Business: Deals & Developments

Copper Split. The U. S. levy of 4¢ per Ib. on copper makes foreign sales in the U. S. virtually impossible. Hence foreign producers have little inclination to share their markets with U. S. producers through Copper Exporters, Inc. Last week the first tangible evidence of the split was seen when four big foreign producers resigned from the export body. They were: Union Minière du Haut Katanga, Chile Copper, subsidiary of Anaconda; International Nickel Co. of Canada; Cerro de Pasco with prolific mines in Peru. Coppermen thought Copper Exporters would eventually cease to function, that U. S. producers would concentrate on their domestic market. Last week copper sold at 5⅜¢ in the U. S., 5¢ at London.

Yukon Club. Patronage of Great Atlantic & Pacific Tea Co., with 15,670 stores, is prized by companies supplying it. Its competition is feared by all other merchants of food, especially National Association of Retail Grocers. Last week the ice cream industry heard with alarm that A. & P. is introducing a line of ice cream in about 75% of its New York and Philadelphia stores as an experiment. The ice cream will be sold as A. & P's own brand under the name Yukon Club. In addition several novelties made by Eskimo Pie Corp. (controlled by U. S. Foil Corp.) will be handled. The price will be 20¢ a pint against a current competitive price of around 30¢.

In dollars the sales of A. & P. have dropped this year. For the 13 weeks ended May 28 they amounted to $233,713,000, a 13.7% drop. But tonnage sales dropped only 4.9% in the same period, indicating that the red-fronted stores are more than holding their own.

National Electric Power. Into receivership last week went National Electric Power Co., big Eastern subsidiary of Middle West Utilities Co., onetime Samuel Insull property. A similar action was taken with National Public Service Corp., a subsidiary. On its last balance sheet National Electric showed $600,000,000 in assets. Direct cause of the receivership was failure of Manhattan banks to renew $30,000,000 in loans after reviewing a study of the company prepared over the past six weeks by Stone & Webster.

Chicago's "L." In 1931 Chicago Rapid Transit Co. (elevated railway) carried 152 million passengers at 10¢ a ride. In 1929 there were 196 million passengers. The result of 1931's operations was a loss of $1,298,000 after bond interest. Last week no dissenting voices were heard when the company, which has not yet paid its 1930 taxes of $1,812,000, was petitioned into receivership.

Chicago's "L" was acquired by Samuel Insull in 1924 through a subsidiary of Commonwealth Edison Co. which furnishes it with power. Its receivers are Col. Albert Arnold Sprague, Chicago Public Works Commissioner, and the company's president, Britton Ihrie Budd. All of Chicago's electric street railways are in receivership.