Deals & Developments

Texaco Buy. Indian Red Gasoline, Havoline Waxfree Lubricating Oil and Pure Parafine Wax are the chief products of Indian Refining Co. whose refinery is at Lawrenceville. Ill. It calls Indiana,

Ohio, Michigan, Illinois and Kentucky "Inside Territory," therein sells 90% of its gasoline. Last week The Texas Corp. (on its tanks not T. C. but T. T. C.) offered 157,200 shares of its stock to acquire Indian Refining. This is an offer of about $6,288,000 against Indian Refining's market value of about $5,028,900.

In St. Paul. Last week the only independent trust company in St. Paul of major size was a new trust company. To form it, Northwestern Trust Co. and Merchants Trust Co. merged and became First Trust Co. President of Northwestern was E. P. Davis, last active banking executive who was identified with late great Railroad Building James Jerome Hill. He will retire, Philip L. Ray will head the new trust company.

Van Sweringen Deposit. Many have been the rumors during the past fortnight concerning Cleveland's Van Sweringen brothers (TIME, Nov. 3). In selling a $30,000,000 bond issue of Van Sweringen Corp. they had agreed to keep readily marketable securities of at least half that amount in the corporation's treasury. Last week they answered the gossip in a convincing manner. From Van Sweringen Corp. they withdrew the 1,000,000 shares of Alleghany Corp. whose market value had shrunk below the required level, substituted $15,000,000 in U. S. Treasury certificates.

Tickets by Wire. Last week the 16 theatre ticket brokers accredited by the League of New York Theatres resigned in anger. And almost simultaneously the League, which includes more than 80% of legitimate New York theatres, announced that henceforth Postal Telegraph & Cable Corp. will handle ticket orders through 125 of its offices in New York City. Postal will charge a 50-c- handling fee, will deliver reservation slips to customers' homes. 'About one-quarter of the tickets for each performance will be sold at box offices, may be taken by brokers. It has been possible in the past to telegraph for tickets, but unique in the present arrangement is the fact that Postal can report instantaneously on what seats are available.

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