Sorry Quarter

During the past fortnight important U. S. corporations in many lines of business reported on the first quarter of 1931. Few bright spots illuminated the depressing picture of what happens when industry idles along at a pace far below capacity. Even so conservative a company as General Electric failed to cover its dividend requirements. Fearful of more and larger dividend reductions, the stock-market sank to new lows while first-quarter reports were being issued. Freely asked was a question which a year ago would have seemed ridiculous: "Will United States Steel maintain its dividend?" Representative earnings statements have included:

First Three Months 000's omitted D=Deficit

1930 1931 Air Reduction 1,523 1,019 Allis-Chalmers 1,170 482 American Bank Note 722 104 Aviation Corp. (Del.) 863 D 334 D Byers (cast iron pipe) 331 49 Borg Warner 1,097 325 Caterpillar Tractor 3,365 1,031 Chrysler Corp. 180 979 D Corn Products Refining 3,152 2,389 Curtis Publishing 6,533 4,654 General Electric 15,042 11,488 General Foods 5,990 5,572 General Motors 44,968 28,999 Gillette 2,164 1,421 Hudson Motor Car 2,316 226 Hupp Motor Car 66 680 D McGraw-Hill Publishing 534 372 Montgomery Ward 2,318 D 1,783 D National Biscuit 4,665 4,840 National Cash Register 912 373 D Otis Steel 634 20 Packard Motor Car 2,654 113 du Pont 17,347 12,656 Studebaker 1,343 809 Texas Gulf Sulphur 3,803 2,448 Westinghouse Electric 4,546 2,885D White Rock 257 2,885D

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