Deals & Developments

Low Pig. More basic commodity than steel is the pig iron from which steel comes. Last week's Iron Age reported pig iron production during the first seven months was off 17.8% from last year, 3.2% from 1928. But production in August started off at the lowest daily rate for any month in nearly six years.

Nitrate Cartel. Newest of international cartels is that announced in Berlin last week when world nitrate makers agreed to cooperate on production and prices. Significance: peace between makers of synthetic nitrate and the nitrate miners of Chile who recently banded together in one tremendous holding company to meet synthetic competition (TIME, July 28).

Chemical Reabsorption. One of the last investment trusts to be launched on the bull tides of last summer was Chemical National Associates, Inc., formed in September by Chemical Bank & Trust Co. interests. Last week Chemical Bank an nounced plans for absorbing the holding company, whose market value is down less than $2 from last year's offering price and whose portfolio consists mostly of prime bonds and acceptances, few common stocks. Before the deal goes through, however, Chemical National Associates non-voting stock will be made voting, its owners polled.

G. E. in Hungary. An exchange of processes and technical discoveries as well as general co-operation was agreed upon last week by International General Electric (G. E.'s 100 percent-owned subsidiary) and Ganz & Co., biggest machine-building and electrotechnical company in Hungary. In payment for this reciprocation, Ganz & Co. will give G. E. a large block of stock, will invite several G. E. directors to join the Ganz board.

Teenie Weenie. Still profiting from the fad-of-the-land last week were the owners of Tom Thumb Golf courses (TIME, July 14, Aug. 11). But a new rival arose. Advertised Stern Brothers, Manhattan department store: "Play on your own lawn. . . . Teenie Weenie Lawn Golf . . . the new game sensation . . . $7.50."

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