Detroit Free Press from Detroit, Michigan • Page 10

Business-Industry PetrMt Page 10 Friday, Feb. 2, 1962 SYLVIA PORTER Rich Get Richer And New Report Proves Legend BY SYLVIA PORTER The concentration of wealth in our country Is almost as pronounced today as it was in 1933 the year Franklin D. Roosevelt became President and began the New Deal. The' richest one per cent of American adults now holds 27-28 per cent of the nation's entire personal U.S. Offers Export Aid In Detroit I 1 1 tiT i nil n1 nn President Kennedy's campaign to increase American exports to help the nation's balance of payment troubles filtered down to the Detroit office of the Commerce Department Thursday.

Frank A. Alter, manager of the Detroit office, returned from a field manager meeting In Washington with orders to wealth, which includes all corporation stocks, government and corporation bonds, real estate, mortgages, cash, insurance. In 1933, the richest one per cent held 28.3 per cent. The richest one per cent holds 76 per "seek out all business execu tives in your area, make sure they know about all the De cent of all corporation stocks outstand News Ofi The Ticker The Treasury will refinance $11.7 billion, of the national debt next week by issuing two new short-term securities. General Tire will reduce some tire prices up to 5 per cent in it3 second pricing adjustment in a month.

Gelman Instrument Chelsea, announced a contract signing with a German firm for distribution of microporous plastics in the United States. A survey by American Bankers Association indicates three of every 10 commercial banks in the nation have raised interest paid on savings Firestone Tire Rubber reported retread sales of tires for 1961 were the largest in its history after adoption of a road-hazard guarantee Samuel Rosenman was elected chairman of Twentieth Century-Fox Film Corp. Titanium Development Corp. acquired a substantial interest in Continental Titanium holder of a cheaper process for extracting titanium dioxide pigment Mistakes' in arithmetic were made by 2Y2 million taxpayers in income partments services and en courage them to expand their THE Rambler was loaded onto a piggyback railroad car Thursday at the American Motors plant in Kenosha, Wis. Roy Abernethy, executive vie president, said the milestone continued Rambler's lead as the largest single maker of compact cars 36 per cent of all produced.

Rambler built 1,000,000 compacts in nine years, reached 2,000,000 In Zy2 more years. ing. In 1929, the year of the stock crash, one per cent held 65.5 per cent of the corporate stock. Moreover, the wealthiest-wealthy own operations. Miss Porter ROY I MORGAN, director of field services for the depart A PARTY at Bloomfield HUls Country Club Wednesday marked the 67th birthday of W.

A. P. John, co-founder of MacManus, John Adams. The advertising agency has grown from its small beginning in 1934 to one of the largest agencies in the country. Above, John is congratulated by Charles F.

Adams (left), executive vice president, and Ernest A. Jones (right), president of the agency. John is chairman of the advisory board. ment, stressed that the field virtually 11 per cent of all state and local government bonds, 32 per cent of all United States Government bonds, 12 per cent of all real estate. offices can give WORLD OF WHEELS valuable guia-ance and aid to business firms desiring to get into the foreign trade field as well as those who wish to expand export operations.

Public Sees Turbine Cars TODAY IN BUSINESS Toledo Firm In New Deal As a result. Alter Alter invited Michigan business men to call on his office at 438 Federal Building in Detroit for Information about export mar kets and methods. BY FRED OLMSTED FrM Press Automotive Writor It was cold (16 degrees) Thursday, but a turbine- Export trade is one of the fields offering the most growth opportunity to American firms," powered Dodge and Plymouth skittered around Belle Isle Edward Gudeman, undersecre with midsummer effectiveness. tary of Commerce, told the BY KENNETH A. THOMPSON Free Press Financial Writer To follow the moves and decisions of Electric Autolite And similar warmth was ex field managers.

hibited by Chrysler Corp. engi of Toledo, observers and stockholders are finding need neers concerning the turbine car's future at a luncheon in of score-cards. Thunderbird or Chevrolet's Corvette. He said: "Yes." Huebner emphasized the advantages of the turbine in economy and performance, noted that the "material problems are the Detroit Boat Club. ceeds the veteran Norge Muske This is just a sampling of the astounding findings disclosed this week by Robert J.

Lampman, economics professor at the University of Wisconsin, in a 286-page report on "The Share of Top-Wealth Holders in National Wealth, 1922-56," published for the National Bureau of Economic Research by the Princeton University Press. Wealth Not Equalized It is the most comprehensive report on the wealth of very rich Americans ever compiled. Lampman's findings mock the general impression that since Roosevelt and the New Deal, there has been a vast equalization of the distribution of wealth in the United States. Yes, there has been an equalization of the distribution of incomes and we have become the greatest middle-Income nation ever known. But there has not been much of an equalization of the ownership of WEALTH.

Lampman's figures underline how spectacularly total personal wealth has grown from $300 billion in 1922 to near $2 trillion in 1962. There's a much bigger wealth pie for all of us to slice. Women Not in Majority Who are the very rich? Those with estates of $60,000 or more, for Lapman based his study on an analysis of estate tax returns and only estates of this amount or more are subject to estate taxes. How many rich are there? Lampman estimates there were over 1.7 million top wealth-holders in 1953. Considering what has happened to stock prices since, there are probably more than twice as many today.

What about their sex? Here Lampman smashes another common notion, for he finds only one-third of the top one per cent are women and they hold only 40 per cent of the wealth of this group. Lampman's findings on the very rich and how they've prospered under and since the New Deal are guaranteed to inflame both radicals and. reactionaries alike! Acquisitions, mergers, selloffs "United States companies should take advantage of untapped opportunities to learn the needs of foreign peoples, to fulfill these needs with American products, and thereby Increase their sales and expand their operations. of portions of its operations and The ride demonstration for gon plant, close down last summer in a damaging blow to the press will now be followed plans to pull out of Toledo and establish headquarters 1 e-where have followed in fast by similar opportunities for the solved." (The turbine requires hightemperature metals.) public at number of Dodge Michigan. Approximately 1,000 persons lost jobs in the impending transfer of work.

Judson S. Sayre, Norge board succession in recent years. "This also will strengthen and Plymouth dealerships in the Detroit area. Added Huebner: "We are serious about this LATEST development finds our national economy, provide new jobs for American workers it is a continuing program." DETROIT Is the seventh city Mergenthaler Linotype al chairman, hailed the plant as "Arkansas' biggest employer" and said it would make Fort Smith the "cooling capital of Following is a schedule for and improve our balance-of- ready a heavy stockholder in the Toledo firm, with plans to the showing of the turbine cars in which a smooth working team of Chrysler experts is by Detroit area dealers: the world." tax returns last year, Commerce Clearing House said Iron and steel companies expect to spend $1.3 billion on expansion in 1962, American Iron Steel Institute said Louisville Nashville Railroad withdrew its bid for control of Chicago Eastern Illinois Railroad Stanray Corp. reported a loss of $1 million in 1961, its first red-ink year since 1933 Heavy construction contracts rose to $464.7 million last week, Engineering News-Record said United States exports of commercial goods in 1961 were put at $20 billion by the Commerce Department Bank clearings in 26 cities dipped to $28.6 billion in the week ended Wednesday, Dun Bradstreet said, with Detroit clearings increasing 5 per cent to $831.7 million Delhi-Taylor Oil Corp.

reported merger talks ended with Texas Gulf Sulphur showing off the possibilities payments position." Able Equipment Adds 2 Lilies "This expansion," he con- Friday. Feb. s.m.-J p.m., Dm- SMiggiww of these cars in acquire a i-tional shares to give it commanding con- xon Motor Sales. 20255 Grand River; a tinued, "marks a dynamic mile p.m. -9 p.m., Thompson-1 ood aaoiot stone for the consumer goods 821 Michigan; a.m.-i p.m., Stanford Brottiers, Lincoln Park; a p.m.-? p.m.

Taylors' Motor Sales, 19711 Liver- trol of Electric Autolite. appliance industry, and is a $20 million blow to critics who nois. Saturday, Feb. 1- a.m.-i p.m., ay- the wake of the recent crosscountry run of the Dodge turbine from New York to Los Angeles. That this ef say appliances are a shrinking The Brooklyn nal Plymouth.

9151 Chalmers: 4 p.m.- (N.Y.) firm dis p.m. Masons sales service, i-ern- dale; 9 a.m.-l p.m., Roney Motors. 11245 Gratiot; 4 p.m.-T p.m., Kaynai Iiiiimii jji iiiuwytfe mi ihhiiiipwwmi closed the filing of plans with Brothers. 9103 Chalmers. Monday.

Feb. a.m.- P.m. Fischer-Record Motor Sales. Grosse fort has gained SEC for issuance of $9 mil industry." Fort Smith pnt up $6 million of bonds for construction of the million square foot plant. Norge machinery and equipment apparently makes up the $20-milllon overall price tag.

Pointe; 4 p.m. -9 p.m., Dick Green, 11820 Thompson Detroit; 9 a.m.-i p.m., oarriTv moiot some prestige and interest Is riamrremcK? p.m.-y p.m.! Olmsted lion in new debentures to be used to acquire 300,000 shares Hodges Auto Sales, pamoate. Tuesday. Feb. 49 a.m.-l P.m..

Scrfc- shown by the fact that Robert Anderson, Chrysler vies pres from Electric Autolite share ner-Bohm RovpI Oatci 4 p.m.-9 P.m. Sayre said Thursday the holders. Mergenthaler already Red ford Sales Service, 22326 Grand River; 9 a.m.-? p.m., Canfield Motor Sales, Grosse Pointe Woods; 4 p.m.- ident and director of product planning, reported that the plant would reach full produc holds 408,950 shares of Auto Bourdin Lipscomb 9 p.m.. Northwest Auto 20735 Grand tion on refrigerators and home 1 1 1 1,190,942 outstanding company has' received ''thou- River. Able Equipment Co.

was freezers in about 60 days and snares. New Food Is Tested sands of letters from would- at that time will employ over be turbine drivers. named distributor by American Metal Products Co. for its adjustable storage racks and by 2,000 workers. Ford Ups The letter writers want to DAILY INVESTOR Officers Of Firms Own Stock The debenture-stock exchange offer will be made to Electric Autolite shareholders when registration is granted by SEC.

be among those who will drive Borroughs Manufacturing He foresees a 15 per cent increase this year in refrigerator sales and says the new 2 Executives the 50 to 75 turbine cars Kalamazoo, for shelving, shop In Michiff an Chrysler will produce in 1963 equipment and automotive bins, Consider the recent Electric plant will permit Norge to if its current assessment of Autolite moves: boost its refrigerator and R. J. Bourdin is president and Jack Lipscomb vice president feasibility adds up favorably. December, 1960 Hiller Air home-freezer production by at Another product has been least 33 per cent. added by Michigan to the grow craft of becomes a subsidiary under exchange of stock.

Earnings ing list of convenience foods designed to get the housewife Panhandle Eastern Pipe line out of the kitchen. Co. or 19 61, preliminary: Bill and Marv DeWitt, who March 14, 1961 buys physical assets of Consolidated Smelting Refining Detroit, for $1 million. April 13, 1961 Ford Motor Earnings of $27.6 million, or $4.04 a share, vs. 521.7 million.

have been breeding and mar keting turkeys from their 200 acre farm in Zeeland, Mich. In the research and development phase, dating back to prewar days, the turbine has been "pretty much perfected," Anderson said. Phase 2 is the current probing of manufacturing and financial prospects. Phase 3 will be the limited production program, if given the green light. George J.

Huebner, ex ecutive engineer-research, de tailed the success of the re or $3.16 a share, for 1960. Co. buys sparkplug, battery and auto electric products for 27 years, have added roast Sheller Manufacturing for quarter ended Dec. 31 (first of new fiscal year) Net earnings vs. $162,677, or 17 cents a share, turkey roll, to the list.

BY WILLIAM A. DOYLE Q. As a general rule, do you believe It Is advisable to buy stock in a company in which the officers of the company have large Investments I. am interested in the stock of a certain company and have learned that the rom- pany's chairman, president and vice presidents all own large amounts of stock in the company. A.

Yes, It is advisable as a general rule. After all, the top brass of any company business of Electric Autolite, Lundy Miller The "Bill-Mar" brand of com plus two plants and the Autolite trade-name for replacement pact turkey comes in a five to $498,042, or 52 cents a share. Traffic Managers. depend on Manpower employees to help out temporarily. When material handling workloads are unusually high Manpower sends its own trained employees to help with shipping, packing, loading and warehouse work.

Manpower operates on a "quick call" basis. Call for "Men from Manpower" when you need temporary help! eight-pound roll of either white Arjay R. Miller, formerly vice president-finance of Ford Motor has been appointed auto parts, all for $28 million. in preceding year. Sales meat or a 60-40 version of $12,016,581 vs.

$12,078,030. Jan. 18, 1962 Production halted in Toledo plant, elimi white and dark meat, roasted to the new position of vice and ready to eat and encased cent continental jaunt, under weather conditions ranging down to 18 below zero and at Continental Motors for fiscal year ended Oct. 31, 1961: Net earnings $1,420,788, or 43 cents in a transparent casing devel Newsroom 2 Story Garden Level Homes for Rent in Downtown Detroit Including heat, hot water, parking, lawn maintenance, exterior 'window hashing, snow -removal. nating jobs of 800 employes.

Company assigns production to plants in Michigan and Iowa. oped by Dobeckman Packaging a share vs. $1,417,759, or 43 speeds from slow city traffic to 80 miles an hour on the Division of Dow Chemical. cents a share, in preceding year. highway.

president-staff group, Henry Ford II, chairman of the board, and John Dykstra, president, announced Thursday. Miller will report directly to Ford. J. Edward Lundy, formerly vice president and controller, has been appointed vice presi Sales $127,873,594 vs. $138,094, THE "COMPACT" turkey is Norge Opens Plant In Arkansas The Dodge turbine averaged 193.

being test marketed In the De troit area this week by City 17.25 miles a gallon, Huebner said. This was "consistently The big plant built for Norge Poultry operated by Har -know more about the company and its prospects than anybody else. If those officers are investing their own money In the company's stock, they must have a Division by Fort Smtih (Ark.) MANPOWER INC. old Haas, Julius Katz and better" than that achieved by the piston pace a on the Harvey Aluminum for quarter ended Dec. 31: Net incoms $1,542,204, or 27 cents a share, vs.

$1,189,079, or 21 cents a share, in same period of preceding year. Sales $18,751,120 vs. $18,643,233. Avery Shapiro. citizens by means of municipal industrial development bonds trek.

WO 2-7465 A Doyle was opened Thursday. It is the plant which, sue Turkey rolls have been marketed for several years, mostly by California pack dent-finance, succeeding Miller. The staffs assigned to Miller are the office of the general counsel, finance, industrial relations, marketing, public relations, engineering and research, and the central purchasing SOMEBODY ASKED Anderson whether Chrysler was considering the possibility of making a prestige turbine car that might compete with Ford's ers, but the roasted version is new as far as the DeWitta could learn. They experimented for more lot of confidence in the company. However, there have been some cases in which the officers of companies owned so much stock that they oper- ated pretty much as they pleased not always in the best interest of small Enjoy the lawn and" trees that lie beyond the glass avails of one of these Townhouses designed by a vorld famous architect.

Injoy the spaciousness of a full size Jiving room, dining area, 3 bedrooms, basement all electric kitchen, IVa baths. Downtown living, its convenience to business activities, and the proximity of cultural attractions can be stimulating. Here in Lafayette Park you'll find Detroit's one new idea in, modern family living. New school Hearing com Thh fintfHmenf tfnrfef no etreamatmnom owfrof an offer ft thea talt. or at ai offer to bnr.

or as a aorcrrafion of mn offmr to buv, inv of the curtties. 7'ha ofiar of theaa aecurttjea la made only by meana ot thm Prospect ut. Kot Nrwr Ith 215,000 Shares Shatterproof Glass Corporation Common Stock (Far Valas .50 Per Share) Auto Output Sets Records in January Aalo makers reported they built 628,227 cars In January, np 212,370 over January, 1961, with American Motors and General Motors reporting all-time records for the month. AMERICAN MOTORS CORP. January, 1962 January, 1961 than a year before finding a process by which the two halves of a turkey breast could be joined into a roll without falling apart when sliced.

The DeWitts developed the roll by necessity. Currently they produce six million pounds of turkey a year on their farm. About 51 million pounds a year are produced in Michigan and only. 48.7 million pounds consumed in the state. But only 22 million of the 48.7 million are Michigan-bred turkeys.

NEARLY 250 million pounds of turkey were reported in cold storage across the country after the bird's big season the Thanksgiving and Christmas holidays. pletion.) Q. Can the managers of mutual funds ever make mis-- takes in the stocks they buy and sell I have often read that such-and-such a fund has Hold a certain stock from its investment portfolio. And the stock often continues to rise in value. V.

A. Sure, mutual fund 'managers can and do make mistakes in their investment selections. Don't we sril? No-tbody is right all the time. Management PRICE $14.50 PER SHARE Rambler Plymouth Dodge Chrysler Imperial 41,378 CHRYSLER CORP. 23,502 16,076 13,804 1,166 I tho undenrritort, mcludmi tha underlined.

aa bxmj UwfuUj otfar thoem aocuritie in thie State. Total passenger cars 54,548 FORD MOTOR CO. -i com mum nr 1I 1CZ7 The DeWitts and their biggest customer, Detroit City Poul Ford Mercury Lincoln Continental try discussed the problem and came up with the roasted turkey roll as the answer. 148,927 33,624 3,606 186,157 40,759 38,604 7,981 test marketing, now 24,026 17,651 9.950 8,517 803 36,921 98,350 14,903 3.486 116,739 32,575 7,945 102,935 25,329 23,089 13,443 22,977 7,384 24,043 14,212 233,412 Shields company h0rnbl0wer "weeks pailne. webber, jackson curtis BACUE CO.

G00DB0DY CO. SHEARS0N, HAMMILL CO. Total passenger cars Fairlana Falcon Thunderbird finding acceptance in restaU' rants, hospitals and institu tions, will tell whether the pub Visit our furnished model at 1403 Joliet. Take East Jefferson to Rivard (900 Block). Turn North 3 blocks.

Rental offices open 10 to 6 daily, 2 to 6 Saturdays and Sundays, and by appointment. phone for p- further information lic calls It the answer. Seminar Planned The fourth annual midwinter conference of the Detroit and Motor City chapters of the Systems and Procedures in co-operation with Wayne State University will be held Feb. 10 at McGregor Memorial conference center. W.

G. Garvey. conference chairman, outlined seminars designed to interest management personnel in business, industry and government. Topics range from computers to creative ability. Mortgages Grow WM.

RONEY COMPANY FIRST OF MICHIGAN CORPORATION HARRIS, LOGAN CO. 6. H. WALKER CO. BAKER, SLMONDS INC.

H. HENTZ GO. GENERAL MOTORS CORP. Chevrolet 170,369 Corvair 31,321 Pontiac 34,575 Tempest 13,821 Oldsmobile 36,232 Olds 85 8,757 Buick inc. Special 36,319 Cadillac 14,750 Total passenger cars 346,144 Advance Mortgage Co.

reported $52 million in residen tial mortgages closed in 1961 townhouse WOodward 1-9118 and $42.4 million in apartment, commercial and industrial rtbtymirietm. mortgages..