Last week a stockholder rose in meeting as stockholders do in Depression. The stockholder was James Watson Gerard. Wartime Ambassador to Germany. The meeting was the annual meeting of Allied Chemical & Dye Corp. What Mr. Gerard wanted to know was the market value of $92,400,000 of "U. S. Government and other marketable securities" carried as assets by the company.
He got a brief answer: "About $28,000,000 less than book value."
He wanted to know what part of the company's $11,400,000 profits came from manufacturing, what part from stock-market operations. To such inquiries he...
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