Evening Star Newspaper, January 1, 1937, Page 17

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FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. FRIDAY, JANUARY 1, 1937. FINANGCIAL. ¢ A17 DEBIS AREFRUZEN [ TRANSACTIONS IN N. Y. CURB STOCKS IN 1936 |00 AUTOS l’i'"“ RS - 75,747,764 shal 18,900 Mo P % - X Coal (%ag) - Total bond sales this yea = a:n,n'w,x 480 Moody g:::'x.'& & i < '.& o _ % Sale of 12,000 New and Used Cars in 1936 Is Reported. (By Cambridge Associafes.) Before the breathing spell afforded by the change-over of models, two leading units advertised the sale of the millionth car of their 1936 models. New and used cars sold during the model year came to the staggering total of approximately 12,000,000 or one car for every ten persons in the United States. For such is the magni- tude of the used car problem today that the sale of a new car requires the sale of nearly two used cars. It would hardly appear ible in ?',‘,,’4’;’3‘, fi:‘,“; i) F% view of the above figurcs, that the 390 Un G&E pf (7). : manufacturers are looking forward 5 B 1338200 Un Lt & Pow &, to an even better year. But it is so true that a prominent maker recently announced that approximately $4 per car had been saved by the purchase of a large quanity of steel in advance of requirements, and it is reported that the industry as a whole has al- ready bought steel in sufficient volume to account for six month’s production at the annual rate of 5,000,000 cars- 10 per cent greater than last yea. and almost parallel to the all-tim2 record established in 1929. From present appearances, strikes U e e o are likely to interfere with production Hud B _war _ i - 166,900 Unit Stores vic - . : + 3, | programs more than has been the case e I n!r:#sj'ltil'mu. Ve - 6% 13.32'“":'; Unit Verde (1) % in the immediate past. Already sev- ( l:tpunn (1ag) 3 . & Ve S 2 E | eral prominent makers of equipment N°IfllAm e 4 2 % 11 % o ) have suffered interruption of flow of (15 BB Be G . " ot | irikes. Theretore, the tendeney wil 24 AR % s 3 refore, the tendency w! R Ahated undoubtedly be to build up banks of 000 Uiy, xg‘ufi:f ) 4 1 ssse_mbly parts so that sudden shut- 1 3% 4 = e “1o0® %‘(: 8:}1‘ %:un »l f“ 3 5 downs from tm_s cause will not cause Ford M Fran. . 4 a Rt s : undue loss of time and money. -'-';"‘3”%‘,‘35,‘3? "n‘“n‘l" 5 N Y Nor NY Ut 1 pf (7). 110 5 - &% X P&L pf 2 4 The profit outlook for automobile s 2n A A k. L 1 04 P Fox m:;;g:;;-.gm 2 o E 0 N !p‘]p; 'R (%48) 935 : - - e manufacturers is not as yet clel.{, ;r(::‘dlfl't O h e b No Wess 1 - 3 3 A0 < & % Certain it lsAlhal wage increases will Gen Atlovs: " " 2 w. Y | Novadel-Ag Pty 2 o . be necessary; steel prices are higher 2:‘,}’,‘}:‘&.’“‘,“{"‘.’. Iy 1% e 8:"‘ o a ) 4% o e 4818 £ ) Ve Ml{. 18) E 7 after the beginning of 1937, which Gen G&E cv of B % 3 85 + i g:.ln.: g‘l,l'n:( “f.}," 1 9 i v means that they will affect the latter g:g }:;e,;' 2 it o Pos B b A 4 1 112 hl C 5 -+ half of the model year. Prices of other - 9 410 Gen Out Adv pf (9k) 9 Oilstocks (.40a) 12 | materials and supplies are firming Gen Pub S pf 15K o 3 Otia mor s A | X r Min 't Gen Ravon A_ 5 - a8 D 31 g Gen Telephone (1 25%) 21% Sidtyme Dist 2222 { 3 - 3 57 | for the producers to further increase. tates to make up for lost income. B | s G & E e o5 " o : No Chance of Repeal Seen. | 45 G & Bl pt H RS slonEaMint gl e 7iss0 B oo 2h) £ + [; orth Mg (1.20). 7 profit margins, and no little task to These are by no means the only 4800 AS Laund ai § Gen T&R A uf (@) ; ; E 2¢ Gl 2 3 - ? 043, bold them to 1936 levels. eharges against the present law. In 900 AH G Geore Pow 5 pf (h) - 40.300 Ll Taup ¢ 1 i 50 92% 7 ¥ 5 ’( 1, e % - 2 e fact, most business men would revel i Al G R Gllbert Ac) - : I 1B o5 obh o Wt Sarte P 00 % 10118 10 in the opportunity to denounce it nl-! 1118900 fiti.E"cJ;’.“" Glen' Alden %107 4 a # 000 W ube ) “,‘,,';‘, ) 1 2 -+ HIDE PRICES R'SE most from beginning to end. But| B30 0 Golenais S BT » 131,600 Pan-A “60%) - -~ Bt 489 1 3 Westmorelan Coal ( 308) 28 77 S there is little possibility of question- o2 Golchaux Sue of s vy e R | Westmoreland Tne. ¢i.20) " w'TH SHOE OUTPU‘ ing the act on constitutionality, and Austin”Silver M Galdfleld “Con. - g FarkerPen (1:80a) TSNS B 1 R o S ]l:ss x:ih": Ro Ch“}” s Tt fepet | e Coe &' L 3 498 Wi-taw Cat = " g resident Roosevelt's original concep- R f o “ a der Gr B _ 1L 2 H Thnforiinera ey rnte s Babeock b Wil ¢ : ; | cmsipmame N i | "ip memarel Qo o Wilion Treg sy ' ) BT BOITT i GRS O was, in some respects, similar to the 500 parium s 89 .- ¥ 3 NGy iTe e . 205 Penn Cent LAP f (Z.K0) A % ~ 3 wianiges XKoo B - 3 s cast—Large Imports Alsu English system, except that he pro- | Baumann (L) 5 13 | g 2 - 68% 72 { : A 2 : posed to apply a sliding scale rather 5 Viewed Certain. than & normal tax. Broadly, he sug- | I Z 3 ala - n : : Lid- Sl R gested in his message of March 3, e T DY A : 4 v o T 5 2 § EL PRL = 9500 Wright Harg (402 H Following a sharp midyear break. 1936, that the capital stock and excess < E 11 R % : 5 o b b | 305.600 Yukon Gold (138)- - g E . Prices of heavy native steer packer profits tax and the corporate income | s : 2 4 . 5! £ Al A 5 L 3 p R, p CURB BONDS hides reached the highest price levels tax be eliminated: that undistributed 00 Bi s 0, - L S L a7 2 2338 20 23 35715 Pecperell (6a) = 4.000 Abbott Dsi s '4% 07 108 1041 of the year in December. This up- profits be taxed on a sliding scale of 800 Bilss E W'~ > : e Hamilion Bridge E L24B0 Periect Circle (Za) - . 311 5 . Fow 55 '46____T_ 1025 108, - 5 | ward trend has been maintained in sufficient magnitude to produce the €00 Blue Ridge : Handlev p of (284x) . 500 Phila BICo' Bt (5)- T 7 110% = 8 e e 108 i ! spite of the fact that supplies have ) SRS z ) 3 same income which would theoretical- 0 g % i P f 2 been augmented by the forced liquida- 3, tion of catile during the drought Iy result from distribution of such | HarEoro A 000 Alum Co 5s = 1 Bla - months. " i + 3 3 Hat Corp Am B_ profits if no exemption of dividends X Y00 THazletine (3} 1114000 Alumin_ Lid i ‘ 61000 Am E1'P fis While in part the recent increase G vere allowed on individual incomes, 399.500 Hecla Min 408 , % D e A & E 106 . | has been due to speculative buying, . ! 41,400 Helena Rubin __ & and that this exemption. which now 3! e | 100 deller W E Pierce Gov: n (Yag). i Sl which, turn, - stems from the stronger supply-to-demand ratio it 4 3 (%) 22,600 Pines Winterfront exists, be repealed. The principles Bo Hot o : 0.0 B Voren ) 55 =22 0 involved in the resulting tax system ;. i i o a B ‘ g},’lfi‘““ Gold 7.8 % - Y 5 Pitts Bess & L B (1'2) I are simply stated: | ¢ ? 3 34 | Holophane ._,m&.k 201 —14% 50 Piits Forg S which is rapidly developing, the prime | ¥ - 1% + A B0k 2 | 36965 13 influence is obviously the rapidity with a 7 Horders (602} _ . _ a1, : Bitts Pl Gl (6g) » are exempt from faxation at the | 71000 BiA et o) e ! Horme & €107 e 19 4600 Bleas Val Wine - . ] w B 20 which leather has been moving into source, but sre taxable as individ- | 53300 Bri B % e 5 Horn & Haid pf 21 2 35 P % + 5 s 4+ 1 consuming channels. ual income at normal plus surtax | 173 E - rates | § 2 3 i Humble NI shoe production will reach the stu- 2. Profits not paid out are tax- | e | pendous total of 400,000,000 palrs. abie on a sliding scale depending UG -t 500 Hydro El Sec - Should time corroborate this estimate, N i 2 % i 32 Hygrace Pd . it is evident that higher prices for on the percentage of tofal profits = 7 B0 Hysrade Syiv (2 e - : AL Sgher N retained. 3 Bris G0l B L Tii P&L $6 pr 3 - hides and leather will be in order. 3. Dividend income from sub- 00 Brown F & Wire A3 " 31" 247 | 200 T} PRL 8% W, — s - s 4 242000 Af 4 10012 1043 .. | It is extremely doubtful if domestic sidiaries is regarded as regular in- 5 oon mownna e i{sa %L W | 1mp Chem Ind (20g) - 11 SRl i3 oy % AP Ly supplies will come snywhere near fill- come. 000 Bruce (&L) i i p 0 L Imp O1l Can ('2a) an 3 F i T 8.5584.000 B, 4 ’ ing the demand, and large 1937 im- s 2 1:::: Ef,fif‘;‘,sp’{ ::‘);g‘.::.. R 10 7 7 la - Sy ports from the Argentine are virtu- : e last provision is aimed n»hold- 6 Buf N & E P of (1.60) ally certain. The possibility has been r_wzk«-ompames Unfortunately. the ] ) Buf NLEE 1pt .60 | remarked that a recession might workings of these principles are far \, | strengthen the technical position of | the prior structure, but with a back- ) Burco ('ig) % from being as simple as they sound 600 Burco war : Ind Sve 6 pf- - + | ground of rising commodity prices in general and the present supply-demand 850 B v pf : 3 2 ind Sve 77 Bf Less Simple in Actual Draft. 000 Burma Ttd (12981 ; ! 1358 Ind BT of (A12) - status of hides in particular, there ap- pears no reason (o expect any exe They are even less simple in the 00 Burry Biseuit > g 26310 Indvs Finan vie - indus Finsn of tended downward revision from pres- ent levels. BUILDING WILL HELP RAILROADS’ BUSINESS were lowered for net income of less P50 Colambt Sug. (160 3 200 Tnt Patrick H. Joyce, trustee for the Chicago Great Western Railroad Co., than $40,000, in deference to little 00 Canaca Bread s : i S0 Tnt ina year end review, savs: “Confidence 500 business. The capital stock and sur- | .'w S:S“é...‘?&'?f"‘ o {’x‘:‘iernn Pet (133 | seems to have been restored, and as a Nation I believe we are moving to plus profits tax was likewise retained, 500 Can Canners pf (6) Tntehet res (1iat) more prosperous times, as evidenced = 5 9 .65 Car & Fdy pf. 23 - 3% 3 5 and the basis on which net income is £ vdroelec b e Bra 67 pf (12K) : 3 48500 Rambow Lom B 2z B - - 1 . ’Kfl by the general improvement in prac- tically all lines of business stated for normal tax purposes is dif- : ¢ - 1.240 Inter 8 R ; £.950 Reymend Oow (Se)- ferent from thai used for the undis- | e ; % 000 Raviheon MEx vie- tributed profits tax. The resulting| . 9.600 Cabital City Pr 230 T 7 nt (8 5 h confusion and duplication of levies x 00 Carman A (3l2k) will provide many hours of labor for | R “I am also of the opinion that the year 1937 will witness a continuation of this business revival, especially in the building trades. due to the reported shortage of homes, which should ac- celerate construction work, thus re- Segal natidn 30 Carnziion In addition to stabilization of cor- e e RE quiring the use of heavy materials and benefiting the railroads. one of the porate debt levels, duplication of taxa- 490.000 Carrier £ largest purchasers, as well as distribu- tion and more complicated tax pro- | visions, there are other bad effects tors, of money through the medium of pay rolls in the country.” of lesser importance. One of the re- form theories behind this tax is to o3 < 1) |GRAIN YIELDS CLIMB i/ SHARPLY IN ARGENTINA . Geter managemenis from unwisely in- 2 108Y% 106% - By the Associated Press creasing productive facilities beyond | Y2 102'2 106% -~ 3 % 11 + ;’r"; Large increases in production of all the need by virtuallv forcing them to ronduct expansion through the issue ' of securities rather than through use of undisiributed profiis. Needless to | - 31, Argentine small grains for the 1936- 4% 2] 5," | 37 season were reported by the agri- o 94% ai% cultural attache at Buenos Aires, after recent official estimates. say, in smaller companies with close | control by stockholders, the declara- | 500 Kingsb Brew 3 A Est 0 Kingsion Prod (40) - : Scovill Mfe (2%) He said the indicated 249,855.000- bushel wheat crop now being har- tion of large dividends will not pre- | ot Kirby Pet (.208) __ g 1425 ton Sor B W $6 of - GM (. 1 Ge T 4l 12%2 | vested was more than 100,000,000 1 vent the plowingz of fits back into Shi e the business, sinc by common agree- €ht Riv, 3 - By 8 larger than the previous season, with smaller gains for flaxseed, barley, oats ment these dividends will be rein-, ds ® 4% 8 11.600 Kleinert and rye. vested in the business. Likewise with Z g 2] = large corporations of strong financial | 3 y .. X 1 5 K ,” /s e 8 5:!‘%3.‘.,‘ (.,:,ac,!,‘,) P 7 r pf (8%a) " A Tokio report said Japanese millers were interested in American wheat condition and stock listed on the | v 7! o = large exchanges there will be little 25 8 of 9% e 0 Lac J (4 ¢ - 2! 200 Seitridze Br (094x) ft i but the maritime strike on the Pacifis Coast had blocked any new transace | tions. 2 £ o - ° 23, 1195 Moore o) R or o &3 Sans Total bond sales 1935__ --- $1,171,809,000 Managements Tempted 10| s ihe associated Press. ” i (15 . . NEW YORK, January 1.—Following is a table of ¥ = { U Preserve Obligations transactidns in stocks on the New York Curb Market| 5000 il . during the year 1936 It gives yearly sales, price ranges to Avoid Levy. and net changes from the previous year on stocks listed prior to January 1, 1936: Year' Stocks and dividends Uin dollars) H 33 22 BEE FEF ST R Jga * 2 Ed »f L B ¢ S i "mx 0a) Tri-Cont_wai riplex 8 Gl Pork & Cha 23 39, HH o R 3 = 9 132 a8 sy 552 + 352p2 3 3 38 5 28 G — By Cambridge Associates. “The most justified criticism of pro- visions of the undistributed profits tax legislation, in the eyes of the adminis- tration and the general public alike, is that it tends to freeze curporqe' debts at present levels, although in | many cases it appears imperative for the future well-being of many cor- | porations to reduce fixed charges in | times of good earnings. Except in instances were generous . sinking fund provisions were in effect A R previous to May 1. 1936. the tax cost 00 Alhed 3¢l vt {00k of devoting more than 10 per cent of = net income to the retirement of funded 0 A debt is practically prohibitive. Fur- X Alum thermore, the retirement of this debt | 300 Alum reduces the proportion of future profits > ‘A‘ which are exempt from the tax and | 0 A | therefore tempts managements to pre- A 'serve funded debts as a means of avoiding taxes. | | Corporations in receivership are | paturally prohibited from paying out | earnings, not only to shareholders, but | also to all but the most firmly estab- lished of bondholders. Thus we have | the peculiar condition where a com- | pany which cannot legally pay profits jto bondholders must turn over to the | ¥ Government large portion of these | “{4p AT Gen 291G 1 2 revenues, so delaying the advent of Hard Rub 5 reorganization further and adding to | # e ven (.608) the general uncertainty. And com- e .20} panies of uncertain financial sirength. | 25 IEva Tomt ) - ranging from those actually grappling | Maracaibo with problems bequeathed by huge de- | 3 E; mCE T G Tl pression deficits to those who merely | ” ot & Chem (1g) sacrificing business to competitors be- b o rause of restricted working capital, A b P pf may certainly question the theory of Am Thread pf (') axation which enforces a burdensome Anch Post P penalty on the restoration of conserva- tive balance-sheet ratios. It is the belief of those close to the situation | that these conditions will be corrected | to a degree through a system of ex- | emptions, which may or may not be | sccompanied by a stiffening of the | SEEEOSNES SR R e DiaR. W Lo S35 = EESEERE 3, Cwnlmm o amisor 3! oe of _~ e. Dow Chem (2.40) Ya Draper Corp (2.4 Y Driver-Harris (1) 1933 Net Last. emn; W — & Acme Wire vic Zroiha iorator wons it » 33 vgg H e 8 8 d o SRESs H £ 2928 P 3 1 % < AR & soasZalantomn PRttt fetrt Rttt » . roooniEE i g2 FESSES RN o 9 BB S 0D =i I+ 9 RS , ey [3s] E— e 2 S EEREEEECED, e *® S B n SRR & 8 S Bty o 58 S 1923 Promb s 4] 3 S S Neisner Bros, lson (H) (.4 Neviine S (4 - i3 ! =2 ) Do ona D opaai FESES E3-L) o SRR LG 9 » e © AD = o 537322232 ey 38w & S o FEEE m Am Am C: Brdh e 20 EEE et o R NPa® B R P W = 3o w 1 © DTS X T | n | ni B ES W EEFEEME ,... Goaw amos - Sl mosmee 5 ] 4+ 50 Eureka_Pipe (4 Europ El deb r ‘Wallo_ 2% ErRE & ® ettt S S 35 * -1 S flfidflflfldcflfigfl aaa - LI a m e S <5 - sote Sieet @ R DI RIS DB MM D IAON BT RDRY IS s : oy *, SPGE ST s minie St 3 CRER s EE 19 s CReze_n & wn Swu Rlaoal > et iz ©» 13 S EE Tt R 00 Wil-Low Caf . a2 332 ® %0 e Feie ol % A e S ROE 1 104% 1043 10612 108 1 0 v Pitts Lake B (53) 1. Profits paid out in dividends R 10068 oy, i i 7, 5 Bl = 3400 Brillo” Mie (801 X Hud Bay M & S (1) - 2 A 4 R . 000 As Elec 4 TR 86 54} i3 It is estimated that during 1937 155 - 21 a Huyl 3 59200000, an 3 = LRRL] 4 i 25 PyBIwT LAFEEN A o wanz 33330055 2333237 33233 b e Cad ,_ 2 e %3725 p 0900 SRR=32ILINANER el feldetl . El & aon Cen 5t B s 00 Cei 15, 0:000 Ghi' Dist B S178 amas r EE g ~ 200 Reybarn Ine (%m) ln\cn% lgni D - b < @ i V4 R:ynnlcl E\v = Inters Pw Del ol g 5 25,690 Rire St~ Dry Tren Firem Mig vie (18) 3 2: . = Irvinz Alr Ch (1 -- g )0 Rach Tel 1 'pf (8 tal Superpow - Rers {3 - W) Ital Super deb r__" _ R Roosevelt Pd . Jacobs (FL) (1)~ _C b 9.100 Root Pet (1) -~~~ Jeannette Gl (.80) % Root Pet p pf (1.20) - Jer Cn PZL 5'2s of (5'3) ¥ 8 g Intl . 5 Jer Con P&L 6 pf (6). 45700 Jer Cen P&L 7 of (1) _ Jonas™ & Nawm - ones u Julian & Koke (1.20) )0 Kan City P 8 vtc Kan City P S of A vie G E D Do S 284.000 Chi J 108000 Chi P 2.302°000 G R13.0 F B g PO R R ettt WDk e ° ESSS 2 25 Ci 5ios 439.000 Comwith Ed Bs '53 A. 389000 Comwith Ed 5 's4 B 810000 Comwith Ed 4125 ‘56 C 468.000 Comwith Ed 4145 57 D 4.170.000 Comwith Ed 4s 'Rl P 000 Comwith Ea 3%s *65 H 000 Comwith Sub §as 5.489.000 Commun_P&L s 170:000 Commu Pb 8y 55 s S Bl Raas amzo -853x2-2 WS Sy Ba A R t Reeis Pap pf = A 360 Sanford_Mills (4) Kings Co Li of B = 5 Savoy g e Kines Co Lt pf D 0 3 10 Schiff Co_ (3a) Schulte R =1 252253750 > ,_-.3_ 5225803 , R CERTE » o Bt -250% R s b i b kit =3 71 3 149,000 Dalles P & L 55 '532 C 830,000 ™~ El Pow 5%s '50 149.000 Dv r G & E b3 '49 1.132.000 De: ~ 5 & E B3 "46_ 935,000 Det C_Gas 6s 47 A 2.005.000 Def 1,508,000 Det Int Br 2 851.000 Det Int Br 7s '52 811,000 Det Int Br 7s *52 ctf. 952.000 Det Int Br 6148 '62 ct E Dix G Selberiing M Selby Shoe (%) 20D S ~232223 a»333323 32 difficulty in issuing rights or new | stock. But -the intermediate com- | panies will be resiricted on the one | hand by lack of ceniralized control and on the other by poor markei- Club A1 Gien ability of their securities from ex- G200 iCeakahutC Eiaw pansion which may be justified. Salon Bevelop - Budgetary operation of business is e likely to become more and more neces- 50 Colts P Fi e sary, demanding an increase in cleri- | 98500 Colo Fuel & X war .- cal staffs. Whether or not this is good | 1. o&G . and to what degree it should be car- e o e Bisiaib, (.108] ried are matiers of conjecture, but 84,200 Comwith Edis (4a) the passage of this tax legislation can L 1 9f only be credited with augmenting the Comm Pub Svc ctf (1a)- pressure for such procedure. Happily e e ) the imposing technical advance in bus- a iness machinery simplifies many nr: B O i these tasks for those who are able to Cons Alrc Con 11 afford them. 1:500 Gons & & ¥ Bal (3.60)_ E Bal pf A (5) 2535 mes 30 o FOSNENEE S =5 o Soo=eo! 225352 5 657.000 Fston, 9,521,000 Fla P&L bBs 5, 2,819,000 Gary E&G 6,644,000 Gatin P 970,000 Ga 1.233,000 Gatin P 65°41 B___ Bronze 65 '40 RERIESD Y i ++it+ waise st HESE B X 53 2222232 S 2332228%: 222 RN #3853 S ST P 4+ orte- - 53 283% 5'3* I £ Swope Forecasts g:; ,.':7». ; Utility Expansion 83 T To Meet Growth SCHENECTADY, January 1.—Ger- ard Swope, president of the Gen- eral Electric Co., said today: “We look - forward to continuance of improve~ ment in business.” “As the increased use of electricity continues,” he added in a year-end statement, “there will be a decrease in the margin of surplus generating ca- pacity. Hence it will be necessary for the utilities to increase their plants, with a consequent expansion in orders for heavy goods, which are so much needed in our shops and to restore gen- eral employment in capital goods in~ dustries.” He pointed out the people of the United States now use more than four times as much electric power as the rest of the world, with domestic con« sumption of electricity In 1936 reach- ing & new peak. 2 Z g 'l e i '_.5’ ] Es f-?u 388222008502350 wpopapaan 3 5 209 F - ® .000 Mapes Cons { 100 Marco T Mar (266% 00 Margay Oil (%eg! erfon St Show.. 3 B omiop 10 M oo New Practice in Evidence. 30 Gons ik £ BAS 3 Cons Ret Strs. During the latter months of 1936 an entirely new practice of dividend 3 declaration was In evidence. For D o relI;u;:lyt tew eol‘mp;lnm = t: hne 0,400 Coat ORTIn, »al at a regular dividend rate has S00 Pain ) D ot (7 been established, following the flood Aot o 80 = 60 .“_w% =:rn:1$l;l;‘n§!¢r:x 4’ g of extras and special dividends which 300 = 2 10378 Nerchane fie ey were released to stockholders. Again 3 ‘l“f:,) gggl’"!i'. 5 rch & Mf pt_pf it is & matter of dispute whether the . "Corp g reular rate is superior to the dividend according to earnings. In the sense that th latter emphasizes the specu- lative charactesistics of all equities to the average security buyer, it prob- ably makes for better understanding of the risks. On the other hand, corporations are naturally interested in preserving the semblance of in- vestment quality in common stocks for better saleability. It would be possible to continue $o demonstrate other effects of more -or Jess importance, such as the prob- ability that calendar year accounting will be largely abandoned in favor of the “natural business year,” end- ing in the dullest season. 4 4 D13 0P Moo D BSEoIA a5 FORSNSE SARAST BEEEe 0, FEREE 2000t 3% FE et 3 io 12is SRR - H = S35 w DNYRNN e ® =305 SOM A 0015~} B P4+ £+ iz 25 8 28,38 3 i S e @ 2 BB’ =3 gs2s £ i : ot 2R B 2 2. a8 & ¥ + b SEEOFRESEEE 5 ONRE RE e S (o = 23223 S it S 3 3 4 a3 23 3 ) B o FSES S & - s a ALt ! 38 20! i 38! pe: ok B 3. ~C S war. 41, esal -— ‘20.000 Metai Textile (.30%)_ 10 Met Tex pt pf ')fl’ ). Th 1D SERE FOEE R AREARER F3 S5 [Ty FESESERRS & 32322 v EBABS IR S T oy S 33 - > SISO - S +4+ 190rS - el RN F RIS S¥ e §333333382saz3aszasssseansss ~|BES : 7 - o ! ®FRGEE & 8 - e EEr 382223 * wen & 3 = ©s w 20 ®o: M owsm ] 32223 FERE =6 5 ! S53: 328 & R RSeSRS: =3 RERF SRR | ++4+ poe SaSaa a§5§§§s§§§§:::33§s§ 35555 W W RS SES ; - Jigin— 3 b1 FESSREFES R N |44 444 ++ e+ e EFE F w3t & FLI OB IS g e 33 " & FERNFES 1 3 8o 330 m 0 e ! 233 " = - o aanteuetie fnals MR, ™ %, FESE 21 G5 S Bictan. ¥ KPS B wme s L 3 ! 3 553 EECEERRR G 3528 223383 S22 g3gace 5 onon o RS - $23333552338 e ae SRR H S *i - » B3 GO FEE i Bea R 3BR233! RGESERES MRE Shea RS F RS L4+ 1+ +HE4] 4+ 44+ i WNF - 3333! = b ! £ o ‘-335! e85 e e e = & ~

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