Word: packards
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STUDEBAKER-PACKARD CORP. bought Clarke Floor Machine Co. for about $4,000,000. Purchase allows S-P to offset Clarke's profits against its own massive tax losses. It is fourth Studebaker-Packard acquisition in past 16 months and first since Clarence Francis moved in as chairman to speed up diversification...
...improve its profits, Studebaker-Packard Corp. has long talked of diversifying out of car making. But in the last four years under President Harold Churchill, it has taken on only three smallish companies. The pace was so slow that much of the company's huge accumulated tax losses of $121 million, which can be carried over for only five years to offset profits, seemed likely to expire before they could be used up. Last week. as it brought out its 1961 models, the corporation also picked a new top man to speed up its diversification program. In as chairman...
...combat sagging auto sales, Stude-baker-Packard has given a new look to its 1961 line. The 1961 Lark will have a lower hood line, and the horsepower of its standard six-cylinder engine will be hiked from 90 to 112 (lack of power in the sixes was a major owner complaint). The company has also added the Lark Cruiser to the line. Designed to compete with the new luxury compacts, it has a iSo-h.p. V-8 engine, is 4 in. longer than the standard Lark, has a plush interior and dual headlights...
...American civilization, like most specialists, tend to be narrow in their diagnoses of what ails the U.S. David Riesman in The Lonely Crowd worries about other-directedness and herd instinct. William H. Whyte in The Organization Man examines the loss of individuality caused by modern corporate life. Vance Packard in The Status Seekers sees the trouble in a craving for the symbols of importance. Frank Gibney, a journalistic G.P., has a simpler, more sweeping and engagingly old-fashioned diagnosis: the whole place is getting to be crooked, just plain crooked...
...year by New Jersey to railroads to help overcome losses on commuter services in northern N.J. Pennsylvania and Lackawanna will each receive $1,600,000, Jersey Central $1,300,000; rest will go to others joining plan. $100 REBATE will be given to any one of Studebaker-Packard's 200,000 shareholders who buys a 1960 Lark, Hawk or Champ truck in July, August or September. Deal, first in auto industry history, is expected to boost Studebaker's lagging sales...