I have here a comparative statement of a manufacturing company. As of December 31, 1933, they show $104,000 in cash and total current assets of $1,259,000. They have current debt of $286,000, which is the only debt of the corporation. Nearly all of their debt is owed to closed banks. This company has made application to open banks and has been unable to borrow any funds. In the year 1929 this company made $1,400,000. This company needs help and deserves help, but cannot get it. I have a comparative financial statement of a machinery manufacturing company. This company is in exceptionally bad shape. Attached hereto are comparative earnings from 1917 to 1926, showing that during 1917 earnings were down, and during the depression of 1921-22 the company was in very bad shape in those years, but as soon as business was rehabilitated it began to make large earnings again and was very prosperous for a number of years. It is absolutely impossible for this company to survive without some immediate assistance. I have here a statement of a glass manufacturing company. For 10 months of 1933 this company had pay rolls of over $100,000 and total sales of $284,000. It is apparent in most of these statements that a very, very large percentage of the total sales is spent for salaries and wages. Glass manufacturing—Comparative condensed balance sheets (last 5 years) 1 Company changed fiscal year in 1921 from Dec. 31 to Oct. 31. Glass manufacturing-Comparative condensed balance sheets (last 5 years)— Glass manufacturing-Balance sheet and pro forma sheet [Showing loan of $40,000 payment of $4,850 bank loan secured by $5,000 land trust certificates, liquidation of $536.67 accrued rental on land trust certificates and adjustments of book value of permanent assets to appraised values of the American Appraisal Co.] |