Deals & Developments

Seats. Seats on the New York Stock Exchange last week sold at $230,000; $220,000; $217,000: low levels not reached since the summer of 1927. The low price compares to $495,000, the high for a seat after deducting "rights" last year. Elected to the Exchange last week was John Francis Murray, son of the late Inventor Thomas Edward Murray, said to have obtained more patents than any other inventor except Thomas Alva Edison (TIME, May 25, 1925; March 17). Son Murray, a member of the Port of New York Authority, was long connected with Murray Radiator Co., sold recently to American Radiator & Standard Sanitary Corp.

Copper; 9 1/2 Cents. When copper had tumbled to 14-c- per Ib. last spring, M. Fernand Pisart, managing director of Societie Generale des Minerals of Brussels, potent marketer of African copper, arrived in Manhattan (TIME, May 5). Roundly was it hinted then that all copper countries would cooperate, the price be held. Last week, just after copper had dropped to a new low of 9 1/2-c-, a level not witnessed since 1895, it was disclosed that once again M. Pisart would visit the U. S. Again it is hoped that his arrival may mean an agreement to curtail African production, the weapon European consumers brandish over U. S. producers. But coppermen had little hope that 9 1/2-c- would be the nadir. One smelter was. reported already to be shading the new price, and there was talk that the lowest price in recent history, 1894's 9-c-, may be seen again. No company could make sizable profits at that price, many could make none. And coppermen noted with fear that last fortnight International Paper and Power Co. completed a 126-mi., 220,000-volt transmission line made of aluminum wire, first important one of its kind in the U. S.

Steel Shift. Siding with the Youngstown Sheet & Tube management against Cyrus Stephen Eaton in the longdrawn Youngstown-Bethlehem merger fight, have been Pickands, Mather & Co., Cleveland ironmen. Last week Pickands, Mather & Co. acquired a substantial interest in Empire Steel Corp. (not to be confused with Canada's British Empire Steel Corp. Ltd.) whose six plants are in the heart of territory covered by Mr. Eaton's Republic Steel Corp. Empire specializes in sheet steel for the automobile, refrigerator and metal furniture trades. It was formed in 1927, soon acquired several small steel companies, has $23,000,000 in assets. Empire's profits, however, have not been great; the preferred dividend was recently passed. Pickands, Mather & Co.'s entrance into the company was through acquisition of the holdings of William H. Davey of Mansfield, Ohio. New Empire president will be Paul Llewellyn, onetime president of Interstate Iron & Steel Co.

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