Deals & Developments

Ford's 1931, Once a year Ford Motor Co. files its balance sheet in Massachusetts. When it was made public last week comparison with 1930's figures showed that during 1931 Ford lost $53,586,000. This figure may or may not have included dividends, the rate of which is never made public. It compared with an indicated profit of $44,460,000 in 1930, $81,797,000 in 1929. In 1927 and 1928 losses of $42,786,000 and $72,221,000 were indicated. For the past six years total profits were $33,000,000.

Much of Ford's 1931 loss must have been caused by preparing for 1932 models. Last week Automotive Daily News took the nebulous Ford figures, brewed from them the fact that on its Model A the company made $11,250,459 plus any dividends paid to the three holders of its 172,645 shares--Mr. & Mrs. Ford and Edsel Ford.

L, H. Trust. In 1927 the old Boston firm of Lee, Higginson & Co. formed Lee, Higginson Trust Co. Last week this trust company prepared to go out of business, announced it will pay all depositors in full, transfer trust accounts. Between Dec. 31, 1930 and March 31 of this year its deposits shrank from $15,000,000 to $7,600,000. Chairman is George Cabot Lee, grandson of the original John Clarke Lee of Lee & Higginson. Its president is Francis C. Gray. On its board are Frank Gilman Allen, onetime (1929-31) Governor of Massachusetts, Thomas Nelson Perkins of Boston & Maine R. R., President Louis Edmund Zacher of Travellers Insurance Co. When Lee, Higginson Trust Co. was formed, Ivar Kreuger was slated to become a director, never did. Last week Kreuger & Toll debenture certificates sold at a new low of 3-c-, mighty plans for Swedish Match were promulgated in Stockholm.

Cooperating Conference. Month ago Emil Lederer, resident U. S. director of Hamburg-American Line, was elected "tsar" of the North Atlantic Passenger Conference (TIME, May 9). Last week his regulating hand was seen when all lines announced a 5% upping of eastbound and round-trip tourist third rates and a 10% upping of eastbound and round-trip rates for regular third class. Westbound rates were increased but slightly. Originally all lines had intended a 10% reduction but Canadian Pacific cut 20% and several competitors followed. The 20% reduction made operations unprofitable.

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