Word: packards
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...that they reflect broad market trends largely in terms of what a few blue chips are doing. Even on the day last week when the Dow-Jones average rose the most, almost half of the 1,271 stocks traded showed losses, and a few, e.g., Bell Aircraft and Studebaker-Packard registered lows for the year. Concluded the Wall Street Journal (which is owned by Dow Jones & Co., Inc.): the meaning of the industrial average "becomes increasingly vague'' except as a short-term indicator of market trends...
...battle G.M. and Ford, Chrysler Corp. has spent $250 million (TIME, Oct. 25). Studebaker-Packard has spent $120 million for new bodies and a new V-8 engine for Packard. Nash and Hudson (now American Motors) have redesigned, installed V-8s in their larger models to get a bigger share of the market than this year's 100,000 or so cars...
...auto market has risen from 41.7% to 49.9% (and Ford's has gone from 22.8% to 30.8%), Chrysler's share has plummeted from 21.3% to 13.5%. The former independents, which in 1952 accounted for 13.2% of auto sales, have dropped this year to 5.8%. Studebaker and Packard, Kaiser and Willys, and Nash and Hudson have had to team up to stay in business...
...George Romney, 47, moved up from executive vice president of American Motors Corp. to president, succeeding the late George W. Mason (TIME, Oct. 18). Though Mason had been interested in a possible merger with Studebaker-Packard, one of Romney's first acts was to announce that "there are no mergers under way either directly or indirectly." The son of an old Mormon family and still a Mormon church reader, Romney earned his first money at eleven, harvesting sugar. He worked his way through Salt Lake City's Latter-day Saints' College, did the traditional Mormon missionary stint...
...Nash, Hudson): of acute pancreatitis and pneumonia; in Detroit. Tireless Carmaker Mason became president of the Kelvinator Corp. when he was 38, engineered the 1936 merger with Nash and consolidation with Hudson early this year (TIME, Jan. 25). At the time of his death, he was dickering with Studebaker-Packard for another merger that would have resulted in the world's second largest auto firm (behind General Motors...