Business: Act of Faith

Forced into receivership last August, Detroit's 92-year-old packing house, Hammond Standish & Co., just closed down; the banks which had made heavy loans were baying too loudly. But the company's 325 employees, many of whom had been with it all their working lives, loyally decided to put the company back on its feet. A month ago, 175 of them went back to work under an agreement to collect no wages in the first two weeks, be paid after that only if the firm was back in the black. Last week President Joseph Strobl announced that the firm was $10,000 in the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!