Successful Circle

TO OUR STOCKHOLDERS :

It is a sincere pleasure to submit this report covering the present condition of our company and our activities during the year 1931. . . . We feel that you have every reason to be confident of our continued success.

Thus, two months ago, spoke a proud president -- Charles N. Teetor, aged pa riarch of the Teetors of Hagerstown, Ind. The company was Perfect Circle Co., greatest maker of piston rings for gasoline engines. Cause for pride were earnings of $901,831, 48% better than in 1930, .05% ($510) better than in record 1929.

Like many a successful manufacturing company, Perfect Circle had a hard time finding itself at first, which was towards the close of last century when Charles Teetor and a brother John began to make things in their Hagerstown barn. They made a hand car for railroads and in 1895 organized Railway Cycle Manufacturing Co. Later they began to make internal combustion engines and in 1914 the company became Teetor-Hartley Motor Co. Four years later they decided to specialize in piston rings and until 1928, when the present name was assumed, the company was Indiana Piston Ring Co.

The Teetors come of Pennsylvania Dutch stock and their frugality is legend in Indiana. The Teetor offices are in an old-fashioned frame house on the same block as the factory. Once a representative of a Manhattan investment house went to interview them and broke his pencil while taking notes. He threw it into a wastepaper basket whereupon a Teetor dived for it, remarking, "We can use this around here."

On the Perfect Circle directorate are Charles N., Ralph R., Lothair, Macy 0., Dan C., Don H., Herman and John H. Teetor. In Hagerstown's population of 1,262 are many other Teetors. Practically all male Teetors work for the company.

In addition to Patriarch Charles N. Teetor, Lothair and Ralph are important in the company, vice presidents. In the old frame house Charles uses what used to be the parlor, Lothair the dining room, Ralph the kitchen.

Lothair, son of Charles, is 35, a graduate of University of Wiconsin. He shows his German ancestry in fat cheeks and a chubby body. He wishes he did not look so young. He has always been interested in the promotion of new business and persuaded the company to start national advertising, although the consumer does not directly buy the product. Last year Perfect Circle spent $351,000 in advertising, this year it will spend more. The result has been increasing replacement business to offset the declining needs of manufacturers. Lothair takes a big interest in departments other than that of sales, is considered ''the next-in-line-Teetor."

Ralph Teetor, Lothair's cousin, has been blind since boyhood. This did not prevent him from graduating from University of Pennsylvania with honors in engineering or from designing most of the company's patented machinery. Tall, gaunt, he spent the War years working in a shipyard. The ship company tried to persuade him to stay with them but he was loyal to piston rings and returned to Hagerstown. He is sensitive about his blindness, walks alone to work each day without a cane and often goes for a stroll through the factory.

Still confident, last week Perfect Circle was opening a plant in Toronto to avoid the 27 1/2% tariff on piston rings.

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