Business & Finance: Deals & Developments

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From Indiana to Jersey, In Mexico: 1,500,000 acres of oil land (principally in the Tampico territory), 750 mi. of pipe lines, 65 mi. of railroads. In Venezuela: 3,100,000 acres of oil & gas land in the Lake Maracaibo District. On the island of Aruba, D. W. I.; a refining plant of 115,000-bbl. daily capacity. At Hamburg: an asphalt plant. On the high seas: 29 tankers of 1,700,000-bbl. capacity. These are the principal foreign properties of Pan-American Petroleum & Transport Co., 95%-owned by Standard Oil of Indiana. Last week Indiana's President Edward George Seubert was thinking of these properties when he said: "There has been a strong trend away from the traditional policy of free importation of oil, and sooner or later it is likely that a prohibitive tariff or tax may be imposed." Because Indiana has limited export markets and Standard Oil of New Jersey is powerful throughout the world, last week the two companies were working on details of a transfer of these properties from Indiana to Jersey. Rumored terms: $50,000,000 cash, $50,000.000 in notes.

New Radio, Columbia Phonograph Co., Inc. makes phonographs and records. Last week it announced that by early May it will be selling a radio of its own make. Said Columbia President Herman E. Ward, newly elected, "It may be a startling policy in American industry, but Columbia will defy the modern fetish of mass production. The receiving set we are now manufacturing . . . will create demand volume which we shall supply—that and no more."

Control of Columbia was lately bought by Grigsby-Grunow, devout worshippers of the mass production fetish. A year ago Columbia was cast out of British Columbia Graphophone Co. when that company merged with Gramophone Co., Ltd., subsidiary of RCA-Victor Co. to form Electric & Musical Industries, Ltd.

Delvers into Kreuger, With pointed innuendoes against "the'illustrious banking houses that offered these debentures for public subscription as 'secured' debentures," last week a new committee was formed to delve into the Kreuger & Toll-International Match fiasco. Heading the committee was Bainbridge Colby, onetime (1920-21) Secretary of State, onetime lawyer for Mark Twain. Co-counsel was sharp-tongued Samuel Untermyer. Lee Higginson & Co., Kreuger's U. S. bankers, have formed protective committees, asked for stock deposits.