Deals & Developments

Fair Exchange. When the Government decided that Standard Oil Co. of New York might legally merge with Vacuum Oil Co. (TIME, June 15), it was apparent that the original merger terms would have to be revised. Last week it was decided that the deal will go through with two and one-half shares of Socony considered equal to one of Vacuum, instead of the former 3-1 ratio. Both companies will operate under their former names. The holding company will be christened Socony-Vacuum Corp.

Submarine's Freight to Dollar. Into the fold of the big Dollar Line fleet last week steamed 22 freight vessels. They had just been bought from Transmarine Line for $400,000. Transmarine is a subsidiary of Submarine Boat Corp. which was formed in 1915, made money during the War, made its permanent dive into the sea of losses in 1925. In 1929 Submarine Boat, still submerged in losses, crashed into a receivership. Shippingmen thought it unlikely that the Dollar Line would place Transmarine's vessels back in the well-served intercoastal route from which they were withdrawn in 1928. At present the Transmarine fleet is anchored at Port Newark, N. J.

Piggly Wiggly, Kroger Grocery & Baking's subsidiary, Piggly Wiggly Corp., last week gave Almar Stores Corp. of Philadelphia the franchise right to open

1,000 Piggly Wiggly stores in Pennsylvania and New Jersey. Almar President is Joseph Richard Peters, onetime Piggly Wiggly vice president, onetime director and vice president of Welch Grape Juice Co. Total Piggly Wigglies in operation under franchise will now total 3,700.

Sunny's Cloud. For some years the 25 service stations of Sunny Service Oil Co. have undersold national oil companies in Detroit. Last week Col. Walter Corydon Cole of Union League Club of Michigan accused Sunny Service of buying gasoline from U. S. S. R. at 3 1/2-c- a gallon, "laid down" in Detroit. That is only a fraction more than mere transport charges of gasoline from Texas to Detroit.

Otis Resignations. In 1899 Charles Augustus Otis founded the banking house of Otis & Co. Sixteen years later he made young Cyrus Stephen Eaton a partner. Last week Charles Augustus Otis resigned from the firm bearing his name as did Partner Mervin Clark Harvey. Both will go to E. A. Pierce & Co., buyer of the brokerage business of Otis & Co. Other influential Otis & Co. partners who have resigned include Joseph Oriel Eaton (no relation to Cyrus), Richard Inglis, Ferdinand Eberstadt. Cyrus Eaton remained, comparatively alone.

Banking 6 Power. Marine Midland Corp. last week acquired its 17th bank, also two important new directors. The bank was First & Second National Bank & Trust Co. of Oswego, with $5,700,000 in deposits. The directors were Niagara Hudson's Floyd Leslie Carlisle and Henry Edmund Machold, vice president of F. L. Carlisle & Co., both of whom had been directors of the Oswego bank. Their election strengthens the community of in- terest between the $784,000,000 Niagara Hudson power system and the $586,000,000 banking group.

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