Deals & Developments

Sinclair-Rio Grande-- Last week Harry Ford Sinclair, chairman of Sinclair Consolidated Oil Corp., was elected chairman of Rio Grande Oil Co. Rumors of a merger between the two companies have been current. Oilman Sinclair said nothing of the sort was planned for the immediate future but that he and Rio Grande officials will "arrive at conclusions with respect to their future course." Rio Grande produces, refines and distributes petroleum products. Its territory is chiefly in Texas, New Mexico, Arizona, California. Its chief trademarked products are Speedine and Rio Grande*

For his own company, last week Oilman Sinclair reported profits of $12,000,000 last year against $16,500,000 in 1929. However, the profits would have stood at $22,000,000 for 1930 except for big inventory and adjustments. In his report to shareholders, Chairman Sinclair repeated his opinion that proration has failed.

Newsprint Down, Attempts to hold the price of newsprint paper to $55 per ton ($62 delivered in Manhattan) were aban- doned with announcement of a $5-per-ton cut by three big Canadian companies. International Paper & Power, greatest U. S. producer, did not participate in the announcement but was expected to meet the competition.

The reduction was largely the triumph of a condition over a theory. Paper mills have been operating at about 50% of capacity. Canada Power & Paper has been unable to earn interest on its bonds. Minnesota & Ontario Paper Co. is in a receivership.

*Throughout its territory last fortnight Standard Oil Co. of Indiana has been introducing a new gasoline called Stanolind Blue. The price averages about 2-c- less than regular Standard gasoline and is made for motorists who buy gasoline for price. Another Standard of Indiana gasoline is Red Crown (high test).

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