Word: silk
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Gerli Touch. One of the crosses borne by the Manhattan firm of Edward B Smith & Co. in the 1920s was Belding Heminway Co. The first half of this corporation the Smith firm bought from the Belding family, silk spinners since the Civil War. The stock was sold to the public at $39.50 per share...
...next Smith move was to merge Belding with Heminway, another Connecticut concern founded in the first year of the Gold Rush. Now the oldest silk company in the U. S., Belding Heminway accounted for one-half the country's spool silk and no small share of its fabrics and hosiery. Nevertheless, Belding languished throughout the most florid years of the New Era. The net result of the bankers' touch was a deficit each year from 1928 through 1932, a decline in assets from $14,000,000 to $4,000,000 and a low for the stock...
Meantime another old silk family, neither weavers nor spinners but merchants, became convinced that what Belding needed was new management. The commission house of E. Gerli & Co. already owned a small interest in Belding, and as the stock dropped they bought & bought. Paolino Gerli, general manager of his family house, is the swart, able young head of the International Silk Guild. Belding stockholders were soon convinced that Paolino Gerli knew something about their business. High Belding executives were shuffled around until Mr. Gerli finally picked Raymond Charles Kramer for president...
President Kramer was a troubleshooting merchandiser, an associate director in Amos Parish & Co., director of Hahn Department Stores. He promptly bought out Corticelli, one of Belding's few spool silk competitors, concentrated production in the efficient Putnam, Conn, plants, scrapped the unprofitable fabric and hosiery manufacturing division, wound up last year with a $500,000 profit. He continued to make money this year, paid off a bond issue. Last week the Belding Heminway directors declared a 50? dividend - their first in six years...
...Harvard's opponents this fall, and one which is reckoned as one of the strongest by some of the insiders-- namely Dartmouth--has made a notable change in its football uniform. Instead of the usual brown silk pants with the woven sections for ease of movement, the Big Green will sport a pair of breeches made of silk, aluminum-colored airplane cloth...