Downtown

Since that grim March day in 1932 when a certain Swede lay down on his bed at No. 5 Avenue Victor-Emmanuel III, Paris and put a bullet through his heart, there has been little but grim news for holders of Kreuger & Toll securities. Last week some of them had a new shock: Manhattan's Marine Midland Trust Co., successor trustee of Kreuger & Toll secured debenture 55, announced that on Sept. 1 it would distribute $25 to each holder of a $1,000 debenture.

Chesapeake & Ohio, only Van Sweringen road to pay dividends throughout the Depression, last week announced net July income at $3,172,000 compared to $1,207,000 a year ago. Earnings per share for the first seven months of the year aggregated $1.77 compared to $1.30 for the same period a year ago. Optimistic stockholders promptly prophesied that C. & O. would be the first major railroad to stage a post-Depression rise.

In North Carolina one textile mill closed, five others announced they would close this week. Reason given: With the 4.2-c- processing taxes and higher NRA wages they cannot continue manufacturing unless sales keep up--which they have not. Said the American Wool & Cotton Reporter last week: "Business is better. The mills are running well. But there hasn't been anything sold now for three weeks. The mills bought raw material to get in ahead of inflation, the garment manufacturers bought piece goods for the same reason, but neither are mills buying raw material now nor garment manufacturers piece goods."

In Kansas where a startling bond forgery was uncovered fortnight ago (TIME. Aug. 21), State Treasurer Tom Boyd was last week arrested. Fred Harris, special investigator for Governor Landon. declared that Treasury records had been juggled, that Ronald Finney, accused of "uttering" $1,000,000 in forged bonds, had supplied Boyd with $3,000 so that interest could be paid (to prevent discovery when forged coupons were presented).

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