TRADE: 23

23¢ on the Dollar

Two months ago San Francisco's Golden Gate International Exposition suddenly closed, 34 days ahead of schedule. Although in midseason Fair officials had given out that the Fair's net liabilities were only $2,650,000 and were rapidly being reduced, by closing date its net liabilities had increased to $3,263,500—$4,265,362 total liabilities and $1,001,862 assets, of which $400,399 was accounts receivable.

Before a referee in bankruptcy in San Francisco's Federal Court, fortnight ago, appeared all of the Fair's major creditors. Biggest of these were six banks, Standard Oil Co. of California, and Pacific Gas & Electric Co., with unpaid loans totaling...

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