Downtown

P: Henry Ford has been making steel for years but never enough to build all his automobiles. When the steel code stopped the discounts which steel's biggest customers were getting on their orders, a rumor spread that other motormakers would take a tip from Henry Ford and buy or build their own plants. Last week it was reported that Mr. Ford himself had started a $10,000,000 steel expansion program. United Engineering & Foundry Co. of Pittsburgh announced that he had ordered a complete set of rolling mills for his River Rouge plant.

P: In the days of Calvin Coolidge North American Co., holding company for over $600,000,000 worth of Midwest Utility properties, declared no cash dividends on common stock, paid in stock only. During Depression it continued its strong cash position, reducing construction expenditures from $42,000,000 in 1931 to less than $16,000,000 in 1933. Last week for the first time in ten years it declared a cash dividend of 12 1/2-c- on common stock, in addition to a stock dividend of 1% and the regular 75-c- on preferred.

P: So vast were the oil holdings of the late Thomas B. Slick, "king of wildcatters," "richest independent operator in the world," that even after he sold the major part of his Southwestern leases to Prairie Oil in 1929 for $35,000,000, he still had 112 wells in Oklahoma producing 20,000 bbl. a day. These holdings, known as the Slick-Urschel Oil Co., have been managed since his death by Charles F. Urschel, ransomed from kidnappers last summer (TIME, July 31, Aug. 7), and by Mrs. Slick who became Mrs. Urschel. Slick Oil has sold most of its output to Stanolind Crude Oil Purchasing Co. (Standard Oil of Indiana). In recent months, despite overproduction, other major oil companies have been seeking new crude sources. Oilmen are jealous of their reserves and no flush fields have been opened for several years. Last week Standard of New Jersey, through its mid-continent producing unit, Carter Oil Co., bought Slick-Urschel Oil and all its holdings for $5,000,000 cash (estimated).

P: Through Postal Telegraph, Chicago University's President Robert Maynard Hutchins three weeks ago had a birthday message sung over the telephone to his wife. Postal Telegraph called the service "irregular," stopped it. Through Western Union one can send any of twelve prepared birthday greetings, have notes, letters, orangeade, sandwiches delivered by messenger, subscribe to TIME. Last week Western Union added a new service when it agreed to accept packages at all of its offices for shipment through the Railway Express Agency. At no extra cost Western Union messengers will call for packages up to the value of $250, take them to the nearest Railway Express office. Devised by Presidents Leon O. Head of Railway Express and Roy Barton White of Western Union, the system will go into effect within 30 days.

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