Detroit Free Press from Detroit, Michigan • Page 15

I Sylvia Porter Is on Vacation tBettoit fine Wednesday, March 6, 1963 Stocks-Auto Busiiiess-Industiy Page 5, Section TODAY IN BUSINESS jnr i 1" is 4L. DeVilbiss Expands In Detroit Car Sales Still Make Records jj Use Ingenuity, Banks Urged BY KENNETH A. THOMPSON CITY AND SUBURBAN freight pickup and delivery are targets of three new longer wheelbase tilt-cab truck models introduced by Chevrolet. They have 175-inch wheelbase and 148-inch back-of-cab to rear-axle dimension and mount 20 and 22-foot bodies. Gross vehicle weight ratings are 15,000, 19,500 and 23,000 pounds.

Free Press Financial Writer Considering their competition for the savings dollars of Americans, commercial banks are building up to get in and fight and thereby continue their growth even though it may WORLD OF WHEELS QUOTRON already is replacing Scantlin Electronics Quotron introduced to brokers only two year go to provide stock quotations from digital computer equipment. The new push-button device is designed as a desk-top unit which shows last sale and net change, bid-asked quotations, opening, high, low prices, volume, dividend rate, yield, earnings and price-earnings ratio for individual stocks. Lists of most active stocks, volume and averages are computed second-by-second. Nine brokers in Detroit are using Quotron II. Safety Team BY FRED OLMSTED Free Press Automotive Writer For the eighth year in a row, the major automobile and tire companies wiU provide special help for the annual vehicle safety-check program in May and June.

be at a slower rate this year. Both banker and nonbanker speakers at a savings meeting of the American Bankers Association prodded commercial banks to use imagination, ingenuity and driving force to hold their importance in the financial community. IX THE background of banking thoughts is the strong competition be-ing shown by savings and loan associa tions and in some areas, savings banks. Doing the prodding were Dr. Paul S.

Nadler, a pro cessor of fi- Thompson nance at New York University, and the ABA's current president, Georgia Banker M. Monroe Klmbrell. "Competition cannot be eliminated in banking it's ingrained In human nature but we should adjust to It and make It work for us," Kimbrell declared. Dr. Nadler warned that the cost of restrained competition on savings was "a shrinking role" for commercial banks in the financing industry.

Cox Instruments To Merge with Lynch The determination of Ber nard H. Llppln, chairman of Lynch of Anderson, to take over the veteran firm, Peninsular Metal Products of Detroit, now named Cox Instruments finally has succeeded. iippin several years ago bought control of Lynch, pro ducer of glass-making and packaging machinery, and later added to it Symphonic Elee tronics which produces hi-fi and stereo phonographs, television, sets and defense electronics. In December, 1961, with Lynch as the vehicle; he bought a minority block of Peninsular Metal Products and Insisted on board posts for himself and another Lynch afflcer. In March last year, they made a tender offer to Peninsular stockholders and obtained 54.7 per cent contol.

Peninsular three years aeo withdrew from the manufac ture of auto components such as window and windshield mouldings but earlier had bought control of Georre L. Xankervis of Detroit, which produces testing and precision flow measuring industrial equipment From this latter operation came the new name of Cox Instruments. Last week directors of the Detroit firm surrendered on the proposal to merge Cox with Lynch. The question now goes -4V I OIL to minority stockholders for the formality of approval. Mahogany Makes Comeback in U.S.

Recently several carloads of mahogany lumber were shipped to Detroit to one of the auto manufacturers for use in mock ups of experimental and future cars. The shipment was another evidence of a dramatic com-" back for mahogany as a furniture and pattern wood. Virtually ostracized in ths postwar popularity of other uinnHi Want nf thpir t.rs,.- tive grains, African mahogany began coming back five years Manufacturers of good furniture began to introduce lines employing mahogany veneer. Natural finishes were usesd, instead of the deep-sherry staining which had been usd traditionally. Mahogany, according to experts, is knot-free and stabls and thus is again a favorite of imttern makers.

Numerous fur niture lines now use it. Aging gives it an attractive light-sherry shade. Gar Wood Buys Hillsdale Plant HILLSDALE A large plant formerly used by Allied Products Corp. and Idle for several months has been purchased by Edward F. Fisher, president of Gar Wood Industries, for uss of the firm.

He said the plant would in operation again in 60 days to supplement the company's Ypsilanti production of hydraulic products. The transaction was handled by Carl Rosman Detroit industrial realtor. Livestock BY USDA HOGS Salable 500. Barrows and 220 lb. down strong to 25 cents hisher; heavier weights ana sows 25 cents higher; mixed lots 1 and 2 190-230 lb.

barrow and gilts 15.35-15.50; 2 and 3 lb. ll5.35; 2 and 3 230-240 lb. 14-H; 1, 2 and 3 300-400 lb. sows 2 and 3 400-600 lb. sows 11.50-12.50; boars 11.25-13.

CATTLE Salable M0. Slaughter classes steady; 10 head hiah choice 993 lb. yearling steers 25.00; few loads choice lb. steers good steers standard to low good steers 19.50-21.50; utility steers 18.50-19.50; flood heifers 21.23; standard to low good heifers 18.50-21; utility heifers utility cows 14.50-15.50. few up to 16; canner and cutter cow 12-15; utility and commercial bulls 18-20.

VEALERS Salable 100. Steady to strong choice and prime vealers 31-40; standard and good 23-31; cull and utility 16-23. SHEEP-Salable 1,200. Slaughter iambi 50 cents higher; slaughter ewes steady; choice and prime woo led slaughter lambs 110 lbs. down 20.50-21.50; choice and prime shorn lambs 105 lb.

down 19.50-20.50; good and choice shorn lambs 18.50-19.50; cull to good slaughter ewes 5.50-9.00. Est mates tor Wednesday Cattle Calves 50, hogs 300, sheep 100. NOTICE fiitt wholesaler wishes sail complete line ef sift samples below cost. Goae variety and many fin handmade items, far appointment inquire by Thursday. Ream 1321, Statler Hilton Hotel.

Check Affair policemen and improving their safety record. In the Auto World AC Spark Plug Division reported the highest sales in its history for 1962. General Manager Joseph A. Anderson said 1962 sales were 20 per cent higher than in 1961 and 17 per cent above the previous record of 1960 Charles E. White head, Chicago school teacher, won a car at the Chicago Auto mobile Show by guessing within 11 seconds the instant that Oldsmobile's Rocket engine was completed Chev rolet will honor 24 members of Its wholesale organization for 25-year service at a dinner In the Statler Hilton Hotel March 12.

News Off The Ticker Four hundred Massachu-etts firms are being solicited for financial support for a foundation-owned, corporation equipped to bid for multi-million-dollar Government space contracts. Mill shipments of finished steel products in January totaled tons, highest in eight months, American Iron Steel Institute said. United Air lines placed a $19.8 million order with Douglas Aircraft for three fan-jet cargo aircraft. Treasury reported savings bond sales in February totaled $425 million, up 17 per cent from a year earlier and best February in three years. Gregory Industries reported nine-month earnings of 95 cents a share vs.

$1.03 a year earlier. Johnson Johnson introduced a new rayon and polyurethane surgical dressing designed to keep wounds dry. Dymo Industries arranged to buy Elliott Industries, maker of addressing machines, for stock. New orders placed with furniture manufacturers in January declined 8 per cent from December, the National Association of Furniture Manufacturers said. Men on Insurance Posts Michigan Mutual Liability Co.

named William R. Warren vice president and administrative assistant in the claims department, James L. Schueler assistant vice president and head of the liability claims wction and Robert G. Young company actuary, succeeding Xendnck Stoke, retired. Michigan Life Insurance Co.

named David Eyre manager of the underwriting and issue division. Guardian Underwriters, named Kenneth Alspach office manager and Robert Olsen vice president. Retirements Albert C. Moore retired as vice president manufacturing for Ford Motor Co. of Canada, Ltd.

Staff Posts AC Spark Plug Division; named Dr. Morris Berg: staff scientist in charge of the ceramic research. Chesapeake Ohio Railway named James R. Cary III superintendent at Grand Rapids, succeeding Paul Brammer, transferred to Cleveland. Group Elections Detroit Glass Dealers Association re-elected M.

J. Laviolette, president; E. Edward Wil liam! treasurer and Frederick R. Bolton executive secretary and counsel. Italian-American Chamber of Commerce elected Thomas F.

Angott president, Rosario Maz-rara, Ed Baker and Joseph Va-lente vice presidents: Louis Mirsciotti financial secretary, Samuel Ripepi recording secretary and Loreto Gervasi treasurer. Account Heads Merrill Lynch, Pierce. Fenner Smith named James L. Joseph W. LaRue and Burton F.

Bielfield account executives. Production Posts Avis Industrial Corp. named Herbert Martens chief engineer of the Mackworth G. Rees Division. LTV Michigan Division of Ling- Temoo Vought named Robert Stewart engineering manager and J.

W. Owens division controller. A Corp. named Paul Kram director of engineering. BY TOM KLEENE Frca Press Business-Industry Writer A two-phase expansion and modernization program of the Detroit metal-fabrication facilities of the DeVilbiss estimated to cost several million dollars, was disclosed by officials of the Toledo-based company Tuesday.

The project involves the grad- ual transplanting of the com-! pany's Metal Fabricators Divi-: sion operations from their pres-i ent location at 5741 Russell to i a new 23-acre Van Bur en Town-i ship site, located on the De-! 1 1 Industrial Expressway (1-94) near Hannan Rd. A man- ufacturing building is nearing completion at the new location, with production scheduled to start during the first week in April. Additional facilities, on which construction has not yet begun, will include another approximately 60,000 square feet of manufacturing space and 16,000 square feet to accommodate the office staff. Completion of the expansion program will give the company two-thirds again as much floor space as It now occupies at the Russell St. location plus ample space for -future expansion.

According to Thomas K. McGuire, vice president and general manager of the Metal Fabricators Division, all of the division's 220 hourly and salaried workers will be relocated at the new plant. The new installation when completed will rank among the leading employers in the township. Supervisor Darwin R. Ku-reth said.

KURETH SAID the work force grows at the plant it would mean additional jobs for township residents. The Detroit operation produces such Industrial equipment as ovens, spray washing equipment, dust collectors, special automotive spray booths and related equipment, predominantly for the automobile industry. McGuire said that most of the equipment manufactured locally is "customized" for special purpose nse and emphasized that production of general purpose equipment will continued in the Toledo plant. He said that the move to Van Buren Township was necessitated by an expanding market for the division's industrial equipment, which has been growing ever since DeVilbiss acquired the company from its original Detroit owners in 1957. Dividends DETREX CHEMICAL INDUSTRIES -Regular Quarterly of IS cents a common share, payable March 29 to record March 14.

PROPHET suarterly cents a common share, payablt Mar en 10 rtfwH AAM-rtl 91. AMERICAN METAL PRODUCTS-Regu- tar quarterly or 13 cwis share, payable March 30 to record ASSOCIATED TRUCK LINES-17Vi cents a Class A common snsr, wtu April 15 to record of March 25. Directors also declared 100 per cent stock dividend on Class A and shares, -payable Juna 1 to record ot May 13. and stated their intention to declare payments ot 10 cents a Class A common share after stock distribution. DOW CHEMICAL CO.

Regular dividend of 40 cents snare, payable Atril 30 to record March 20. SQUARE D. CO. Quarterly of 30 cents a share, up from 25 cents In recent quarters, payable April 1 to record March 22. Earnings SQUARE Co.

For 1962: Sales of J' 24 million and earnings ot S14.3 million, or S2.ll a share, vs. sales of SI 15.3 million and earnings of $11.4 million, or $173 a share. In 1961. UNITED AIR LINES For 1W2: Revenues of S594.2 million and earnings of S7.7 million, or J1.3 a share, vs. revenues of $502.1 million and earnings of $3.4 million, or 70 cents a share, tor 1941.

"WO 3-6700 JO 6-8617 BY FRED OLMSTED Free Press Automotive Writer Car sales continued at a boom clip in February, posting a number of records and winding up with an extra show of strength. Chevrolet set new February sales records for both cars and trucks, pushing past the mil lion mark in total vehicle sales since 1963 Introductions last fall. Cadillac reported a new February high of 14,193, edging a top of 13,576 for the month two years ago. AMERICAX MOTORS rang up a February record of 36,083, a gain of 27 per cent over a year ago. Pontiac added up sales of more than 45,000 units, beating hirh for the month set In 1955.

Chrysler Corp. reported February sales B0 per cent higher than a year ago. 9 per cent higher in the final period. Chrysler-Plymouth Division said it sold 36,590 cars In February, a rise of 42 per cent over a year ago. In the final eight days, the rate was 83 per cent higher than last year for all lines combined.

Dodge Division car sales were nearly double 24,016 compared to 12,210 in February last year For Chevrolet, February yielded 204.332 vehicle sales. This consisted of 170,918 cars, up 7.8 per cent over the pre vious February high of 1962, and 33,414 trucks, a rise of 7.6 per cent above the previous February record in the Korean War year of 1951. "It was the fifth successive record month since 1963 CheV' rolet models were introduced," aid Semon E. Knudsen, gen cral manager. FOR THE FIRST two months, Chevrolet's car and truck total was 408.083, up 9.4 per cent over the record pace of a year ago.

Cadillac broke the 14.000 mark in February for the first time. Deliveries topped February, 1962, by 19 per cent, Har old G. Warner, general man ager, said. The daily sales rate was 7 per cent ahead of January, he added. "This I the fourth reoord ales month sine Warner noted.

Rambler set a new record for the sixth time In the last eight months. The February total of more than 36,000 was reached in only 24 selling days, compared to 31,980 sales in January, with 27 selling days. Thomas A. Coupe, vice president automotive sales, said Rambler's first two months totaled 68,063, a boost of 23 per cent over a year ago. PONTIAC AND Tempest combined for a record for the fifth consecutive month, E.

M. (Pete) Estes, general manager, said. The final eight days brought 14,870 sales, a record for that period. The month was 34 per cent ahead of a year ago. Chrysler Corp.

car sales in the windup period totaled compared with 11,054 in the same span a year ago. The month's total was 60,606, up from 37,930 in the same month last year. For five months of the model year, Chrysler tallied 358,178, a 41 per cent jump oyer the preceding year's pace. Chrysler-Plymouth General Manager Clare E. Briggs said Plymouth and Valiant sales in the concluding February period were 109 per cent higher than a year ago.

The division's sales in Janu ary and February were 75,570, a rise of 30 per cent over a year earlier. Plymouth-Valiant sales were up 51 per cent. BYRON J. NICHOLS, Dodge general manager, noted that February car sales were up 97 per cent from a year earlier, following a record fourth quar ter 56 per cent higher than the year before and a January up 62 per cent from a year earlier. Dodge truck sales in February were 5,182, up 19 per cent from a year ago.

Nichols said car sales for the five months since Introduction were 140,183, up 63 per cent. In that period, truck sales were 25,501, up 50 per cent from a year earlier. GMC Truck b. Coach Division reported 6,817 February retail sales, highest in 10 years. Gen eral Manager Calvin J.

Werner said it was the fifth month in a row that sales set new highs for recent years. Ill Bank Deposit Funds up to Oni Million Available for compen sating balance at 4V2 per annum 16415 W. Call 272-4330 the Move Bower Roller Bearing Division named Stuart Davidson Hart plant manager, succeeding Thomas Conway, resigned. Hudson Schelfele was named director of research, development engineering. Cadillac named Richard Bagozzi superintendent of final assembly at the Cleveland ordnance plant.

Chrysler named E. A. Cafiero manager of industrial engineering: and W. H. Kromann manager of the New Castle (Ind.) machine plant.

Vice Presidents American Motors named Wil liam V. Lune berg, formerly wiui ova Motor and Mather Spring vice and member of the policy commit dm tee. Tieman Print inir. elected Luneberg William G. Ross vice president.

Staff Posts Oldsmobile Division named Earl W. Schuon executive as sistant to the general a n-ager and Richard E. Elliott comptroller. Diesel Equlp-m Division of General Motors named Kenneth F. Hardy comp troller.

Detroit Diesel Engine Division of General Motors named Enoch Eley comptroller. Parke, Davis Co. named D. Smith zonal director of operations in Canada, Great Britain and continental Europe. Firm Elections Middle Atlantic Transportation Co.

named Andrew Llberis Detroit terminal manager, succeeding Fred M. Lees, promoted to sales director. Paul F. Klud-ing, new executive vice president, and Roy McKay, new operations manager, will be headquartered in Detroit, Lees In Toledo. Tube House, 9125 Telegraph, which will fabricate metallic tubing, was organized by Julian Galan, president of Galan Manufacturing Pon-tiac, and Blaine Eynon, president of Eynon-Dakin Detroit.

cases such as this happen every so often. All gold currency waa map-posed to be turned in and exchanged back in 1933 at the time of the last official devaluation of the dollar. It is now illegal for anyone to keep gold currency even for such purposes as a hobby. It's interesting to note that coin collectors and dealers are allowed to keep United States gold coins which were also called in for exchange in 1933. But even they are not supposed to possess gold backed paper money.

Doyle will answer only representative letters of general interest in his column. He cannot answer phone queries. Math Course Detroit Research Institute has scheduled a three -week course for businessmen designed to teach them mathematics from algebra thsough calculus. It starts March 18. Schuon Twenty-three representatives of these companies will be assigned for 90 days to assist committees set up community participation in states which do not yet require official including Michigan.

THE PROGRAM Is put on by the Auto Industries Highway Safety Committee and Look magazine, with the aid of the Association Stat and Provincial a ety Co Ordinators. Last year more than 3,500 check programs were Now the Olmsted problem looks bigger than ever in view of the record 41,000 highway deaths last year. NOTE: Nearly 3, million vehicles were checked In the 1962 program brakes, lights, steering, tires, exhaust, horn, etc. One of every six needed some immediate service for safe operation. Cost of Car Now Put At 10.1 Cents a Mile Here's another indication concerning how much it costs to drive the family car.

The Insider's Newsletter quotes Edwin M. Cope, statistician for the Bureau of Public Roads, with a figure of 10.1 cents a mile. A few days ago, the Automobile Legal Association of Boston made It 14.47 cents after a survey in 13 Eastern cities. The Cope version Is broken down this way: depreciation, 2.9 cents; repair and maintenance, 1.7; gasoline, exclusive of taxes, 1.4; "bare necessity" insurance, 1.3; oil, tires, accessories, parking and tolls, 1.6; taxes, 0.7, and registration fees, 0.5. Cope's base was a composite four-door sedan costing $2,900, with an expected life of 12 years and 100,000 miles.

Manual to Seek Motorcycle Safety There's a note of warning in the upcoming publication of the first "comprehensive" training manual for police motorcycle instructors by the Traffic Institute of Northwestern University. "The need for motorcycle work is increasing." said Bernard R. Caldwell, institute director, "because of growing traffio congestion on the nation's streets, highways and freeways." The new manual, due in the fall, is aimed at meeting this need by helping raise the efficiency of two-wheel motorcycle ADVERTISEMENT Getting Ahead In Business i 4 George E. Gullen, Jr. Detroit George Gullen, has been elected Vice President, Industrial Relations of American Motors Corporation.

Like the men everywhere who keep getting ahead in business, Mr. Gullen reads The Wall Street Journal regularly. Journal circulation is now over 800,000, with nearly twice that many total readers. Advertise in the Only National Business Daily. When you sell America's "Mightiest Million," you take a mighty step toward selling America' 188,000,000 almost anything! assay1 'ijimi'oeiM cities, counties If and other groups.

fc3 LmA 4 DAILY INVESTOR Gold Currency Found In Grandpa's 'Poke' BY WILLIAM A. DOYLE After Grandpa died, my mother found his poke that he had stashed away. He must have saved this money years ago. It is all United States Government paper money. A couple are $1,000 bills.

In small print MONDAY'S Supreme Court Decision Is Vitally Important lo This Country's Railroads Our Brief Highlighting 6 Favorite Rails Outlines Why We Feel That Thi Is So. Your Copy Is FREE Of Course From Any ROXEY CO. Office. Call United for the most jet service from Detroit United Air Lines offers Detroit travelers more jet service than any other airline to a wide variety of important U.S. cities from Los Angeles to New York.

Wherever and whenever you want to go, call United at WO 5-5500 or your Travel Agent THB tXTWA CAf AntLlMW 1TED Zona. State on these bills are the words, "redeemable In gold." Mother would like to use the money to pay some bills. But we hear she could be arrested, because the Government wants all the gold money turned In. What should we do? A Take Vie gold currency to the nearest Federal Reserve Bank. Explain that your mother "found Grandpa's poke stashed away." The "Fed" will exchange that currency for the type of money now in circulation.

Or, if you prefer, you can take gold currency to your local bank and ask the people there to handle the details for you. The Fed passes on the word that the Government is not out to pun- Doyle ish your mother or others who find gold currency in such things as "Grandpa's poke." They point out that Nome 2 BUHL BLDC. 21300 Greenfield Address City DETROIT 26 Northwest Branch Oak Park 37 OuUtate Office Settle Creek Flint Kolamatoe lento Harbor rand Rapids Saajnaw Stvrqls MOST MICHIGAN INVISTORS LIVI NUR A RONtY 1 CO. QMICI.