Word: servel
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...Gren, since the death of Ivar Kreuger Sweden's No. 1 tycoon. Mr. Wenner-Gren was not discouraged by his failure to sell his Elektrolux (spelled with a c in U. S.) refrigerator to Mr. Sloan. Mr. Wrenner-Gren eventually got his asking price when he sold to Servel, Inc. the U. S., Canadian and Cuban rights. Through this deal he became Servel's largest stockholder and later a director. After a series of reorganizations Servel emerged in 1928 as a $14,000,000 concern backed by the Brady interests. It makes gasoline engines, truck bodies, mechanical refrigerators...
...dazzling growth to the electric refrigeration industry. Production leaped from 390,000 units in 1927 to 965,000 last year. Public utility companies have pushed sales to their customers to build up power consumption. At the forefront of the expansion have been General Electric, Kelvinator, General Motors (Frigidaire), Westinghouse. Servel's Electrolux has led the gas field. During the Depression many a smaller manufacturing concern has added electric refrigerators as a profitable sideline. Examples: Crosley Radio Corp., Grigsby-Grunow Co. (radios), Wurlitzer Co. (musical instruments)-all concentrating on the low-price field. In addition, a large number of independent...
...Sloan liked Mr. Wenner-Gren's refrigerator but not his price. Electrolux rights were sold to Servel. Inc., in which Mr. Wenner-Gren & Associates eventually became the largest stockholders. But last week Mr. Sloan must have remembered that visit for it became known that a division of General Motor's Frigidaire Corp. will soon offer the only other gas refrigerator in the U. S. It will be called the Faraday in honor of Michael Faraday (1791-1867), famed physicist. It is expected that sales will be handled in good measure by gas companies attempting to increase their...
...Servel...
...another Clarke-managed company. The recent decline in the shares of these two companies and of Fox Film Corp. are thought to have brought Pynchon & Co. to the breaking point. Other companies with which its name is associated include Consolidated Aircraft, American States Public Service, American Brown Boveri, Servel. As usual, Pynchon & Co. gave hope to creditors that not one cent would be lost, that even at present prices assets can meet liabilities. The extent of the money tied up is estimated at $40,000,000, establishing the failure as the biggest yet on the New York Stock Exchange...