Monday, Sep. 26, 1955
ANTITRUST PROBE of General Motors will be made by West Virginia Democrat Harley Kilgore's Senate antitrust and monopoly subcommittee. Kilgore has no specific complaint against G.M., but will study it as a case history of big business.
PAKISTAN OIL DEAL will give Nelson Bunker Hunt, 29-year-old son of Texas Oilman H. L. Hunt, exclusive drilling rights in two 10,000-square-mile tracts. Hunt and Pakistan agreed to put a maximum of $42 million in exploration and development, of which Hunt will put up three-fourths, Pakistan onefourth.
COPPER SQUEEZE will be eased temporarily by diversion to industry of 11,000 tons earmarked for U.S. stockpiles. Defense industries and flood-damaged users in New England will be given priority on the copper.
NEW MANAGEMENT TEAM will be running Minneapolis-Moline Co., No. 7 farm-equipment maker, which was in the red last year. When White Motor Co. Executive Vice President Edward Reddig, spokesman for insurgent stockholders, showed that the raiders held more than 50% of proxies, the old management caved in, gave the rebels seven of ten director seats.
COCA-COLA will bubble its way into yet another foreign market: Japan. In order to get past the opposition of Japanese soft-drink makers, Coca-Cola agreed to turn over to Japanese businessmen its bottling plants built to supply American troops, limit distribution of Cokes to big-city bars and other spots frequented by foreigners.
AERIAL BUS will be built by ex-T.W.A. President Jack Frye in hopes of finding the long-sought-for replacement to the Douglas DC-3. Frye's projected high-wing, four-engine F-l will probably be built by a European company, sell for $350,000, haul five tons of cargo or 50 passengers at an aerial snail's pace (150 m.p.h.) but be able to use a very short runway.
TITANIUM, once boomed as a wonder metal, is going begging. Demand is so low (8,000 tons yearly, v. industry capacity of 22,500 tons) that the Office of Defense Mobilization has curbed expansion of production by withholding aid, e.g., fast tax write-offs, for titanium plants. As a result, Du Pont will change plans for making titanium in Tennessee.
CHRYSLER COMEBACK will be pushed by one of the biggest expansion programs in auto history. President L. L. Colbert said that the company lost sales in 1955 because it was "not geared" to produce enough. So it will add seven regional plants and expand Detroit production over a ten-year period.
NEW COAL GIANT will be created by the merger of Cyrus Eaton's West Kentucky Coal Co. with the Nashville Coal Co. West Kentucky will pay $16 million for Nashville, thus become the nation's No. 3 independent coal producer after Pittsburgh Consolidation and Peabody Coal.
FORDS FOR '56 will be lower (down 1 in. for two-and four-door sedans), and higher-powered but little changed in appearance. Higher-priced models will have the Thunderbird Y-8 motor (up to 202 h.p.). Thunderbird production has topped 16,000 in its first year, 25% more than Ford anticipated, but still less than demand.
This file is automatically generated by a robot program, so reader's discretion is required.