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The Akron Beacon Journal from Akron, Ohio • Page 13

Location:
Akron, Ohio
Issue Date:
Page:
13
Extracted Article Text (OCR)

13- 96 IP rofit brooayear ver Highest i 3 it 4 (f It 4 try to exceed $3 billion in sales. winding up the best performance in its history, the firm earned $41,891,944 or 58 cents a share in the last quarter, 2.5 pet. higher than the revised net of $40,879,944 or 57 cents recorded in the final three months of 1968. three months not only set a record for this period, but were second only to 19fi9's all-time high second quarter. IN THEIR annual report, Chairman Russell DeYoung and President Victor Holt Jr.

noted that the company was the first in the rubber indus By JOSEPH E. KTEBLER Btacon Journal Business Editor An unprecedented fourth quarter helped Goodyear attain the highest sales and earnings ever in 1969, stockholders were told today. While companies in many industries were showing declines, Goodyear's closing and i. iiim.mniii mi ii-irni-ii-n-m-- i nr i i I til FOREIGN SUBSIDIARIES eontribuled $18,535,410 earnings, a 25 pet. increase over the prior year's $38,767,844.

Overseas income was equal to 30 pet. of the total profit. "The record foreign earnings reflected the results of substantial expenditures in recent years for expansion and modernization as well as market growth in essentially all areas of the free world," the executives reported. Goodyear's capital spending last year reached a new high of $203,307,653, up from the former peak of $234,510,511 in 1968. Despiie an apparent slow- down in the economy which may affect some areas of the company's business, DeYoung and Holt expect demand for automobile and truck tires to continue to rise in both num-hers and dollar value.

Net income for the fourth quarter of '68 has been decreased $1,510,000 from the amount reported a year ago. This reflects revised quarterly results for that year giving effect to the change in method of computing depreciation on capital assets acquired after Jan. 1, 1968. DURING the October-December period, Goodyear did $828,834,399 in business, a gain of 6.6 pet. over the $777,630,229 in this quarter in the preceding year.

Goodyear's biggest three months were registered in the second quarter of 1969 when it earned $43,171,000 or 60 cents a share on sales of $850,565,000. For the full year, profit climbed to $158,201,942 or $2.19 a share, up 6.7 pet. from 1968's $148,262,340, the previous high. Sales for the 12 months soared to $3,215,333,620, a gain of 9.9 pet. over (he preceding year's $2,925,744,887.

DpYOUNG AND HOLT said it took 53 years, from 1898 to 1951 for the company to reach $1 billion in sales and 13 additional years to top $2 billion. It took only five more years, however, for Goodyear to become the first in the rubber industry to exceed annual sales of $3 billion, they added. Stockholders received cents per share in dividends in 1969 as compared to 71 cents the year before. The annual dividend rale was in-creased to 85 cents in the second quarter last year, a rise of 10 cents in less than a year. The dividend rates reflect a stock split which was effective last April 15.

The report also notes that 1969 marked the 20th consecutive year that amount of dividends paid out increased. Tuesday, February 10, 1970 Akron Beacon Journal yf Business Briefs To Get I'-fJ Slock Haek On Board Coleman Resigns Post As Parvin-Dohrmann Chairman NEW 1970 FIREBIRD HAS EUROPEAN LOOK Compact IVew Sports Car New Pontiac Firebird Flies Critic Elected Director A Philadelphia financial consultant' successfully challenged the management slate of directors of Midwest Rubber Reclaiming which has facilities in Barberton, at the company's annual meeting in St. Louis. Albert M. Zlotnick, who complained about erratic earnings performance and cited a need for infusion of new ideas, won a seat on the board of directors, He replaced Carol A.

Mundt, vice president of ACF Industries a nominee on the management slate. Zlot-nick's proxy said he is the third largest shareholder of Midwest Rubber, holding 12,983 shares, or 3 pet. of the outstanding stock. As reported earlier, Midwest Rubber net earnings for the fiscal year ended Oct. 31 slipped to or 90 cents a share, from $665,616, or $1.52 a share in fiscal 1968.

Hunter Leaves Ford Robert E. Hunter, who resigned as general manager of General Motors' earthmoving equipment division at Hudson in April, 1968, has left Ford Motor Co. Hunter submitted his resignation as president and chairman of financially-troubled Phileo-Ford, a Ford subsidiary, and as vice president of Ford Motor. His departure comes some five months after his close associate, Semon E. Knudsen, was discharged as president of Ford.

Knudsen named Hunter to head Philadelphia-headquartered Philco in September, 1968. Hunter said in a prepared statement he was leaving on his own volition but admitted there were "certain differences of opinon on policies." Denies Joint Venture General Motors Corp. a report from Tokyo that It is ready to establish an equally owned firm with a Japanese automaker or rutomakers. "There is nothing to it," a GM spokesman said regarding the report from Kyodo News Service. Kyodo said such a plan was disclosed by a Robert Rockwood, who it identified as a GM vice president.

GM pointed out if has no vice president named Rockwood, but there is a Robert Lockwood, manager of forward planning GM Overseas Operations and, GM said, Lock-wood made no such statement. Big Blast Near Magnolia The biggest oil blast ever set off east of the Mississippi River occurred near Magnolia, south of Canton. Engineers set off 20 tons of explosives near the base of a 5,100 foot well. Output of the well resulting from the test is not yet known. Controlled Reaction Dallas, and Petroleum Tool Research Pryor, own the explosive technique that was tested.

MB Oil Gas Canton, has leased the test site to Prudent Resources Trust, Great Neck, Long Island, N. Y. a The instrument panel has been designed so that any bulb can be changed in 60 seconds, Pontiac reported. In addition all instruments, Switches and controls are accessible from the passenger side of the panel for easy serviceability. The Firebird, previously assembled at the Chevrolet-Fisher Body plant in Lords-town, is now being built at Norwood, a Cincinnati suburb.

mula 400 is equipped with a molded fiberglass hood which has air scoops. A 400 cu. in. engine and dual exhausts are standard. The Trans Am is equipped with a Ram Air engine, four-speed manual transmission, power front disc brakes, rally gauge package and a full-width spoiler across the rear deck.

FRONT and rear bucket-type seats are standard on all models. Tontiac has converted its compact Firebird into a personalized sports car for 1970 in recognition of the growing popularity of this type of vehicle. The four-seater, which is to be unveiled in dealer showrooms Feb. 26, will be offered in only one body style a two-door hardtop, but in four models. With its semi-fastback styling, the new Firebird features the long -hood, short deck theme.

Overall length has been increased 1.2 inches to 192.3 inches, Wheelbase continues at 108 inches. By ERWIN MAUS III Beacon Journal Financial Editor Delbert W. Coleman, former Akron lawyer who became one of the nation's most controversial businessmen, has resigned as chairman of troubled Parvin-Dohrmann Co. The move was expected. Five weeks ago it was disclosed that Coleman's withdrawal from the company's management would pave the way for a resumptior in trading of Parvin-Dohrmann stock on the American Stock Exchange.

r-D, an old-line hospital supply eonipui.y which in recent years became an owner-operator of three Las Vegas gambling casinos, has been in trouble with the Amex, the Nevada Gaming Control Board and the Securities and Exchange Commission since early last year. Trading in P-D stock was suspended four times last year, and has not traded at all since. Oct. 16. Most of the regulatory difficulties stemmed from the company's free wheeling operation since Coleman's official takeover 13 months ago.

TARVIN-nOHRMANN'S efforts to free itself of the SEC trading suspension sparked a national political scandal last committee of Hamilton and Prosser. The agreement also provides that Coleman will try to sell his holdings as soon as practible and in a manner which won't unnecessarily influence the market far the stock. COLEMAN practiced law here for a time in the early 1950s before beginning a meteoric business career that reached one of its peaks with the takeover of Seeburg Corp. He resigned the chairmanship at Seeburg in the Fall of 19fi8, then arranged a few months later to acquire 300,. 000 shares of Parvin-Dohrmann at $35 a share.

He formally became chairman of P-D Jan. 10, 1969, after selling part of his holdings to a eentrol group without the prompt disclosure the SEC insists on. MEANWHILE, the stock zoomed upward, reaching a high last Spring of $141.50 a share when Denny's Restaurants announced a tender offer for P-D stock. But as P-D's troubles mounted with the regulators, the stock slid to $69.62 Oct. 16, the day trading was suspended.

The Amex, responding to the news of new management, said Parvin Dohrmann trading would resume next Monday. I BOX Promotes Adams J. R. "Jack" Adams, who started out with Dixie Ohio Express Inc. in 1951 as a rate clerk, has DELBERT W.

COLEMAN toward restoring the company to the good graces of the regulatory agencips. It comes as part of a new management team taking over Parvin-Dohrmann. Replacing the ma board of directors consisting of Coleman and Scott is a four-man team: George A. Fry, William R. Hamilton, Lester B.

Knight and John A. Trosser. None of these men had any previous connection with the company or its officers until Coleman and Scott invited them to take over Parvin-Dohrmann, company's Monday announcement said. UNDER the new-management agreement, Coleman has surrendered his voting rights on the 207,300 P-D shares he owns to a two-man executive been named vice president of sales and operations, Clarence A. Kelley, president, announced.

For the past year, Adams has been northern division sales rhanagpr for the Akron truck line. He joined Dixie following his graduation from Kent State University. In 1961 he was appointed terminal manager at Columbus and in' 1967 he became southern division manager. Adams is 40. The new vice president is the son of Mr.

and Mrs. H. G. Adams, 212 E. Oak Kent, and is the IN ADDITION to the standard model powered with a 250 cu.

in. six, the car will be available in luxury Espirit model, the hi -performance Formula 400 and the Trans Am. The Espirit comes with a 350 cu. in. V-8 developing 255 horsepower and a three-speed manual floor shift.

For the performance-minded, the For- Adams father of six sons and a daughter. Complete Final American Stocks Y.0R Ih'iV) HM. Urn Ch Vd" tow L. (hd" L.w Ch NEW YOPK (AP) Tuesday' complete (hds.) High Lew Last Chg. (hds.) High Law Business Trends American Siock Exchange prices 3 9i 114 14 14 Salei Net (Hdi.) High Low Close Cftg Beck Ind Beco Ind 1 I7V4 17'4 16' 1 6' 8 15' 46't 1 17 46 B'a 5 9' a 16 75'-.

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II "4 4' 'k 5H 16 IB1 9 Fall when it engaged Nathan Voloshen for $50,000 to intercede with the commission. That disclosure led in turn to the indictment last month of Voloshen and Dr. Martin Sweig, associates House Speaker John W. MeCormack, on the influence-peddling allegation. COLEMAN himself and 15 associates of his were named in an SEC case filed Oct.

16 in federal court which alleged that they had violated federal anti-fraud laws. The suit asked that the Coleman group be enjoined from further alleged violations. Coleman and the president of Parvin-Dohrmann, William C. Scott without admitting guilt agreed to refrain from any further activities complained of. NOW, Coleman's resignation is regarded as a major slep 104 HExlendcare 121 Vl 25 Bell Electrn Belsrot Ret S' BergBrun .24 4 4 Berg pll.15 7'i Beth Cp 121 Beverly Enl II J4 1 Bicklords 11 '4 V4 Big Apple 13'i Bishop Ind 14 BloomlBI .121 9'a V.

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Christian Oil Sherman S. Newar, president of Sage International Houston, announced that the proposed merger with Cook United Cleveland, has been terminated by mutual consent Dow Chemical has reduced the price of its general purpose blow molding grades of high density polyethylene to 11.5 cents per pound in bulk rail cars GMC Truck Caat Division of General Motors will build a new medium-duty truck assembly plant in Pontiac, Mich. Masnnitti Chicago, is acquiring Molalla Forest Products a $10 million firm Penn Central ordered 93 diesel-clectric freight locomotives from General Motors and 19 from Gener al Elertrip at a total cost of about $23 million Monsanto Textiles London, subsidiary of Monsanto St. IOuis, plans to expand its British nylon capacity by 33 pet. Gelfy Oil Co.

informed Ford it is prepared to make a lead-free' regular grade gasoline as soon as auto makers produce) engines that can use it and reported that a lead-free premium grade is about three years away Boeing; said it is not continuing discussions involving manufacture of French Mirage jet fighters under license from Dassault, French aircraft manufacturer. V. 7.R50 7 12 11 22 3 7 6 24 36 1 33 4 13 48 9 8 220 26 7 21 3 8 40 111'' 110' 1 COmlMII 60b Comndor 8' 91 1 25'4 41' 8 21 B'4 6 5" 6' 23'4 V1. 5''4 Ji'a 23 15W 25'. B7.

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54 34', 10 25 81 6 I 2 1 II 765 30 34 1 4 3 S9 20 5 23 4 29 73 4 7 16 32 113 21 123 12 17 12 6 9 242 1 15 2 Cutter A .44 Cutter .44 Daltch 20e Damon Corp DemonCr .40 Gen Build 65' Employ 24 S4 Interior Gen 1.1,. lit 14' 4 I4 18' -IH. 164d 6 i 3' Vi 25 'j 10' 4 16i -l' 5 11 Plywood in, 1 Gen Ind 2214 -IV GeniscO Tech GerberSc Ins 204 144 4 35 Mining Mochmt Medino, Ohio Mining Machine Medina, Ohio, was selected to receive ARMCO Steel Corporation's annual "National Award of Merit for Design." We are pleased to publicly acknowledge this recognition, and extend our congratulations to Mining Machine Co. Previous awa.d winning buildings designed and constructed by us are: 4' 4' 4 a a. a.

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9' lt II 6' 6 6' a 4 4' 4' NORTH R0YAIT0N PAINESVIIU TWINSBUS0 HIGHLAND HEIGHTS BRUNSWICK 12 1965-ElMiR BREYLEYI OWNER im-BEARINGS, INC. 1967-PPG INDUSTRIES, INC. 1967 SNEUER MACHINE AND TOOL CO. 1968-MARKS TRACTOR 4H pssncroo .4 0 3 42 't 42'' 29 204 45 15H 884 14 14 30 16' From Beacon Journal Wirt Service Opponents of a proposed $80 million a year rate increase for Ohio Bell Telephone Co. today challenged the Public Utilities Commission plan for hearings on the new rales.

The opponents said the PUC plan adopted last Decemebr calling for a fieries of hearings was prejudicial to opponents because it would make cross examination of company officials difficult. The commission accepted the motion of the opponents fighting company's first rate boost in 10 years and recessed tint il this afternoon to study the mailer. THE INCREASE is bplng opposed by the cities of Akron, Cleveland, Columbus, Dayton, Struthers, and Toledo, by the United Auto Workers and a number of retail merchants. The company seeks hikes of $1.30 to $1.85 per month for residential telephone service and $1.65 to $3.35 a month for a flat-rale business line. Ohio Bell wants to make the Asirex lc 5' Digital Equip DillardD .10 Diodes Inc Dlversey .50 Dixllyn Corp DMH Corp Dome Petrol Domtar .60 Dorsey .10 DPA Inc Drug Fair .40 Dunlop Duraloy Co Dur Test Dynalectrn 17 19' IS 84 134, 154 7't 29't 4' 9' i7 10s 22 "4 11 -2 3H 72 THE RATE increases would bring in an additional $80 million a year needed to meet rising labor costs, taxes and interest rates on money for growth and modernization, the company said, noting that half of the additional revenue will go for taxes.

The PUCO hearing is expected to take many weeks and decisions on whplher to grant all, part or none of the requested increases are not expected for several months, commission officials said. Ohio Bell has said it will call 15 expert witnesses and submit additional information In writing to support its contention the rate hikes are reasonable. TO TARTIALLY offset the rate hikes, Ohio Bell has said it plans to reduce the monthly charge for residence extension phones from 95 cents to 75 cents, a $2.25 reduction In the connection charge for portable sets and elimination of the one-time $5 charge for Princess and Trimline telephones. 17 17 '4 8 10' 14 39 2 8 6 S3 23' 23'4 14 890 I314 16 3' 31 33J 2 26 14' 4A 31 19 2" 204 34 21 26'4 14'a 14'. 31 I 8' E-F-G-II RAY FOGG BUILDING METHODS, INC.

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Pages Available:
3,080,363
Years Available:
1872-2024