Deals & Developments

No Car Cartel. "A cartel without Mr. Ford would be useless and hence we are forced to continue our present wasteful, extravagant methods in spite of the depression." So last week spoke Andre Citroen, Europe-bound, after explaining that unwillingness to cooperate on Mr. Ford's part had dashed his plans for an automobile cartel (TIME, Oct. 26).* Last week Ford's world 1931 production was estimated by the New York Daily Investment News at 800,000 cars, equal to the estimate for Chevrolet, greater than that of any other competitor. Also last week, a Ford wage-cut heralded a new Ford model.

Kresge to Kresge. The Kresge Department Store in Newark has long been a big loser for Kresge Department Stores Inc., which shares its ownership with Sebastian Spering Kresge. Last week Storeman Kresge bought the remaining half interest in the Newark store from the department store company for $2,000,000 and assumption of certain liabilities, stated he still had faith in his original judgment but was "not insensible" to the opinion of other shareholders that it should be sold. Kresge Department Stores, Inc. also owns the Palais Royal in Washington, D. C., has a large interest in The Fair, Chicago. It is not to be confused with S. S. Kresge Co., operating 5-c--10-c--25-c- stores, earning as much money this year as last.

*Another body which Mr. Ford has never joined is National Automobile Chamber of Commerce, although Lincoln Motor Co. has retained its membership.

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