Word: packards
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Does G.M. feel a responsibility not to compete so hard as to drive marginal producers out of the business? Snapped Donner: "And when did you stop beating your wife? If you are thinking of Studebaker-Packard, we didn't drive them to their present con dition. They drove themselves there. Did you ever stop to wonder what they did with the profits of the lush war years, if they reinvested them in the business...
...sixth and final time, Mexico's outgoing President Adolfo Ruiz Cortines draped the red, white and green sash of office across his shirt front, climbed aboard the ceremonial Packard and drove past cheering thousands to the Chamber of Deputies. Across the nation Mexicans gathered around television sets, radios, and street-corner loudspeakers for the last state of the nation address from a man whose honest, middle-reading administration had served the country well. "In each chapter," said Ruiz Cortines proudly, "the country will find a resume of what the Mexican people have accomplished since...
...dealers (see cut). Ford said the new Mercury will be "totally new from road to roof," with 61% more glass space than the poor-selling '585. To make the overhaul complete, Ford's Mercury-Edsel-Lincoln Boss James J. Nance, onetime head of Hotpoint and Studebaker-Packard, resigned under pressure after eight months as division chief. Under Nance, production skidded to 110,644 cars this year from 264,439 at the same time last year. Nance was replaced by his assistant, Vice President Ben D. Mills...
Ailing Studebaker-Packard announced last week that it was ready for a new try at the auto market with a new car, new financing and new blood. As expected, the new blood was supplied by Abraham M. Sonnabend, an expert at blending tax-loss carry-overs with profits (TIME, Aug. 18), who will now pick up moneymaking acquisitions to balance S.-P.'s $135 million tax carryover. The refinancing comes from 23 banks and insurance companies, which take over S.-P.'s $54.7 million debt in return for $16.5 million in 15-year-notes, and 165,000 shares...
...Soto 51,359 117,326 107,439 112,910 Studebaker 44,056 68,069 76,545 125,340 Thunderbird 34,000 21,380 (incl . in Ford total) Lincoln 28,504 41,123 50,322 27,222 Imperial 15,987 35,734 10,685 11,432 Packard 2,610 4,761 28,835 55,247 Nash 10,330 22,239 40,133 Hudson 4,180 10,671 20,321 Continental 587 2,413 (incl. 7 mos. 1955) 4,246,655* 6,212,291 6,288,700 7,130,704 * Plus estimated 80,000 Ford Motor Co. production before 1959 changeover...