Deals & Developments

Gasoline Telegraph. Postal Telegraph & Cable's 7,000 branch offices last week became 10,500. The new ones were filling stations of Standard Oil of New Jersey, Colonial Beacon Oil, Standard Oil of Indiana, Standard Oil of Pennsylvania, Standard Oil of California, Standard Oil of Louisiana, Standard Oil of Ohio, Standard Oil of Nebraska, Utah Oil Refining Co. Under the terms of the agreement, the stations will display Postal signs, attendants will furnish blanks. They will carry the blanks out to motorists sitting in their cars at the pump, if desired, and immediately telephone their messages to the nearest telegraph key.

As soon as this deal became known, Western Union reported that it was completing arrangements with Shell Eastern to install slot telephones in Shell's stations, enable customers to deal directly with the telegraph company. This contract involves 320 filling stations. Other Shell subsidiaries may soon raise the total to around 1,300. Negotiations are also reported between Western Union and Richfield, Sinclair, Cities Service. New England filling stations, not the telegraph companies, are supposed to have originated the telegram service idea, which follows closely on the now widespread policy of selling tires in gas stations.

Platinum Pieces? Among the over-produced metals is platinum, selling at $34.50 an ounce against $62.50 a year ago. Last week in The Mineral Industry Dr. George Frederick Kunz, gem specialist with Tiffany & Co., suggested that platinum be stabilized by the Government at $50 per ounce, used as currency. A $20 platinum piece would weigh 20% less, be 30% smaller than a $10 gold piece.

Copper Stocks. Business men listening to a radio announcer last month were amused when he said, "I see that copper stocks are up again. Well, that doesn't sound like depression, does it?" For, as all the world should know, copper stocks refers to stocks of copper on hand, not shares. Last week copper statistics were eagerly awaited, as stocks were expected to show a decrease. Instead, they showed a tenth successive monthly increase, reached 347,000 tons for North and South America, against 104,000 a year ago. This figure is the largest for refined copper since July 1921, when the War surplus still existed. Copper bulls, however, said much of this copper is already sold, buyers delaying delivery until they need the metal. A survey of the earnings of nine leading copper companies made last week showed profits for the first half were $17,000,000 against $40,000,000 in the same time last year, a 57% drop.

Bergen Barter. Unusual was a deal proposed in an advertisement in the Bergen Record (Hackensack, N. J.) last week. "An experienced dental surgeon," it said, "stands ready to exchange his service for merchandise or edibles."

French Redemptions. With plenty of gold, France is able to redeem high-rate dollar bonds, refund them with money obtained at low rates in France. Last week the $10,000,000 7% issue of French National Mail Steamship Co. (due in 1949) was called, closely following on the announcement that the $20,000,000 Eastern Railroad Co. of France issue due in 1954 will be called this year. In June a $75,000,000 issue held by Swedish Match was likewise called.

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