Word: craned
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Highly conscious of its small beginnings, its amazing growth and its venerable traditions is Crane Co. This great plumbing house likes to recall the fact that it was established in Chicago in 1855 as a "Brass & Bell Foundry" with one employe- Richard Teller Crane. It likes to recall that in 1930 it had 20,000 employes, one-fourth of whom had been with the com-pany ten years or more. It likes to use waste space on its printed matter or in display windows for maps showing its 150 branches and factories in the U. S. and Canada...
...years of its history Crane Co. has had only four presidents, three of them Cranes. First was the founder who until his death in 1912 delighted in annoying Chicago socialites by insisting that he was nothing but a plumber. The next two Presidents Crane were his sons, Charles and Richard Jr. Son Charles preferred politics and traveling to plumbing and by appointment of President Wilson in 1920 became U. S. Minister to China shortly after his own son had become first U. S. Minister to Czechoslovakia. Son Richard also liked traveling but liked it best when he was roving...
...from Crane's viewpoint President Nolte is both young and almost an outsider. He has been a director for only two years, although as head of Chicago's Robert W. Hunt Co., biggest firm of consulting, testing and inspecting engineers in the U. S., he has long worked closely with Crane. He lives modestly with his wife and two children on Chicago's South Side, works hard and long, golfs badly, fishes infrequently...
...past four years Crane's head has been John B. Berryman, an oldtime vice president. Last week Mr. Berryman moved up to board chairman, making way for what he called "an extremely young man"-Charles Beach Nolte, 49. "I've reached a very old age." explained the ruddy, strapping master plumber...
...corporation which Mr. Nolte took over one day last week when he taxied to the Crane Building at No. 836 South Michigan Avenue and hung up his grey fedora in the president's paneled office on the third floor has paid no dividends on its common stock since 1931. That year for the first time in its corporate history Crane Co. operated at a loss. A producer of capital goods, Crane was in the red for the next two years but in 1934 climbed out to the extent of $1,000,000 (1929 profit: $11,500,000). And last...