Earnings

Last week John Investor began to harvest his fourth and final crop of earnings statements for 1933. That it would be a better harvest than a year ago there was no doubt. But since an Old Deal first quarter and a poorish New Deal last quarter offset the spring and summer boom, the harvest was not as bountiful as John Investor had hoped. Some full year reports:

(000's omitted) (d = deficit) 1933 1932 Industrial Rayon 1,806 237 National Biscuit 14,995 17,104

United Corp 10,957 13,824 Tri-Continental Corp... 1,106 1,374 Mclntyre Porcupine Mines 2,712* 1,761*

Nickel Plate Railroad.. 1.205d 4,410d Chesapeake & Ohio .... 28,102 23,384

Howe Sound 827 76d

Caterpillar Tractor .... 302 1,616d

Cord Corp 1,380***** 1,523** Public Service of N. J.. 26,375 28,898

National Power & Light. 6,782** 8,829** United Light & Power . 1,722** 5,112** General Tire & Rubber. 415** 202**

*Nine months ending Dec. 31. **Twelve months ending Nov. 30. ***Which includes profits of $1,918,000 from transactions in securities and commodities.

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