Chicago Changes

Last Armour. Since the big white Rolls-Royce of J. Ogden Armour disappeared from the boulevards of Chicago, and his fortunes crashed and he died in London, the cycle of his family has swung low, then started up again. Last month his widow realized handsomely on one of his characteristic plunges, an investment in the oil-cracking process of Inventor Carbon Petroleum Dubbs (TIME, Jan. 21). And last month the Supreme Court released Chicago packers from the consent decree of 1920 by which they were obliged to restrict themselves to the meat business despite competition in meats from the grocery chains. Swift & Co. last week availed itself of this release and announced a forthcoming line of canned fruits & vegetables. When the stockholders and potent directors of Armour & Co. met last week after the sudden, shocking death of President F. Edson White, it seemed at least probable that the last active Armour in the business, Vice President Philip Danforth Armour III (Lester Armour got out last December), would be stepped up to direct Armour destinies in the new era. But after five stormy hours they did not elect P. D. III to be president. Instead they invented and offered him the title of "Vice Chairman of the Board," which he declined. For president they chose Thomas George Lee, a hard-headed executive of 52 (15 years older than P. D. III) who started as a stenographer in the beef department. Nearest to a reason given was: "They wanted a man in the operating end." Chicago's deduction and comment: "They were not afraid P. D. III would be another plunger like J. Ogden. On the contrary-- The last of the Armours felt there was only one thing left to do.* He resigned his vice-presidency and left in the hands of those who thought they had done the best thing for the company the business which his grandfather and namesake had started 63 years ago. Said he: ". . . naturally the greatest disappointment of my life." Grunow Ousted. Spectacular in the radio industry has been the team of poker-faced, precise Bertram James Grigsby and round-faced, shouting, swearing William Carl Grunow, but last week this team was forever severed. During the past year depression visited Grigsby-Grunow Co., and its refrigerator affiliate, Majestic Household Utilities. A $4,000,000 patent suit was lost to Magnavox Corp. of San Francisco. The company resigned from Radio Manufacturers' Association, lined itself against Radio Corp. of America. For these and many other things, the company's bankers blamed loud Mr. Grunow. Last week the company's directors proposed a big personnel change. "If they go, I go too," said Mr. Grunow. Mr. Grigsby's poker-face did not change. A vote was taken, the press was then informed that Mr. Grunow was "relieved"' of the company's presidency which will be taken by Chairman Grigsby.

*At a board meeting in Brussels of Belgium's potent Floreffe Chemical Products Corp. last week, Director Bernard Lauby was deprived of his directorate, promptly drew a pistol, shot one of the directors dead, wounded another, wounded himself.

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