Deals & Developments

Firestone Figures. "... I am proud and glad to submit to you a statement which I consider, in view of the conditions and difficulties of the past year, the best statement . . . the Firestone organization has ever made," said Harvey Samuel Firestone to shareholders last week. The statement (for the year ended Oct. 31, 1931) showed profits of $6,028,000. While this was less than Firestone has earned in most recent years, it was almost four times the 1930 figure despite greatly reduced sales volume. Cheering to shareholders was Mr. Firestone's assertion that "in 1930 . . . 20% more tire mileage was consumed than was sold and approximately the same was true in 1931. We feel, therefore, that this vacuum must soon be filled and that we can look forward to a considerably greater volume of business in 1932." Fallen Fruit. Atlantic Fruit & Sugar Co. was formed in 1924 after old Atlantic Fruit Co. was foreclosed. The com-pany never made money, despite the fact that its directorate was a roster of "big names." Last week what had been long expected occurred. A receiver was appointed for $25,000,000-in-assets Atlantic Fruit & Sugar. Although its earnings are down because of poorer fruit prices, fewer passengers and less freight on the "Great White Fleet," United Fruit still remains supreme in its field. Last week it was apparent that United Fruit has lost none of the aggressive spirit which has so firmly entrenched it in Central America. In Honduras the company was building a rail-road through the banana country, acting on a concession granted in 1912. The Honduran Government decreed the concession had been cancelled by failure of United to comply with certain terms, ordered work stopped. When United's engineers showed no signs of abandoning the project, President Vincente Mejia Colindres said that Honduran honor and sovereignty had been violated, that force would be used if necessary. Beech-Nut Packing Co. (bacon, coffee, candy, chewing gum) last week sold its subsidiary Beech-Nut Co. of Canada, Ltd. to Life Savers, Inc., owned by Drug, Inc. Chief item in the sale was Beech-Nut's plant at Hamilton, Ont. equipped for making gum & candy. Hitz Hotels. In receivership is Detroit's smart, big (1,200 rooms) Book-Cadillac Hotel. Last week, however, a new destiny for the hotel was ordained. Ralph Hitz, managing director of Manhattan's big (2,500 rooms) Hotel New Yorker, said that he and associates had acquired operating control of the Book-Cadillac, would manage it from. Manhattan through a resident staff. It is expected that actual ownership will be bought soon. Mr. Hitz also indicated that this is but the first step in the formation of a new national hotel chain. Hotelman Hitz is 41. When he was 16 he emigrated from Vienna, obtained work in a cheap restaurant to be sure of food. Ten years ago he was made manager of Cleveland's Fenway Hall. Six years later he was general manager of Cincinnati's Hotel Gibson. He was placed in charge of the New Yorker when it opened two years ago.

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