Deals & Developments

Cunard Passage. With a big ship abuilding and profits down from 1929's $4,000,000 to $93.000, last week directors of Cunard Steamship Co., Ltd. passed the dividend on common snares, said they have cut salaries. The new ship will be 73,000-tons, to cost $30,000,000, is being built on the Clyde. It is now known merely as "No. 534," the contractor's name for the job.

Container Meeting. For several weeks there has been war in Container Corp. of America (TIME, March 23). Last week it was settled in the favor of young President Walter Paul Paepcke. Vice President John Paul Brunt, opposing him in a proxy fight, polled a paltry 220,187 out of a possible 1,324,000 votes, was not re-elected a director. New directors included William R. Basset of Spencer Trask & Co., George de B. Greene of E. H. Rollins & Sons.

Laggard's Withdrawal, Far behind the great motor companies, partially obscured by their dust, the laggards of the industry in vain attempt to overtake their competitors. Last week one of these laggards drew to a halt, abandoned the race. Stockholders of Gardner Motor Co. Inc. were asked to approve the complete liquidation of their company.

In 1882 Russell Eugene Gardner of St. Louis formed Banner Buggy Co. out of which grew Gardner Motor Co. In 1924 Russell Eugene Gardner Jr. replaced his father in the driver's seat as president, attempted to quicken Gardner's pace by abandoning fours for sixes and eights. But Gardner's sales have shrunk, its fuel reserve of cash has been drained to almost nothing, for four years it has operated at a loss. Motor men do not blame Gardner's withdrawal on poor driving so much as on the difficulty for any small producer to survive because of high production costs.

Brotherhood & Jordan. In motordom, the history of Jordan Motor Car Co. Inc. has never been dazzling. In finance, the adventures of Grand International Brotherhood of Locomotive Engineers have been marked with failure. Last week a unique relationship between the Brotherhood and Jordan was proposed.

By using its goodwill among its 83,000 members, the Brotherhood will attempt to sell Jordans. In return for this, the Brotherhood has been granted an option on 30,000 shares of Jordan at $10 during the next five years.* Hence, if enough Jordans are sold and if Jordan shares go up, the Brotherhood will stand to make a profit and recoup its losses of former years.

One reason for the deal is that both Jordan and the Brotherhood are in Cleveland, where eleven years ago the Brotherhood formed Engineers National Bank, merged last year with Citizens Bank & Trust into Standard Trust Bank. But the motor trade saw chiefly in it the handiwork of Edward Stanlaw Jordan, 48, head of Jordan Motor Car Co., voluble salesman.

Tariff-Born Moves. Fortnight ago, faced by the new Canadian tariff, Nash Motors with Durant Motors of Canada, Ltd. formed a subsidiary to make automobiles at Leaside, Ont. Last week there were two other tariff-born moves. Reo Motor Car Co. took over the old Dodge Brothers plant at Toronto, will be making Canadian Reos shortly. Hupp Motor Car Corp. started work on a plant at Windsor, Ont., will be in production within 90 days.

*Shares in Jordan Motor Car Co. sold last week at $1. But these shares are presently to be exchanged for shares in the new Jordan Motors Corp. at the ratio of ten old for one new. The option is for shares in the new company.

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