Deals, Financing

One of the reasons why so much money is being poured into the stock market is that there are many new stocks to buy. Privately held, closed corporations are issuing stock, taking the public into partnership. Corporations that have long been publicly -owned are undertaking new financing for expansion purposes. And the merger trend--outstanding movement in current industry--continues as an important element in Industry's insatiable appetite for money. Of last week's new deals of various kinds, the following were of particular interest:

Neet. Since 1918 the Hannibal Pharmacal Co. has been making toilet accessories, especially Neet, a potent, sulphuric depilatory with which thousands' of U. S. women have removed superfluous hair from arms and legs. Last week was announced the formation of Neet, Inc., to carry on the business and 60,000 Neet shares were offered at $25. Neet, first hair-remover to be marketed in cream form, had a 1928 sale equal to half that of all other depilatories combined, and earned more than $200,000 in the six months ending June 30, 1929.

Western Newspaper Union. Many a country newspaper, weekly or daily, appears with its inside pages made up of either boiler plate or patent insides. It is from Western Newspaper Union that most of the boiler plate and the patent insides come. Boiler plate is the trade name for stories and articles (usually of feature or semi-feature character) which are prepared, written and set up by Western Newspaper Union staff. The country editor, low on news, simply takes as much of the boiler plate material as he needs to fill up his issue. Patent insides are somewhat different, pertaining to advertising, not to editorial content. The editor who patronizes a patent insides service is sent an entire newspaper With the first page blank but with many an advertisement printed on the inside pages. Then the editor runs the paper through his presses and prints local news on the blank spaces between the advertisements. Inasmuch as the advertisements in the patent insides are largely for patent medicines and other low-class advertising, the patent insides paper is somewhat looked down upon. Western Newspaper Union supplies some 10,000 papers, some with boiler plate, some with patent insides. It also prints several minor Chicago papers (including the smaller Negro organs) and various trade-papers and magazines. An electrotype and stereotype mat service for national advertising in country papers is another important Western Newspaper Union activity.

Onetime owner of Western Newspaper Union was George A. Joslyn, who died in 1916. Since 1916 stock has been controlled by Mr. Joslyn's widow and other heirs. Last week, however, Western Newspaper Union exchanged its private for public 'ownership, issued $4,250,000 in gold debentures. The company earned $765,825 in 1928.

Bonwit Teller. A Fifth Avenue, Manhattan, smartmart is Bonwit Teller & Co., founded 35 years ago by Paul J. Bonwit. Little Bonwit Tellers have been established at Miami Beach, Palm Beach, Southampton, Bar Harbor. Last week Bonwit Teller made partners of the public, offered 60,000 shares of preferred at $52. For fiscal year ending Jan. 31, 1929, Bonwit Teller showed net earnings of $563,066.66. The new financial structure will be operated by the old management.

General Theatres Equipment, Inc. When U. S. cinemaddicts go to U. S. cine-mansions, the seats they sit in, the projector that throws the picture on the screen, the cameras with which the picture has been taken, all well may come from General Theatres Equipment' Inc. and its subsidiaries. General Theatres Equipment, Inc., organized as a holding company for makers of projectors, cameras, seats and other theatre equipment, last week offered $6,000,000 in gold debentures, proceeds to be used in acquiring stocks in the companies mentioned.

Chase & Sanborn, Inc. When, last month, the famed Morgan merger of Fleischmann Yeast and Royal Baking Powder was announced (TIME, July 1), Chase & Sanborn, Inc., coffee importers, controlled by Royal, was inferentially included in the merger. Last week the Fleischmann-Royal combination, by this time formally christened as Standard Brands, Inc., reorganized Chase & Sanborn, Inc. as a wholly-owned subsidiary. It will operate as a merchandising company, importing coffee, tea, spices, food sauces and similar specialties. The Standard Brands management also spent a busy week denying persistent rumors that Pet Milk was next on the list of foods to be swallowed up.