Deals & Developments

Doran Out. He has never learned to drive a car. Nor can he use a fountain pen. But he published Aldous Huxley as willingly as he published James Moffatt's translation of the Bible. And in such versatility lay George Henry Doran's prowess as a publisher. His career's milestones have not been many. He was born in Toronto in 1869, began selling books when he was 15. In 1908 he left Fleming H. Revell Co., Manhattan religious publishers, of which he had become a vice president, to form his own house. In 1928 he merged with Doubleday, Page & Co. which became Doubleday, Doran & Co. Inc. Last week, aged 61, he resigned from Doubleday, Doran to join the forces of William Randolph Hearst.

What Bookman Doran will do for Mr. Hearst is vague. He himself says he will be "a salaried official." His work is described as "foreign contact man" with various connections with Mr. Hearst's book publishing, magazines, newspapers. In foreign contacts he will be valuable, for Mr. Doran is an international figure. Famed in London are his professional feasts. He has known how to secure such authors as Sir Arthur Gonan Doyle, Joseph Conrad, Arnold Bennett, Rudyard Kipling, Hugh Walpole, Herbert George Wells, Somerset Maugham, Frank Swinnerton. In the U. S. he has long been known as one of the very best people for very young writers to see. George Doran was never a man to turn away a novel because it was a "first." Consequently he has published even more bad books than good ones. To people who marvelled at the number of Doran-published books, he used to say: "If I could and if they were good enough I'd publish all the books there are."

Stories there have been that successful, individualistic George Doran got on none too well with successful, individualistic Nelson Doubleday after their conjunction. But his resignation was stated to be "accompanied by the utmost goodwill of all concerned." Testimony to this are the facts that he will keep his stock in Doubleday, Doran & Co., that his name will not be stricken from the firm's title.

Biggest Bank's Bond House. Biggest of banks in assets, Chase National last week planned a deal that will broaden its sphere of influence tremendously. Through Chase Securities Corp. the bank has long been in the wholesale bond business, has recently started to build up an international distribution system. Last week, Chase Securities Corp. announced it will acquire ownership of Harris, Forbes & Co., potent and far-flung bond house. To Chase this means access to one of the largest bond distribution systems in the country. To Harris, Forbes it brings unlimited resources to handle the increasingly large deals of the multi-million era.

No cash will pass in the deal. Chase Securities has bought Chase stock in the open market, will exchange it for Harris, Forbes shares, making Harris, Forbes a large shareholder in the world's biggest bank.

I. M. M. to Roosevelt? Fast growth has marked the career of Roosevelt Steamship Co., shipping group whose leaders include Kermit Roosevelt and William Vincent Astor. Last week it was reported "discussing" the most significant deal in its history--acquisition of International Mercantile Marine Co. Formed by the elder J. P. Morgan in 1902, I. M. M. has not been too successful, but recently it was reorganized and has units which Roosevelt lines can expand. While Roosevelt merely rents vessels from the U. S., as needed, I. M. M. is a holding company whose fleet is composed of 46 ships of 427,769 gross tonnage, whose assets come to $164,084,000. Unusual in the deal was the fact that the able head of I. M. M. is Philip A. S. Franklin, while a vice president of Roosevelt Lines is his able son, John M. Franklin. Roosevelt lines announced no details or plans but shipping men expect them to dispose of I. M. M.'s foreign-registered tonnage, place more boats on trans-Atlantic runs, give competition to Paul W. Chapman's U. S. Lines.

Mates of the Vestris. While in England the famed Royal Mail Steam Packet Co. continued to flounder on a stormy financial sea, last week its subsidiary, Lamport & Holt Line, retrenched. For 50 years L. & H. ships have plied between New York and eastern South America. Last week the company announced that, though its seven freighters will continue, its two passenger ships, Voltaire and Vandyck, will temporarily cease to ply. Reason: business depression. Competitors of L. & H. are the Furness-Prince. Munson and Garcia & Diaz lines. None of these has reported any contemplated retrenchment. Running mate of the Voltaire and Vandyck was the Vestris which, overloaded, unseaworthy, sank with a loss of 111 lives (TIME, Nov. 26, 1928).

Tire Stations. Standard Oil Cos. of New Jersey, Pennsylvania and Louisiana, Imperial Oil Co. of Canada and Beacon Oil Co. announced they all would henceforth sell tires at their thousands of filling stations. Significance: competition in rural sections for the big mail-order houses.

Plug Changing. AC Spark Plug Co. reported a six-month rise in sales to service stations, a decline in sales to factories, a development suggesting that people are making their old cars do instead of buying new ones this year. But AC's president, Harlow H. Curtice explained: "We have stressed the importance of changing plugs every 10,000 miles."

Van Sweringen Trolley. Under Van Sweringen dominance is one of the greatest U. S. railroad groups. Also under Van Sweringen dominance is the comparatively infinitesimal electric Shaker Heights Rapid Transit, only transportation outlet for Cleveland's Van Sweringen- developed residential district. Last week to the affairs of Shaker Heights Rapid Transit came a crisis. Because the trolley-fare had been increased from 10-c- to 15-c-, 400 residents of the Heights held a mass meeting, unanimously boycotted travel upon the smallest of Van Sweringen lines.

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