Downtown

P: Last week Walter P. Chrysler made public the first report of earnings since he put this year's streamline and "Airflow" models on the road. Net income for the first quarter was $3,303,850, against a loss of $3,038,081 in the same quarter last year, and a loss of $2,066,485 in the first quarter of 1932. The directors voted a regular dividend of 25-c- a share, plus an extra of 25-c-. Mr. Chrysler explained that while most of the company's increased shipments were Plymouths and Dodges, unfilled orders for Airflow cars were 15,580 on April 30. P: Standard Statistics last week reported that the aggregate net income of 400 leading industrial corporations had jumped from $69,000,000 in 1932 to $558,000,000 last year. The corporations were still paying out more in dividends than they earned, but deficits in surplus accounts amounted to only $16,000,000 against $646,000,000 in 1932. On invested capital of $19,455,000,000 the corporations earned 3.5% last year, against 1.1% on approximately the same capital in 1932. P: Among Chase National Bank's affiliates at the time the Banking Act was passed last year was famed American Express Co., organized in 1850. An unincorporated "association," American Express gave up its domestic express business in 1918, confined itself to travel tours, money orders, travelers' checks, remittances, and general forwarding of foreign freights. Because the Banking Act ordered bank officers to sever connections with certain types of affiliates, Chase's Chairman Winthrop W. Aldrich resigned as chairman of American Express last December, about the same time that Colonel Theodore Roosevelt was made a director. Last week it was revealed that Director Roosevelt had been elected board chairman of American Express last month. He told newshawks he had been in the banking business once before--as a partner before the War in the New York and Philadelphia banking firm of Montgomery, Clothier & Tyler, now out of existence. Said the onetime Governor of Puerto Rico and the Philippines: ''Neither I nor my wife inherited anything, so we have had to rely on my earnings."

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