Notes

Fisher Body of General Motors.

Seven years ago General Motors made an exceptionally profitable investment by buying 1,441,920 (60%) of Fisher Body Corp.'s shares for $32,151,825. This has already earned $23,130,800 in dividends and $25,217,000 in Fisher Body equity. Not only such profits but also the desire to have completely in its train a manufacturer the merits of whose products have gained almost unprecedented fame, have made the motor makers covetous of the remaining 40% of Fisher stock. But the chief minority holders refused all propositions until last week, when they were reported as about to sell out on the basis of 1 1/2 of their shares for 1 G. M. share.

Tire Fabrics. In Akron, Ohio, President Bertram G. Work of the B. F. Goodrich Rubber Co., the greatest single producer of rubber products in the world, has become almost a tradition, although years ago he was familiarly called "Bert." He is rarely seen in public, almost never in the company of such famed rubber men as Harvey S. Firestone and Frank A. Seiberling (president of Goodyear Tire & Rubber Co. 1898-1920, of Seiberling Rubber Co. since 1920). Even his comings and goings pass unchronicled in the local press.

Three weeks ago he was reported in Georgia inspecting with a group of strangers certain textile mills. The natural inference was that he intended placing contracts for tire fabrics, and Akron folk knew that if he did, he would drive a sharp bargain advantageous to his company. At least he made a huge deal, which was consummated last week in Manhattan. The contract was between President Work and President Harry T. Dunn of the Fisk Rubber Co., on the one side, and R. E. Hightower and his son, W. H. Hightower, the Georgia textile people. It provided for $100,000,000 worth of cord tire fabric for delivery in the next ten years and gave the Goodrich people a partnership in the Hightower interests. This is the most important industrial deal Georgia has ever seen, and almost certainly the largest textile transaction ever made anywhere.

Dodge. Dodge Bros, are keeping their production schedule below demand. "As of April 24 ... [3,300] dealers in the U. S. had on hand 26,921 new cars and trucks, against which they held 17,568 signed orders . . . the small surplus being reduced ... [a fortnight ago] 8,264 cars [shipped] and retail deliveries 9,566." (President E. G. Wilmer.)

Dillon Again. To every business persisting in the hands of its founder's descendants comes at one time or another the temptation to sell out. Such descendants all too often are inept in business affairs, fain would clip coupons and shy at "trade." To one such group, the scions of Samuel S. White, founder in 1844 of the S. S. White Dental Manufacturing Co. (now the world's largest concern of its field), and to the company's shareholding employes, came Clarence Dillon of Dillon, Read & Co. Mr. Dillon offered to buy them out, just as he offered and did buy out the Dodge Bros, family business and the National Cash Register Co. (the Pattersons). To the White people he tendered $5,000,000 plus the assumption of their $1,000,000 liabilities. They rejected them last week, 27,866 shares to 14,455, and their President Frank H. Taylor, who favored the transaction, resigned.

Electricity. Production of electricity proceeds amain with new needs demanding more power and excess power stimulating new needs. Last year, according to last week's compilation by the Electrical World, 110 U. S. light and power companies each generated at least 100,000,000 kilowatt-hours. Indeed 14 created more than 1,000,000,000 k.w.h. each. The 110 all together made 56,079,006,233 k.w.h. against 48,725,178,113 k.w.h. the preceding year.

The greatest producers were:

Niagara Falls Power 3,161,130,010

Commonwealth Edison of Chicago 3,091,424.000

Edison United of N. Y 2,262,620,409

Pacific Gas & Electric 2,001,474,640

Southern Calif. Edison 1,987,661,654

Detroit Edison 1,732,420,700

Philadelphia Electric 1,521,639,979

Public Service Gas & Elec 1,358,318,172

Montana Power 1,234,052,127

But the greatest producer in the world was not of the U. S. This was the Hydro-Electric Power Commission of Ontario, Canada--3,298,347,874 k.w.h.