Bullish Bush
Last week unexpected aid came to the Hoover industrial program from a bull outside the herd. Irving T. Bush,* head of Brooklyn's mammoth Bush Terminal, announced the completion of three years of negotiations in the formation of Bush Service, Inc., U. S. A. The new company combines the facilities of the Bush Terminal with those of Lassen & Co., a Swiss holding company that controls 54 distributing agencies throughout Europe. Fifty one percent of the stock of the new company is held by Bush Terminal. Inc. For the smaller exporter Bush Service Corp. will do, roughly, what is done for companies like International Harvester, General Motors, and Standard Oil of New Jersey by their own overseas selling and distributing organizations. Bush Service will assume full responsibility for shipments from the point of origin to the point of distribution, handling all repacking, marking, routing, and import requirements that arise en route. It will "provide adequate and reliable information regarding foreign markets and conditions" to its customers. By assuming responsibility for the shipment while en route, Bush Service will be able to give the exporter what is known as "a continuous document of possession," so that he can borrow money on his goods while they are in transit. At present such goods are a frozen asset while in transit. A middle-west manufacturer can put goods for export on a railroad train and forget about them until he receives the money for them from Bush Service, which will collect his customers' bills in Europe. An indication of the scope of the system: in Rumania there will be Bush Service offices in 14 cities, only one of which is even remotely familiar to American ears: Alba, Bucharest, Arad, Targu, Mures, Cernauti, Galatz, Braila, Constanza, Oradea, Timisora, Julia, Deva, Cluj.
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