Business: 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...

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