Green for Safety

Two weeks before last Saint Patrick's Day, salesmen of American Chain Co. appeared in bright green neckties. Asked why representatives of a Bridgeport, Conn. concern should celebrate Saint Patrick's Day--and prematurely, at that--salesmen replied that green was the color of safety, that green traffic lights meant go ahead, that green was American Chain Co.'s official hue. In the same spirit, girls who worked for American Chain were given imitation green jade bracelets. So successful was the color idea that the June 1935 issue of Industrial Power complimented American Chain by coming out in a green cover and various employes of Business Week copied the green neckwear of American Chain salesmen. Slogan of American Chain Co.: "In Business for Your Safety." Last week American Chainmen might have tried a black-and-gold color scheme --black for profits, gold for dividends. American Chain got out of the red in 1934. This year, with probable profits of $1,300,000, it was well advanced along recovery's road. Last week it declared a $3.50 payment on preferred dividend arrears and the likelihood of further payments boosted the stock to $115 on the New York Stock Exchange. Holding 52,799 shares of Chain common, as well as 325 shares of its preferred, President Walter B. Lashar was well pleased with the dividend declaration. Most famed product of American Chain is the Weed nonskid automobile tire chain. Weeds, however, were not invented by Mr. Lashar but by Hiram Weed of Canastota, N. Y. In the early 1900's Mr. Weed bought his chain from a small chain company, of which Mr. Lashar was sales manager. In 1915 Mr. Lashar, backed by William T. Morris of New York and Wilmot F. Wheeler of Bridgeport, took over the tire-chain business. Mr. Weed retained an interest in the company, collected patent royalties. By that time the War was on, business was good, and in 1916 Mr. Lashar purchased Parsons Non-Skid Co. Ltd., of London, became international leader in his special field. American Chain made all kinds of chains, including chains for anchors. With German U-boats creating an abnormal demand for new shipping, American Chain worked out a semi-automatic process for quick anchor-chain production, supplied the entire Wartime anchor-chain requirements of the U. S. Government. Shortly after the Armistice, Mr. Lashar issued an advertisement headed "The Honor in Our Discharge from the Service," said that the company was "poorer in pocketbook" on account of government contracts, that "there has been no taint of profiteering in our escutcheon." He built himself a million-dollar, 100-room residence at Fairfield, Conn., and the company, rapidly expanding, acquired Page Steel & Wire Co. and two small steel companies, sources of raw material.

Mr. Lashar, who closely resembles Herbert Hoover, is also organizer and president of American Fabrics Co. (automobile upholstery), is board chairman of Bridgeport's First National Bank & Trust, a trustee of the Bridgeport-People's Savings Bank. Shrewd and reputedly tightfisted, he made his one business error in buying downtown Bridgeport real estate in 1929. In 1930, hard hit by real estate and market losses, he temporarily closed his Fairfield mansion and with his wife and his 11-year-old daughter took a two-room apartment in the Stratfield Hotel. Today, he can stroll down Bridgeport's main street with no recognition from Bridgeport's general public.

Millions of U. S. motorists have used Mr. Lashar's products without ever having heard of their manufacturer, for American Chain is a shy, reticent concern unwilling to admit its leadership. The company still welcomes a hard winter (it refers to snow as "white gold") but constant diversification has made it less dependent upon anti-skid profits. Through subsidiaries it makes bridge cables and wire-rope. Many a U. S. airplane has control cables supplied by American Chain; much of the wire rigging on U. S. yachts comes from the same source. American Chain also makes mattress springs, automobile bumpers, safety razors and blades, and American Chain overshoes, anti-skid hoof-coverings for horses.

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