Deals & Developments

Old War. Ever smoldering is cigaret price-war between large retail organizations. Last August a truce seemed reached when leading 15-c- brands were raised to two-for-25-c- by the rival forces. Last week, however, the war again broke out. United Cigar Stores Co. of America offered for 50-c- two packages of either Camels, Old Golds or Chesterfields plus a package of five Gillette razor blades. The regular price of this combination would be 65-c-. Schulte Retail Stores Corp. followed by-reducing the same brands and also offering Lucky Strikes at 11-c- the pack. Wholesale cost to retailers is 11.26-c- the package. Angry because United Cigar Stores had not included Lucky Strikes in the special offer, American Tobacco Co. refused to sell directly to United. Books Back. Great was the upheaval in the book industry when several publishers started selling $1 books (TIME, June 2), and Charles Boni Jr. published paperbound books at 50-c-. Three weeks ago all firms except Doubleday, Doran & Co. discontinued $1 books. Last week Charles Boni gave up his paperbound 50-c- books, announced that subscriptions to Charles Boni Paper Books will be taken over by Literary Guild of America, Inc.

Winchester Receivership. In 1864 a foreman in a Connecticut factory invented a repeating rifle. A few were supplied to the Union Army in the final days of the Civil War. In 1867 Oliver F. Winchester, onetime (1866) Lieutenant Governor of Connecticut, formed Winchester Repeating Arms Co., merging several small companies. Into prominence and fame rose the name Winchester. During the World War the company employed 22,500 men in its 80-acre New Haven factory. It supplied all types of arms but principally Browning guns and service rifles.

Since the War, profits have come hard to Winchester, though to ordnance have been added cutlery, tools, fishing tackle, flashlights, batteries, skates, washing machines, radiators. Last week Thomas Albert Dwight ("Tad"') Jones, New Haven coal dealer and onetime Yale football coach, had Winchester Repeating Arms Co. placed in receivership. Arrangements for the continuation of business have been made, although now Winchester employs less than 3.000 men, most of them on a four-day basis. A banking house supposed to be largely interested in Winchester is Kidder, Peabody of Boston, in whose "Participation Trusts" appear sizable blocks of Winchester bonds. National Lead Co. owns $850,000 Winchester notes, due next year. Claimant "Tad" Jones stressed the friendly fact that he blames Depression, not the management.

Halt in Portland. In the U. S. on Jan. 1 there were 33 organized security exchanges. Last week one of these, Portland (Ore.) Stock & Bond Exchange, suspended operations "until such time as the general conditions of the securities markets in the country and the particular situation in Portland" justifies reopening.

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