Deals & Developments

Record Mortgage. Last week Manhattan's Radio City interests arranged to borrow $65,000,000 from Metropolitan Life Insurance Co. through a series of 5% mortgage bonds, all of which will have been retired by 1950. The deal was the biggest mortgage ever placed with one investor, far exceeding the previous record--a $27,500,000 first mortgage on Empire State Building which was also taken up by Metropolitan.

Exception. Dividend actions last week continued to be adverse but there was one shining exception. National Cash Register Co. ordered a payment of 37 1/2-c- on its A stock. This stock is entitled to $3 a year in cumulative dividends, then participates with the B stock (largely held by President Frederick Beck Patterson) after the latter receives $3. During 1929 and 1930, A holders received $4 a share but last March the dividend was passed.

Said an official announcement: "This action has been prompted largely by improved earnings since the first quarter of the year. Net earnings for the third quarter, which is normally one of the poorest quarters of the year, are estimated at slightly in excess of the proposed dividend." In the third quarter of last year NCR earned 42-c- on the A stock. During the first quarter of this year NCR lost $373,000 but the next three months turned the deficit into a $491,000 profit, or 41-c- a share on the A.

Fine for Fleischmann. When last year the late Gangster Dominic Tarro was arrested for conspiracy to violate the Prohibition law in Springfield, Ill., Corn Products Refining Co. and Fleischmann Co. were indicted for having conspired to furnish him with materials for liquor-making. Gangster Tarro soon died by violence. Corn products did not contest the case, was fined $5,000 recently (TIME, July 20). Last week Fleischmann Co., an integral part of Standard Brands. Inc., was fined $3,000 after pleading nolo contendere.

Seneca Finished. In 1924 Seneca Copper Corp. went into receivership. The next year Seneca Copper Mining Co. succeeded it. Seneca has had a poor history. In June 1927, it closed up, reopened in October 1928, when copper prices began to rise; last December it again closed. Since at the end of last year Seneca showed cash of only $5,115 and since it is one of the high-cost producers, coppermen were not surprised last week to hear that once again Seneca is in receivership. The company owns 2,465 acres of copper property in Keweenaw County, Mich., produced 4,857,000 lb. of copper last year.

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