AUTOS: Gas for Packard

When James J. Nance quit the presidency of Hotpoint Co. (appliances) to take over Packard Motor Car Co. eleven months ago, his old employers gave him a notable vote of confidence. Hotpoint's parent company, General Electric, bought 25,000 shares of Packard for its retirement fund. This week Jim Nance, 52, proved that the confidence was well deserved. Packard's first-quarter profit of $10 million before taxes was better than in any other three-month period in the company's history. On sales of $123 million, Packard netted $3,510,062, almost triple the figure for a year ago.

To boost the profits, Nance has turned...

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