Business & Finance: Deals & Developments: Sep. 8, 1930

"Raylaine." From Asheville, N. C. last week came reports of a new material, a new company. The material is raylaine, a synthetic fibre made from rayon waste and other materials, more woolish than silkish. The company is Raylaine, Inc., headed by G. Jean Nord, longtime con- sulting engineer to textile mills.

Lamport & Holt. More pleased than shocked were Britishers last week when venerable (formed in 1845) Lamport & Holt Ltd. went into a receivership. The Royal Mail Steam Packet group of shipping companies, to which Lamport & Holt belongs, has given many a shock already and last week's receivership merely meant that the management has started a reorganization. Shipping men foresaw some such development when Lamport & Holt withdrew their South American passenger service recently (TIME, Aug. 11).

Oil Merger. Consolidation in the oil industry continued last week with the announcement that Phillips Petroleum Co. and Independent Oil & Gas Co. will merge. Phillips, large natural gas producer, has some 3,000 wells. Independent has over 800. Assets of the merged companies will come to $316,000,000. Chairman of Phillips Petroleum is wealthy Frank Phillips; chairman of Independent Oil is his brother, Waite Phillips.

Recalcitrant Julian (cont.). Greatly angered and perturbed were oilmen when Oilman Charles Courtney Julian last fortnight denounced curtailment, said, "It's the bunk" (TIME, Sept. 1). Last week Scoffer Julian showed no signs of penitence but obtained an injunction preventing the State Corporation Commission from taking any action against his oil company for non-curtailment. If Mr. Julian succeeds in proving that proration by law is "unconstitutional and void," the unhappy oil industry may again be in a grave crisis.

Happiness to Loft. Potent units in a feeble industry are Happiness Candy Stores, Inc. controlling the Mirror Candy Stores, and the stormy Loft, Inc. Last week a merger of these three companies was announced. The combined company will have 175 stores, $20,000,000 in assets, $18,000,000 a year in sales.

Selling the Happiness and Mirror control was United Cigar Stores Co. of America which is likewise profitless and has found this experiment in distribution a burden.

Directly after this deal, United Cigar Stores prepared for a further strengthening by filing a bankruptcy petition against

Neve Drugstores, Inc., its nonprofitable subsidiary.

Ponies. To finance their U. S. visit, the four brother-poloists Ashton of Australia (TIME, Aug. 18) last week sold 25 of their ponies in less than one hour at auction in East Williston, L. I. Total receipts: $77,600. High price: $10,000. Low: $900.