Word: peete
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Bogged-Down Trucks. For companies whose profits were down, the cause was generally 1) high-priced inventories at a time when prices were dropping or 2) a shift to a buyers' market, which cut sales. Colgate-Palmolive-Peet, for one, reported a third-quarter net of $3.1 million (v. $5.3 million last year) on lower sales. Standard Brands showed a profit of only $787,519, a drop of 49%. With sales slipping, five out of eleven makers of electric appliances reported declines ranging from 2% (for Noma Electric) to 43% (for Bendix Home Appliances). Truckmakers Diamond T and Autocar...
Soap Opera. The soap industry's "Big Three"-Lever Bros., Procter & Gamble, and Colgate-Palmolive-Peet-were accused by the Federal Trade Commission of unlawful price discrimination against small customers by their rebate system to big buyers. P. & G. admitted that it gave rebates to protect wholesale stocks, whenever it lowered prices. But, said P. & G., it was a practice that had been respected for "many, many years," and once approved...
However, a few industries were already feeling the effects of competition and the buyers' market. With the backlog in trucks about gone, profits fell for such smaller producers as Mack Trucks (down 50%) and Autocar (down 90%). Colgate-Palmolive-Peet's half-year profits dropped more than 50%. Bendix Home Appliances also felt a sag in sales, reporting a profit of $900,550 for the second quarter v. $2,565,-208 for the corresponding period last year. Profits of shoe companies were down; International Shoe...
Soap Down. Soap manufacturers, who cut wholesale prices 10% only two months ago, announced new reductions. Procter & Gamble Co.'s cut averaged 5%, Colgate-Palmolive-Peet Co.'s 8%, Lever Bros. Co.'s 5%. Reason: declines in prices of oils and fats...
...college does not show its years. Beloit was once called the "Yale of the West" because two of its founders, Stephen Peet and Aaron Chapin, and its first two faculty members were all Yale men. Today it calls itself the oldest college in the Northwest,* and boasts of a top drawer anthropology department, with a $200,000 museum of its own (Explorer Roy Chapman Andrews is a Beloit graduate). One of Beloit's attractions for its students is its ability to hang on to some of the freshwater college atmosphere so dear to the scenarists who wrote Jack Oakie...