Word: elgin
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...watchmakers' long fight for a high protective tariff on Swiss watches, none fought harder than Elgin National Watch Co.'s President James G. Shennan. But when Harry Truman vetoed boosts of as much as 50% recommended by the U.S. Tariff Commission last summer (TIME, July 14), Shennan knew he was whipped. Last week, in a statesmanlike manner, he conceded it. He still did not agree with the President's decision, said Shennan, but "we are aware that [it] reflects a widespread belief that a reduction of tariff barriers will further the interests of world peace. However much...
...which he could sell profitably, develop research to make others. For two years Shennan has been preparing his course by acquiring other companies, such as Kentucky's Wadsworth Watch Case Co. and Rhode Island's watchband-making Hadley Co., which also makes cuff links, tie clasps, etc. Elgin itself is importing Swiss movements for Wadsworth cases, and making compacts, emblems, and product name plates-plus $23 million of defense orders. Result: Elgin's 1952 sales are estimated at $50 million, v. 1950's $30.2 million...
...rows of dingy, neglected buildings in the main shopping district of Elgin, IL. have long been eyesores. But lately their shabbiness has done more than just hurt the eyes; a modern business district, going up in the town of Skokie some 25 miles away, has threatened to hurt Elgin's pocketbook as well. Last week Robert C. Kewley, president of the city's Union National Bank and Trust Co., was busily sprucing up Elgin (pop. 44,223). He offered loans up to $7,500 at 1% interest (v, the going rate of 3 to 6%) without collateral...
Although they were shouting long before the tariff fight had even begun to settle, there seemed little doubt that the Swiss had the story about right. Since 1951, three major U.S. jeweled-watch manufacturers, Hamilton, Elgin and Waltham, have been constantly pressuring the Tariff Commission to raise duties on Swiss imports. Their argument: Swiss movements have cut into their market until they now sell only 19% of the watches sold in the U.S. in comparison with...
Battery Watch. An electronic wrist watch that eliminates 30 parts found in ordinary watches and keeps "perfect" time was exhibited last week by the Elgin National Watch Co. of Elgin, Ill. The watch motor is the smallest ever built, runs for a year on a peanut-sized battery. Elgin plans to market the watch in about 18 months for $200-$500, expects it will be "some years" before the watch can be brought down to the $50 class...