Deals & Developments

Teletype of A. T. & T. Many is the firm which eventually buys its largest customer, or is bought itself by its largest customer. Into the second classification fits the deal by which last week Teletype Corp. of Chicago passed into the American Telephone & Telegraph fold, will be operated as a subsidiary of Western Electric. Chicago Teletype manufactures printing telegraph equipment which transmits typewritten messages automatically and instantaneously between distant offices, enabling telegraph users to send their own "wires" directly, also to receive telegrams and messages from Teletype-equipped branch offices. (TIME uses such an instrument between editorial office in Manhattan and proof room in Chicago.) While both Western Union and Postal Telegraph & Cable have been increasingly large Teletype customers, the Bell System has more than 10,000 in use, many for its own system, many over leased wires. Another teletype product is the new high-speed stock ticker. The company last year had $12,000,000 gross sales. The deal will be accomplished by a share-for-share exchange, involves $31,500,000. Only recently did Teletype change from its original name: Morkrum-Kleinschmidt Corp. Early in September the company's foreign business was sold to Creed & Co., British subsidiary of Int. Tel. & Tel.

Kirkman to Colgate. Many cleansing products are manufactured by Kirkman & Son of New York, founded in 1837 by John Kirkman, now managed by Grandson Sidney Alexander Kirkman, 50. Last week Kirkman & Son, whose assets are now $5,500,000, was bought by potent Colgate-Palmolive-Peet Co., leader of the industry. Kirkman & Son earned $249,000 in the first half of this year, slightly more than 1929's total profits.

Copper. Following last fortnight's bearish statistics on the copper situation (TIME, Sept. 22), prices were again revised last week. Big producers who had been quoting 11-c- dropped to 10 1/4-c-, then 10 1/2. Custom smelters slashed their price from 10 1/4-c- to 10 1/2. Rumors were rampant that many large properties would soon be closed down. Although bulls found solace in the report that Western Electric during the past six weeks has bought enough copper to supply the Bell System's needs for four months, and other large consumers likewise think the present levels attractive, bears replied that, with such customers supplied, in the immediate future the market will be even more demoralized.

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