Deals & Developments

Clicquot Caps, "Have you any Clicquot Caps?" is a question solicitors for unemployment relief organizations may soon be asking. Last week Clicquot Club (ginger ale) Co. announced that it will pay 1-c- per cap to approved charity organizations. It will take 10,000 caps to raise $100, but admen saluted a stroke of smart publicity.

Salvagers. With more zeal than comprehension, conscientious Wall Street neophytes for more than a decade have ploughed through Lagerquist's Investment Analysis. Last week many of them were surprised to learn that Walter Edwards Lagerquist is a man, not a book. Co- operating with George A. Rogers & Co. Inc., he formed a firm which took for its province all defaulted bonds, now estimated to total $3,000,000,000. Defaulted Securities Co. Inc. will attempt to place a salvage value on sour issues (presumably employing Mr. Lagerquist's famed methods of investment analysis), and then create a market for them. It expects to be of special value to small banks which have found their defaulted bonds altogether unsalable. A onetime professor of finance at Northwestern University, Analyst Lagerquist was an investment counselor at Manhattan's Irving Trust Co., served on Dr. Edwin Walter Kemmerer's finance commission to the Republic of Colombia in 1930, now has his own investment counsel firm.

Telefonica Safe. The heavy, heavy threat that International Telephone & Telegraph Corp.'s big Spanish subsidiary might lose its franchise was lifted last week. When Left-wing deputies demanded that the bill abrogating the contract be brought up for debate, Premier Azana requested that the Cortes refrain from discussion, declaring: "The Government takes full responsibility for the negotiations [with Compania Telefonica National de Espana for a new contract] . . . will stand or fall on the question." The Cortes voted 181 to 11 to let the Government stand, but not until after two excited deputies had started to pummel each other.

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