Hormel Reports Narrow Profit Margin and Borrowing Needs
Hormel chairman Jay C. Hormel told about 150 stockholders at the annual meeting that profit margins have fallen to below one cent on the sales dollar. The company has borrowed 10.4 million dollars for capital needs in the past two years and may need higher profits or reduced spending to avoid more borrowing.
MENTIONED IN THIS ARTICLE
Hormel
Jay C. Hormel
Mr. Hormel
M. F. Dugan
Austin
R. S. Banfield
S. D. Catherwood
H. H. Corey
R. H. Daigne
Park Dougherty
Clarence A. Nockleby
J. L. Olson
T. H. Hocker
R. D. Gower
George W. Ryan
E. J. Garrity
P. C. Knopf
R. C. Dougherty
R. H. Biedermann
Ernest H. Larson
Dugan
Austin and Vicinity
Hormel stockholders urged to boost profits and invest
J C Hormel outlines dwindling margins from meat sales, noting profits fell from two cents to about one cent per dollar of meat. He warns continued borrowing for capital and calls for higher earnings to fund machinery, research, and improvements for producers and consumers. He asserts management aims to benefit the community through prudent investments.
Ship Runs Out of Fuel on Long Tow to Port
The 10,000 ton steamship Atlantic Star ran out of fuel some 500 miles south of KodiaK Alaska and was towed to port by two navy tugs after a six day ordeal. Captain George Samothkakis, a British subject with 28 years at sea, piloted the vessel from Yokohama to Vancouver before refueling.
MENTIONED IN THIS ARTICLE
Kodiak
Alaska
Atlantic Star
Here
Yokohama
Vancouver
B. C
George Samothkakis
Suits Against UPWA Settled in Stillwater
Five Wisconsin men sued the United Packinghouse Workers of America Local 55 for more than 500000 dollars claiming beating and kidnapping during a 1948 Newport packing plant strike. Settled out of court with no disclosed details. plaintiffs Ashley Campine Earl Liks Harold Peterson Douglas Smiley and Vernon Spauling named defendants.
MENTIONED IN THIS ARTICLE
Stillwater
United Packinghouse Workers of America
Wisconsin
Cudahy
Newport
Ashley Campine
Earl Liks
Harold Peterson
Douglas Smiley
Vernon
Truman Faces House Hurdles Over Yugoslavia Aid Plan
The fight over a 38 million famine relief package for Communist Yugoslavia split party lines in the House as opposition warned against appeasement of communism. Senate had approved 50 million for drought relief, with 12 million spent, but the House dispute threatens passage.
MENTIONED IN THIS ARTICLE
Washington
Truman
Yugoslavia
House
Senate
Auto Crash Damages Not Quite So Heavy
Autos driven by O E Hagen and Wesley Hanf collided at St Paul and Allegheney. Hagen's car damage listed at 40.75 and Hanf's at 25. An additional 25 damage was reported to Mrs Lyle Jarvis after a collision with Alvin C Schroeder on E Bridge near River Street. Schroeder's car had no damage.
MENTIONED IN THIS ARTICLE
O. E. Hagen
Madison
Wesley Hanf
Winona Man Speaks at Insurers Association Luncheon
Winona resident James T. Schain, manager at Bauman and Gordon in Winona, addressed the Insurers Association of Austin at a Fox hotel luncheon. He spoke on war damage insurance and civilian defense topics.
MENTIONED IN THIS ARTICLE
James T. Schain
Bauman and
Gordon
Winona
Truman Shapes Up Program for Nationwide Mobilization
President Truman meets with congressional leaders to plan a national emergency proclamation and a Friday address to mobilize resources for war. The talks cover raising military manpower, expanding production, and price wage controls while 18 steel firms gain tax incentives to boost output. Senate and House figures push for a larger army and faster tank production to strengthen national defense.
MENTIONED IN THIS ARTICLE
Truman
Sen. Taft
Ohio
Senate Republican Policy Committee
Taft
Sen. Mahoney
D.wyo
National Security Resources Board
Vinson
D.-Ga
House Armed Services Committee
Secretary of the Army
Pace
Lyndon B. Johnson
D.tex
Senate Armed Service Preparedness
Senate
United States
Rail Walkout Ties Up Chicago Freight Traffic
A sudden unauthorized yard switchmen strike in Chicago halted much freight traffic, hindering war shipments during Korea. The army warned the move harms the war effort and vowed to restore normal service. officials called the walkout serious though incomplete. Chicago, the world’s largest rail center, hosts 22 class one lines, 16 switching firms, 7800 miles of track, 206 freight yards, and a capacity near 250000 cars. An industry spokesman framed the walkout as pressure for a wage hours dispute amid a possible war emergency.
MENTIONED IN THIS ARTICLE
Chicago
Washington
Korea
Russias Reply to Cease Fire Plan Due Today
The Soviet Union is expected to respond to the 13 nation cease fire proposal for Korea in the UN Assembly political committee. India, the Philippines and others pushed for rapid action with Entezam named to join Rau predicted to vote yes. The United States and Britain support the plan.
MENTIONED IN THIS ARTICLE
Lake
Russia
Korea
India
Philippines
Pakistan
Egypt
UN Assembly
Sir Benegal N. Rau
Assembly
Nasrallah Entezam
Entezam
United States
Britain
Motor Failure Delays Austin Herald Press Run
A mechanical motor failure halted the Austin Herald press Tuesday delaying 12 000 circulation. Parts from Albert Lea Tribune aided printing with mats recast and sent to Austin for late delivery. repairs to the failed motor in Minneapolis expected by Friday.
MENTIONED IN THIS ARTICLE
Austin Herald
Herald
Albert Lea Tribune
Tribune
Albert Lea
Austin
Chicago
Twin Cities
Sever Bang
George Heise
Minneapolis
Albert Lea Tribune Press
The
Egg Prices Dip Sharply Across Markets
Wholesale egg prices fell in Austin to 14 to 16 cents a dozen with some shops dropping another cent amid a mixed market. New York prices remained firm while Chicago eased slightly. Retail prices were not yet affected, as stores still held eggs bought at higher costs. best grade eggs traded up to 73 cents locally.
MENTIONED IN THIS ARTICLE
Austin
Chicago
New York
Minneapolis
H. C. Bohack Co
Bohack
Great Atlantic and Pacific Tea Co
Evacuation at Hungnam Under Chinese Assault
More than 60,000 Allied troops streamed aboard ships at Hungnam in a fighting evacuation from northeast Korea. Chinese Reds wearing American uniforms attacked the escape beachhead, but Allied forces repulsed the assault and prepared to defend the withdrawal as thousands more troops and matériel moved toward sea.
MENTIONED IN THIS ARTICLE
Tokyo
Hungnam
Korea
United Nations
Sea of Japan
U. S
U. S. Seventh Division
North Korea
Yalu River
Manchuria
Hamhung
Pleads Guilty to Aiding Post Office Robbery
Sioux Falls man Clarence N. ty admitted aiding his wife in rifling post office boxes. Judge A. Lee Wyman deferred sentencing to March 20.
MENTIONED IN THIS ARTICLE
Sioux Falls, S. D
Sioux Falls
Clarence N. Ty
United States District
A. Lee Wyman
Also Mentioned on This Page
J. C. Hormel
Max Desfor
UPWA
White House
Red Menace
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