Deals & Developments

Bridge Bids. Last week a bid of $10,494,000 won for McClintic-Marshall, Bethlehem Steel Corp.'s new subsidiary, the job of constructing the superstructure for San Francisco's Golden Gate Bridge. Close behind was Columbia Steel, United States Steel Corp.'s subsidiary, whose bid was $182,000 higher. For the construction of the approach spans, Columbia Steel's winning bid of $996.000 was $97,400 under McClintic-Marshall's.

Pipe Order. Youngstown Sheet & Tube Co. received an order for 41.000 tons of steel pipe, called 1,000 men back to work.

$20,000,000 Refund. Six months ago the management of Transamerica Corp. decided its shares at $13 1/4 were undervalued, called upon shareholders to contribute funds for a market pool (TIME, Dec. 29). Last week all the money received (said to be $20,000,000) was returned to stockholders, plus interest at 4%. Surprising was the pool's statement that the money had been kept in a bank, never touched. But it was also gratifying word to the pool's contributors, for last week Transamerica shares were at $7 against the year's top of $18.

G-M out of Glass. Potent in many lines of industry in addition to automobiles, last week General Motors Corp. retired from the glassmaking business. For a reputed sum of $9,000,000 G-M sold its subsidiary, National Plate Glass Co. to big Libbey-Owens-Ford Glass Co. (unconnected with Ford Motor Co.). Said L-O-F President John D. Biggers, "We have been working on these negotiations for five months and are all very happy." For the next seven years the bulk of glass used by General Motors will be bought from Libbey-Owens-Ford, a contract probably involving over $50,000,000.

"Save Our Ships" Two of the country's greatest steamship companies sent out frantic calls of S. O. S. last week. Gravely the United States Shipping Board pondered whether or not it should go to the rescue, and if it should, how to go. Loudest of the calls was from United States Lines Inc. whose master is ambitious Paul W. Chapman. In 1929, U. S. Lines acquired eleven vessels from the U. S. Shipping Board for $16,000,000, paid $4,000,000 down. It has two large ships abuilding which will cost $22,000,000, and on which but $2.500,000 has been paid. Last year U. S. Lines lost $728,000; this year they will lose more. The gist of Mr. Chapman's S. O. S. was that the Government should take back all or part of the fleet, allow United States Lines to operate them for the Government's account; or after payment of a lump sum.

The other S. O. S. was from Munson Steamship Lines (So vessels), intercoastal and Caribbean operator owned by Frank C. Munson & family. In 1925 Munson Lines bought four ships from the Board. It was supposed to have operated at a profit even in difficult 1930. Shipping men believed the Board would disregard the Munson plea.

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