Argus Executives Explain Firm's Plan To Employes

Argus Executives Explain Firm’s Plans To Employes

Argus’ present financial status and its future plans were described by company executives last night to approximately 400 employes of the firm.

Short talks were made by five company officials — two of them new to management posts. It was the first time company officials had outlined total production plans to the entire plant personnel.

Joseph L. Clemens, vice-president and treasurer, disclosed that “because the company had no profits in the past year, the company is not able to contribute to the profit-sharing fund.” But he also announced that the fund — which receives income from several other investments besides Argus stock — had increased from a total of $656,478 last year to $694,587 this year.

The annual income of the fund in 1948 was $27,691, while the past fiscal year showed an income of approximately $38,000.

Share In Fund

All employes participating in the plan have a share in the fund. Company contributions, employe investments, and earnings on the fund itself make up the fund’s total.

The audience at the dinner at the Michigan Union was also told by Robert E. Lewis, new vice-president and general manager, that the company “has had a rough year” but that the situation is improving and that the firm no longer is faced with a demand bank loan.

He also stated that of the $750,000 Reconstruction Finance Corp. loan authorized to the company, only $600,000 had been borrowed and the transaction had already been consummated in Detroit.

Clinton Harris, production engineer and vice-president, reported that "while we have had an eight-months period during which we have had to table our engineering activities, we are now making up for lost time.”

He outlined plans for the production of three entirely new Argus models, plus a new version of the present Argoflex 75.

New Output Scheduled

Production on one of the models is tentatively set to begin in March, in time for the national trade show in Chicago. Manufacture of the other models is planned for later in 1950.

Homer Hilton, vice-president and sales expert, introduced 10 sales representatives from various sections of the country who were ending a three-day sales meeting. He remarked that “I refuse to look any longer in the crystal ball, but Christmas orders are piling up.” He warned that, as is customary with a seasonal product, the company faces “lean months in January and February.”

George J. Burke, sr., new president of the company, traced his interest in the corporation as one of “civic-mindedness” since he owned no Argus stock. He commented that “We will not discuss the alleged failures of the past but are interested primarily in the future of this company of which we are all so inordinately proud.”

MARKED BY INFORMALITY: Informality was the keynote at the Argus company dinner last night, with no speakers’ table in evidence and the management officials seated with the office personnel, custodial and other departmental help. Shown in this photograph at the Michigan Union are Harry Rookes of the planning department, Willard Ray, metropolitan New York distributor for Argus, and George J. Burke, sr., new president of the company.

AT ARGUS DINNER: A large majority of the 500 employes of Argus, Inc., turned out as guests of the company last night at the annual profit-sharing plan meeting and dinner at the Michigan Union. Seated together at one of the tables are Harry Link (left) of the lens grinding department, Dave Lowber (center), chief production engineer, and Homer Hilton (right), vice-president.