Business: Gypsum

In Chicago, if you frequent the Conway Building, you will likely see a man named W. E. Shearer. He is president of the Universal Gypsum & Lime Co., and will probably be talking to someone about gypsum, saying:

That it is a calcium sulphate rock, colorless and rather soft; that it is almost unknown to the general public, although widely used.

That usually it is found about 70 ft. underground where it is mined like soft coal, or in surface deposits (called gypsite) where it is scooped up by shovels as in strip coal mining.

That the crude rock is crushed to nut size, then pulverized, then heated to drive off moisture, when it is ready for commerce as plaster paris or as stucco.

That in 1890 only 200,000 tons of gypsum were mined, but that last year the demand required 5,118,870 tons.

That gypsum is used for the base coat for plaster, because it is adhesive, strong, and resistant to abuse; for tile in building partitions which need not bear weights, because it resists fire and water; for plasterboard or wallboard (pre-shaped at the mills) because it resists fire, does not warp and witstands abuse and cold and insulates against temperature changes.

Gypsum-seller Shearer can tell these facts with authority having entered the industry in 1893. He shared in the origin of the U. S. Gypsum Co., perhaps the greatest concern of the industry. He was with the American Cement Plaster Co. for ten years. Then in 1923 he created the Universal Gypsum Co.

During these years he gained the esteem of Carleton H. Palmer, president of E. R. Squibb & Sons (reliable drugs). Mr. Palmer was also vice president of the Palmer Lime &Cement Co. of Manhattan. Both firms were supplying materials to building contractors. There was no obstacle to their merging and thereby making great management economies.

Last week this merger was a fact—the Universal Gypsum & Lime Co., capitalized for $10,000,000. Soon True, Webber & Co. of Chicago, and Porter &Co. of Boston will offer $2,000,000 of first mortgage 6% bonds against the new corporation’s properties.

Scrapbook Philosophy

Last week, it became known that Charles Sumner Hamlin, able governor of the Federal Reserve Board, is completing the 163rd volume of scrapbooks of clippings which he has assiduously compiled for the past 40 years with the perspicacity which has characterized his career. These clippings are excerpts from various newspapers and magazines and cover finances, politics, economic questions and the like.

Acquaintances of Governor Hamlin, cognizant of his onetime Cabinet contacts (Assistant Secretary of the Treasury 1893-7, 1913-14), his judicious oratory,* his expertness on tariff and kindred questions, wonder. Does Mr. Hamlin, busy banker, able Democrat, social lion, rely upon the slightly garbled efforts of the daily newspapers for his philosophy?

Meanwhile, within the walls of his private office, a fine looking, impeccably dressed man surveys the tiers of scrapbooks with a smile, looks knowingly upon the card index files; leans back in his chair, thinking perhaps of the uncompleted volume of reminiscences which will reveal the secret. . . .

* At one time, naive Mr. Hamlin limited his audiences to from 10 to 100 persons; the object, improving his voice, poise.