Independent from Long Beach, California on March 19, 1976 · Page 18
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Independent from Long Beach, California · Page 18

Long Beach, California
Issue Date:
Friday, March 19, 1976
Page 18
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A-20-- INDEPENDENT (AM) __ PRESS-TELEGRAM (PM) , B«ch, cam., Fri., mrch n, it?6 world Chrysler froze salary of top officers in '75 Fare hike sought on Hawaii flights C H I C A G O ( A P ) United Air Lines said Thursday it will seek a 5 per cent fare increase between the U.S. mainland and Hawaii to take effect May 15. The airline said it will file for the increase today with the Civil Aeronautics Board, adding t h a t fuel and other cost increases prompted the decision to ask for the increase. "It's for you. Scout, ll's THE CALL OF THE WILD'!" Credit-card firm to tell 'sources' By TOM KLEENE Knight News Service DETROIT - Chrysler Corp., which went $259.5 million in the red for 1975 in its worst year in history, disclosed T h u r s d a y lhat its top six executives were paid salaries in a range of $105,000 to $216,000 last year. The No. 3 automaker held the line on pay to its top brass at 1974 levels with the exception of Eugene A. Caficro, who was elected to the presidency on Oct. 1. C a f i c r o , formerly an executive vice-president, received a raise to $181,000 from his $150,000 salary in 1974. Chairman J o h n J. Riccardo, who also look W A S H I N G T O N W) The Federal Trade Comm i s s i o n T h u r s d a y announced a binding agreement with the American Express Co. under which the firm must tell rejected credit-card applicants the source or the nature of un- l a v o r a b l e i n f o r m a t i o n about them. The FTC's consent o r d e r specifically prohibits American E x p r e s s from violating Ihe Fair C r c d i l Reporting A c t , which has long required such disclosures. Failure to comply carries a maximum fine of $10,000 per offense. The act says that, when a card applicant is denied because of a credit-agency ! report, he must be f irnish- ed the name and address of that agency so he can check out the information. If a rejection is based on a d v e r s e information from a source other than a credit agency, he must be notified that he has the right to majte a written request for disclosure of thai information. The consent agreement resolves an KTC complaint based on a review of applications lor credit cards thai were rejected in early 19V3. The complaint charged t h a t American Express failed to make the neces- s a r y d i s c l o s u r e s . H o w ever, the consent order does not constitute an admission that the l o w was violated. House Banking chief calls bankers 'selfish' WASHINGTON (AP) House Banking Committee Chairman H e n r y Heuss criticized the American Bankers A s s o c i a t i o n T h u r s d a y (or opposing b a n k - r e f o r m legislation while seeking legal protection from competition. At a hearing on a bill to restructure federal f i n a n - cial regulatory agencies, Reuss noted ABA Presi- d e n t J . R e x D u w e ' s characterization of the Financial Reform Act as "totally abhorrent." "The ABA is a selfish and petulant dinosaur, and it is about time you cnler- cd Ihe 20!h century," the Wisconsin Democrat told Duwe. · The act w o u l d give thrift institutions greater lending powers and consolidate federal regulation of banks by three agencies inlo a single commission. D u w e denied uttering out loud the phrase "totally abhorrent" to describe (he b i l l . Although the phrase was contained in a written statement submitted to the committee, Duwe noted that he had toned down his description of the bill when he read b i s s t a t e m e n t to i h u commmitlce. Ford bus and truck recall set DETROIT (AP) - Some 11,600 Ford Motor Co. bus chassis and trucks arc being recalled to correct a possible defect in the front suspension s y s t e m , the automaker said Thursday. Ford s a i d r i v e t s on hanger brackets for front springs may h a v e had undersized h e a d s , and heavy use could cause the brackets to crack, possibly causing eventual loss of steering w i t h continued use. Ford said the vehicles involved were 1974 and 1975 B-series bus chassis and 1975 F-series trucks with wheelbases of 280.5 inches. Ford does not manufacture whole buses but sells the frames and drive train to other firms, which mount bodies on the Ford-produced chassis. In addition, Ford said, ?.,GOO brackets m a d e in 1973 as replacement parts may be subject to the same problem, and Ford said owners who have had (lie b r a c k e t s replaced should have them inspected. A Ford spokesman said Iho defecls were found in field inspections and that no accidents have been rep o r t e d because of the problem. All work w i l l be performed at Ford expense, the firm said. office on Oct. 1, received the same $216,000 salary ho had received in 1974 as president. For the nine months he served as chairman, Lynn A. Townsend, now retired, was paid $177,000. The top officers' salaries were revealed in a proxy statement notifying the corporation's 234,000 s h a r e h o l d e r s t h a t the annual meeting w i l l be held Tuesday, April 24. The salary figures reflect a 50 per cent cut imposed on lop execulive salaries for one month in both 1974 and 1975. For the fourth time in the last six years, eligible salaried workers received no bonuses for 1975. The company's incentive plan is operative only in years w h e n earnings reach a prescribed level. U n d e r the corporate stock option p l a n , however, the 51 directors and officers, as a group, were awarded options to buy ·197,500 shares of Chrysler stock at a weighted aver- AT DOOLEY'S MAR, 20th, SATURDAY 10 A,M, TO 3 P,M, SEE FOR YOURSELF HOW TO IMPROVE ANY ROOM -- GREAT FOR KITCHEN DEN NO MUSS! NO FUSS) GOES ON IN MINUTES! age price of 511.43 a share. Chrysler common slock closed at $18.75 on the New York Stock Exchange Thursday. The proxy also noted lhat four members of the board of directors are retiring, including R.E. McNeill Jr., former Manufacturers Hanover Trust Co. chairman, Raymond T. Perring, former Detroit Bank and Trust Co. chairman, Louis B. Warren, a partner in Chrysler's New York law firm, and Howard L. Clark, American Express Co. board chairman. The 17 nominees comprising the management slate include six corporate officers and 11 outside directors. The only nominee not now serving is Gwain H. Gillespic, who w i l l b e c o m e executive vice-president-finance on April 1. Have you tried a Classi- f i e d Ad lately? It is a great experience. Try one! 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