Sequels

P: After filing a preliminary balance sheet in New Hampshire (TIME, June 12), Henry Ford last week submitted a final statement to the Massachusetts tax commissioner. In the interval Mr. Ford had evidently scrutinized his ledgers. Ford Motor Co.'s New Hampshire statement indicated a 1932 loss of $57,000,000. The statement last week indicated a loss of $74,000,000.

P: After the fall of William Fox, his big film company was tossed gingerly about Wall Street for a long time. Several attempts were made to toss it to the public, but in the end Fox Film Corp. came to rest on the broad lap of Chase National Bank (TIME, May 2, 1932 et ante). Chase through its oldtime officer Edward Richmond Tinker tried to run the company from Wall Street, but after four months it called in Paramount's able Sidney Kent, made him president. Chairman Tinker stayed on to work out a financial reorganization. Last week Chase was ready to abandon its position as a patient creditor and frankly take over its investment of some $35,000,000 in the cinema industry. Mr. Tinker resigned, and Chase left Fox to the Hollywood management of Sidney Kent.

To bring this about Fox will back-split its stock--one share of new for six shares of old. The holder of one new share will have the dubious privilege of buying five more new shares at $18.90 a share. Underwritten by Fox creditors the offering of new stock will probably be spurned by most holders. Chase will thus have to take up practically all the new stock, giving it control and in effect converting Fox debts into Fox stock.

P: Officially announced last week was the long-rumored purchase of famed Overholt Distillery by National Distillers (TIME, June 12). Founded two years before the War of 1812, Overholt was family-owned until the go's when control passed to Andrew William Mellon and Henry Clay Frick. In 1925 it was acquired by David Albert Schulte, cigarstore tycoon.

Unlike National Distillers, which has branched in the manufacture of glace fruits, olives, maraschino cherries and lacquer solvents, Overholt has never done anything but make good whiskey. Thirty-one thousand barrels of Overholt went with the deal, giving National Distillers 70% of all U. S. bonded whiskey. Other National Distillers' brands: "Old Grand-dad," "Green River," "Mount Vernon," "Old Taylor," "Sunny Brook," and "McBrayer."

When the purchase price was fixed about a month ago at 102,000 shares of National Distillers (plus $600,000 in notes), the stock was selling at $53 a share. Last week with the stock at $85, David Schulte, whose interests are deeply mired in receiverships, had a paper profit of round $3,000,000. Still unconfirmed last week were reports of a great continental whiskey merger of National Distillers with the four leading Canadian companies.

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