Since 1934 Chicago's mammoth Marshall Field & Co., depression-riven, has had its face lifted. Shorn of its wholesale division, many a retail outlet and mill, the company turned a 1937 deficit of $1,654,452 into a 1938 profit of $3,492,238. Last week, with three-quarters earnings of $1,718,458 up 58% from 1938, blue-eyed chubby-cheeked President Frederick Dexter Corley offered a plan and a plum to stockholders.

The plan: to clear up, the $9 a share accrued on 287,225 preferred shares, exchange of each old 6%, $100-par preferred share for ½ share of new preferred and 2¾ common. The plum if the deal goes...

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