. If investments had not been marked down to reflect market conditions, Ivar Kreuger could have reported earnings of $43,000,000. Total assets of the company are now carried at $405,939,000.

Groceries. When Great Atlantic & Pacific Tea Co. of America closed its books on Feb. 28, it had 15,737 stores in operation, a gain of 319 during the year. Last year stores turned in a volume of $1,065,806,000 despite lower commodity prices. Sales up, the margin of profit also increased, jumping from 2.49-c- per $1 of sales to 2.88-c-. The result was a net profit in 1930 of $30,000,000 against $26,000,000 in 1929. Assets are now listed at $170,000,000.

Ford. Since Ford Motor Co. is privately owned, it does not make public what it earns or what it pays in dividends. But it has to report a balance sheet in Massachusetts, and from changes in the surplus account a fair indication of Ford fortunes is obtainable. During 1930 the Ford surplus jumped $44,000,000, against a gain of $81,000,000 in 1929. These years thus handsomely offset losses of $42,000,000 and $72,000,000 in 1927 and 1928 when models were being changed. The brief, jumbled-up Ford balance sheet shows cash (including notes and accounts receivable, securities and patent rights) at $382,000,000 against $346,000,000 at the end of 1929. Inventories last year fell from $118,000,000 to $112,000,000 while accounts payable were sliced from $73,000,000 to $45,000,000. Total assets are at $781,000,000.

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