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88 Percent Drop In Industrial Earnings Shown Initial tabulation of first quarter 1932 earnings the further drastic reduction in net income experienced in the third year of says the Standard Statistics Company of New York, in current survey, which continues in earnings comparison for 94 identical industrials can now made, This shows aggregate 1932 first quarter net of $28,887,000, compared with $104,900,000 in $193,083,000 in 1930 and $245,248,000 in 1929. Based on present representation, therefore, apparent that earnings of industrials have declined more than 88 percent from first quarter 1929 experience. The first nine rails to report show deficit of $6,758,000 in the first three of 1932 pared with net of $1,368,000 in similar period of 1931. The ties, showed an increase in 1931, were off 12 percent in the quarter ended last March 31. While the first quarter reports now coming in, paint dark picture of earnings as compared with last year, according the Standard Statistics Company of New York, following nine corporations show gains the first three months of 1932: Being Reopened DOMESTIC BONDS 2:45 P. M. TICKER PRICES High Stock High BONDS High Than Shut Down Power 95% See Later Edition for Closing 1% 1 Kolster Ltd. Aluminum Lib Great Improvement in 3% LoneStGas High Low Ticker High Banking Reported by financial AlaGtSR pf Gas&Pow Mapes Aluminum A.B.A. Economic Group Co MassUCo Alum Mem Mesabi Impressive changes for the better in banking conditions are pictured 26 Mtn in report of the Economic Policy Prod Marcibo Commission of the American Bank1% Amer AmSupP ers Association issued today, outlinNatDairyP 100 100 ing the course of events that have NatFuel&G Nat NiaHPw reduced bank suspensions from 522 AsG&E AssoG&E In October to 45 in March, with returns runing into April indicating period in which more banks were NoIndPS 51 being reopened closed. report, made public by R. S. Hecht, 2½ PacG&E president Hibernia Bank and Trust Company, New Orleans, chairman Blue Ridge PennMexF the commission, declared that it Pennroad problems Brazil< confident these improvements will Buckeyee continue. Phoenix Sec 'Organization of the National PhoeS BurmaCor .02. PioneerGM Credit Corporation, proposed Butler Bros President Hoover and supported the association, brought respite Canadian Man. and perceptible relaxation of public CenPbSv fear and in November closings Reynolds CentPbSv dropped to 175 with deposits $68,000,000," the report Then Roan Copper Cities came in succession the passage of the Finance 122 Comwith 70 Corporation and the Glass-Steagall land. Rub 1/8 "The importance the activities Sentry in part: ConG&EB 53 of the sharpShenandoah ly in the bank failure figures. Singer dropped to with liabilities of Ky In March there were only 45 closCusiMexMin ings, smallest number in any 2% month since October 1929, with deSwift&Co 104/8 posits $15,936,000. The ratio of reDurant Mot openings to closing markedly, We observe that in many 8% East Gas 51/4 cases capital being 25 Asso ConsGU tarily paid Apparently this "One TriContC 1/4+ ficial figures showing that in the 17½ Ungerlieder 17 EIP&L six weeks April 15 Shareholder Found banks opened than closed, and we Share confidently this change for Eureka the better will hold. Fajardo Sug 12 12 12 1/2 FinCoBalt 405 Ordered to Divest Ford Theater Gas Stock Light Franklin Mfg.. Emp Eng Washington, May 9-The Chase, 118 1/4 WestCart 511/2 Fla 150 53% Harris Forbes Corporation of New GtA&P nv 125 125 Willow 1/8 Gary York and other interests have Woodley Pet 11/2 11/2 Gatineau Pow Hecla ordered by District of Columbia Gatineau see for complete sales. Public Utilities Commission to dilater Gen vest their majority stock holdings less than 100 Gen Water&E 6% Imp 8 Extras. $And Extras. fPayable of the Washington Gas Light ComInsur Sec sPayable Georgia pany. earned. Int n 101/4 Geo The public Utilities Commission Participating IntEqu 10 Gillette previous close. Dividend and order is based upon the finding 52% 181/4 InterStP 19 181/4 deducted from net Glidden that control of the local gas comGulf Gulf pany is in violation of the LaFollette which forHoustL&P bids ownership, control or voting of HoustL&P stock in local utilities by foreign utility or holding corporations. Goodyear Gets Land For New Airport Ind Cleveland May Tire Ind & Rubber Company has leased corner Wilwaukee Airport on the IntPowSec Milwaukee Highway. A hangar or Int Pow Sec 69% dock will erected on the property for one of the company's non-rigid airships. Goodyear will operate its airship Puritan from dock when completed which is likely to be around the middle of June. P. W. Litchfield, president, said: "The company's objective the establishment of passenger lines Kentucky to Europe and the Orient using ships the Akron type though Kimb'ly-Clark 5'43 slightly larger. Actual work on the project is now awaiting action at Washington the McNary and Crosser Leh Bills." Atlantic Nat's Bank Meeting Is Called Boston, May special meeting stockholders of Atlantic National Monon Bank has be called for 11 a.m., June 6, approve an agreement between Atlantic Bank and First National Bank for transfer of substantitily all assets of Atlantic and asumption its deposits and acceptance liabilities by the First National. Stockholders will lalso be asked to First vote on winding up affairs of AtQuarter lantic. American $86,104 $48,087 19.0 Atlantic RefinPeter Safety Pickup Is Shown Razor 20.5 1,894,000 1,890,663 NorAmLt&Pw 5'34 In Stock Values 0.2 44,231 d188,072 The market value of 30 representative stocks listed on the New York building 230,305 d127,392 Stock Exchange at the close of busi2,423,243 2,040,571 18.7 92% State ness for the week ended May 7, Cal. *4,241,502 *4,049,544 4.7 1932, was $7,599,197,775, an increase of or 3.18 percent as compared with the market value of the close of the preNew Form of Trust ceding week, according to compilation by Paul H. Davis & Co., Company Announced 51% members of the New York Stock Creation of a new form of "liv- Exchange. ing" trust, through the medium of At the close of the corresponding which an investment in 30 leading week year ago, these same 30 common stocks may be made the stocks had market value of $19,wholly over period 311,058,295, indicating decrease of years in order to build up an during of pendency estate. was announced today by or 60.65 percent. United Endowment Foundation, PugSd Inc., has been formed as the 2:45 p.m. fore Founda- BONDS $1,000 Low sponsoring tion Trust Shares, an accumulative Ryerson 43% unit trust, has been set up as part plan. The Harriman FOREIGN BONDS National Bank & Trust Company Scripps BONDS is trustee Shaw H. C. Williams, former president Mtg of the Mortgage Guarantee Company America, president of United Endowment Foundation, Inc. Associated with him as officers and directors the organization are Alexander B. Carver, former member of the New York Stock Exchange; Robert B. Deans, former partner of C. D. Halsey Co., vice president and treasurer; Charles Franchot, vice president and director of Remington Rand, Inc., who is vice president and general counsel; Rensselaer Halsey, partner of C. WHOLESALE INDEX LOWER Halsey & Co., and vice president of The wholesale price index of Na- the Better Business Bureau of New tional Fertilizer Association declined York City, and Edward B. Twombly to new low level during week end- of Putney, Twombly & Hall, ated May when it reached 61.3, and chairman of the decline of 6 fractional points from of Corporation 305 week. Delaware. 61.9 for the preceding
