Deals & Developments

Peach Plan. California peachgrowers, with harvest time not far off, last week were wondering how many of their trees to uproot. For peaches from uprooted trees the canners' pool will pay an extra $2.50 a ton. Object: to reduce California's orchards by 12,000 acres, lessen overproduction next year.

Mitten Move. Chairman of the board of Philadelphia Rapid Transit Co. is oval-faced Dr. Arthur Alan Mitten. His father, Thomas Eugene Mitten, operated P. R. T. through Mitten Management, Inc. until he died by drowning in October 1929. In addition to the greater part of a $3,000,000 estate, Son Mitten was bequeathed the painful legacy of rehabilitating the company. The nature of the late Manager Mitten's operations has been questioned, and last week P. R. T. was preparing to sue for possession of his estate. Gracefully and probably shrewdly, Son Mitten turned the estate (now valued at $1,000,000) over to P. R. T., thereby helping the company in a time of need and saving his father's transactions from further scandal. Chief items in the estate are large rural landholdings, 20,000 P. R. T. shares. Son Mitten will not be destitute, however. He still receives $50,000 a year as P. R. T. chairman.

Copper Consummation. Ever since big, two-fisted Louis Shattuck Cates pulled up his stakes and left Utah Copper Co. to head Phelps Dodge Corp. it has been rumored that his company would acquire Calumet & Arizona Mining Co. (TIME, April 28). When Gordon R. Campbell resigned last April from Calumet's presidency after protesting against the deal, its consummation seemed certain. But not until last week were the two directorates able to come to terms. The merger will be effected by an exchange of stock on a ratio which, at prices prior to the announcement, was a boon to Calumet's shareholders. They will receive 3 1/4 shares of Phelps Dodge for one of Calumet, also a special $2.50 dividend. July 1 prices were $15 1/4 for Phelps, $35 1/4 for Calumet. After taking in Calumet's $84,000,000 assets Phelps Dodge will be a $370,000,000 company, ranking second only to Anaconda. In production, however, it will be behind the Kennecott-Utah combination.

No Deal. National Dairy Products Co. last week withdrew its offer for Golden State Milk Products Co. stock. Minority stockholders of Golden State had protested that National's one-share-for-two proposal was unfair, raised hullabaloo.

Deal. John Barneson, big California shareholder in Standard Oil Co. of New York, last week wired the company that he & friends were mailing proxies approving the merger with Vacuum Oil Co. With Stockholder Barneson pacified, the Socony-Gargoyle union seemed assured.

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