"Normal"

Pleased that his company reported earnings for the fiscal year ended Oct. 31 substantially above those of the previous period, President Adrian D. Joyce of Glidden Co. (paints, chemicals, food products) explained last week: "One of the reasons why the company made this comparatively good showing is because ... it has been working on a well devised plan of budgeting operations to keep expenses closely under control. In preparing budgets for the present fiscal year we looked upon 1932 as normal. ... We have done so with the idea of making a profit on the volume secured last year."

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