Deals & Developments

No Violation. In the Federal Court of Chicago in January 1930 the U. S. Government won an important suit. For it was decreed that five primary defendants (chief among them: Standard Oils of New Jersey and Indiana, and Texas Co.) and 45 secondary defendants were guilty of violating the Sherman Anti-Trust Act. Their guilt lay in the patent pool and cross-licensing system by which they kept unto themselves and licensees the valuable oil-cracking patents. But last week this important anti-trust suit, now in its seventh year, was lost by the Government. The Supreme Court held that the companies had created no monopoly, hindered interstate commerce not at all.

Circus Suit Sells-Floto Circus and Ringling Bros., Barnum & Bailey last week faced charges that they have conspired to create a monopoly. Plaintiff in the suit, and asking for $1.040,000 damages, was Miller Brothers 101 Ranch show group. Alleged monopolistic acts: defacement of plaintiff's advertising, spreading of malicious rumors, the enticement of Cinemactor Tom Mix away from Miller Bros, to Sells-Floto at $12,000 per week.

Receivership for P. R. T. "Subservient directors who did the Mitten bidding at a glance or a nod, to the end that the nefarious schemes hatched at before-dawn breakfasts, might, in their opinion, have the stamp of legality," were denounced last week by Judge Harry S. McDevitt who thereupon ordered the Mitten-managed Philadelphia Rapid Transit Co. into receivership. Mitten Management, Inc. is headed by Dr. Arthur Alan Mitten, son of the late famed Thomas Eugene Mitten, transit expert.

Hydrogenation. While world-wide overproduction of oil exists, little demand is seen for the process of hydrogenation in which powdered coal is converted into oil. But last week it was evident that the great international hydrogenation patent pool is still active. The little town of Vaduz in the tiny principality of Liechtenstein (between Austria and Switzerland) was named as the home of a new company called International Hydrogenation Patents Co. which will develop the process outside of the U. S. and Germany. Another company to exchange patents will soon be formed in The Hague. Linked together by these deals are Standard Oil of New Jersey, I. G. Farbenindustrie, Imperial Chemical, Royal Dutch-Shell, all of whom have been known to have a strong community of interest in the process. Perhaps the nation most anxious to see hydrogenation widely used is Great Britain whose coal industry remains in great depression.

Wiggly Saunders. The last great corner on the New York Stock Exchange was in 1923 when Clarence Saunders massacred bears short of stock in his Piggly Wiggly Stores, Inc., sent the shares up from $55 to $124. But soon afterwards Storeman Saunders lost control of his chain, had to begin again. Last fortnight the State of California halted his stockselling plans, led him to sell his holdings in a new California chain. Last week Clarence Saunders Stores, Inc., with headquarters in Memphis, was sold by a Federal bankruptcy referee after almost a year of receiverships for its 132-store system. It was bought for $445.400, by a group whose leaders were the chain's creditors. Also last week, Storeman Saunders talked of big plans for a new chain of stores.

Gold Move. For several weeks gold mining shares have been on the climb, because low commodity prices have made the industry more profitable (TIME, March 30). Last week famed American Smelting & Refining Co. through its affiliate, Premier Gold Mining Co., Ltd., entered the Kirkland Lake gold field in Ontario. Cautious announcements made it clear that the venture is officially regarded as highly speculative. The new property, said a Premier Gold announcement, "has a very fair mining plant. . . . There is at present no ore, other than a trivial amount, in sight." But mining men suspected that Smelters' move may be the first of many by big mining companies. Premier Gold was formed in British Columbia in 1919, has lately concentrated on silver.

Manhattan Up-State. On exhibit in the Bank of Manhattan Building is a great ironbound box which was used to transfer valuables between the bank's Manhattan office and its Utica and Poughkeepsie branches between 1809 and 1819. These branches were closed many long years ago, but under the broad charter which was granted it in 1799, Manhattan Co. may do things denied to younger banking companies. Last week it used this charter to enter the upState field again, buying two banks in Corning, N. Y. Control is thought to have been bought from Alanson Bigelow Houghton, glass man, onetime (1925-28) U. S. Ambassador to Great Britain. This move brings competition upstate to Marine Midland Corp., holding company for 15 banks in northern New York and Manhattan's Marine Midland Trust Co. of New York.

This file is automatically generated by a robot program, so reader's discretion is required.