Word: motoring
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...many another Packard innovation, belong to Colonel Jesse G. Vincent, Packard's chief engineer. Unlike most engineers, Vincent never attended college; he quit school after the eighth grade, got his degree from a correspondence school. After a stint with Burroughs Adding Machine Co. and one with the Hudson Motor Car Co., he joined Packard in 1912, became a vice president three years later, specializing in engines...
...slump in used-car sales and the high price of new cars brought spring rumors that the big motormakers would soon bring out light cars priced at about $1,000. Last week young Henry Ford II followed General Motors in scotching the rumor. Ford is not considering such a car, he said, because motorists "want the best they can get for their money and are too accustomed to the convenience and ease offered by standard-size cars." The average length of motor trips is almost twice what it was prewar, said Ford, and the public is all in favor...
Prices. Two more auto companies joined the price-cutting parade. Hudson Motor Car Co. shaved list prices by $15 to $100 (1% to 3.4%) in its first postwar reduction, and Britain's Austin Motor Co. Ltd. lopped off $75 to $200. Following its recent auto cuts, General Motors Corp. cut prices 5% on diesel locomotives ($5,000 to $8,200 a unit), the first general price reduction in the industry since 1939. Said G.M.: "Unfilled [diesel] orders are at the highest point in history...
Autos. For the second time in a year, Buffalo's Playboy Motor Car Corp. hopefully offered a stock issue, for the second time sadly withdrew it. Reason: no sale. At week's end, Playboy, which never got beyond pilot-model production of the small car it had hoped to sell for $1,000, filed to reorganize under the Bankruptcy...
Earnings. Cleveland's once-booming war baby, Jack & Heintz Precision Industries, Inc., turned in a $2.9 million loss in 1948. President Kenneth G. Donald, onetime efficiency engineer who was brought in last year to rescue the company, reported that sales of fractional horsepower electric motors had slipped badly. He had high hopes for a new product: a gasoline motor for bicycles...