The Courier-Journal from Louisville, Kentucky • Page 108

SUNDAY MORNING, AUGUST 3, 1969 7 THE C0UR1ER-J0URNAL TIMES. LOUISVILLE, KY. Guerdon Industries Makes Louisville Home Base LEASE AIRCRAFT TWIN-SINGLE Regular or Short Term AIRE INTERNATIONALE Bowman Field 458-1170 459-5800 By. KOI) WENZ, Courier-Journal Business Editor Guerdon, having purchased Cappaert's interest in the company. Guerdon's other interests include: Automatic car washes The corporation totally owns Delta Engineering Manufacturing of Dallas.

Chest-type food freezers Guerdon owns Revco, of Columbia, S.C., manufacturer of chest-type freezers sold under several brand names. Plastics; The company has purchased a group of plastics-extruding companies serving the automobile industry. Travel trailers The company recently acquired Streamline Trailer of El Monte, manufacturers of luxury travel trailers. Company officials hope to introduce Kentucky to the mobile-home-park concepts that have evolved in such states as Florida and California. Guerdon has already made one move in Kentucky.

On Thursday, the company announced a.i agreement in principle to acquire Briel Industries, of Shelbyville, through the exchange of stock. Briel manufactures aluminum alloys and billets. Stockholders of Briel and Guerdon directors must approve the merger, which involves an undisclosed amount of stock. Guerdon and Ryan Homes, a Pittsburgh builder of conventional homes, also have agreed in principle to merge, with Guerdon the surviving name. Ryan's 1969 sales totaled $79 million.

per cent over fiscal 1968, and earnings were $6.1 million, up 267 per cent over 1968. Eighty-five per cent of the company's sales are in mobile homes and in a new and growing segment of the market, modular homes, apartments and office buildings. In the modular concept, cranes stack pre-built rooms or groups of rooms in place much as children's building blocks go together. THIS PHASE of the building industry has wort the attention of Housing Secretary George Romney as a possible solution to the need for low-cost housing. Guerdon's latest innovation in this field is a concrete and steel structure which weighs 50 per cent less than w6od.

Renner said that the cost of modular construction is similar to conventional construction, with the exception of capital tied up during the construction period. "A modular office or apartment building goes up in days, compared to months with conventional methods, during which time the builder must operate with a construction loan," Renner said. Guerdon realized its growth through both expansion and acquisition. In 1966, the company merged with Magnolia Homes of Vicksburg, a privately held company equal in size. ALTHOUGH Guerdon was the surviv.

ing name, former Magnolia owner F. L. Cappaert became chairman of the board and chief executive officer. He retains the chairmanship and commutes to the Louisville office regularly by private plane from Vicksburg. City Investing a New York conglomerate, owns more than 50 per cent of SEE ED HARVEY NOW LEASING 1970 MODELS ALL MAKES ALL MODELS ALL TYPES OF CONTRACTS CONTRACT LEASING CO.

A DIVISION OF Liddie Pontiac-Cadillac Co. Hgwy. 131 at 1-65 Clarksville, Ind. 812-282-7501 filial Mayor Kenneth Schmied, center, welcomes Guerdon Industries, to Louisville by presenting a certificate to Thomas Meyers, left, executive vice president, and William Marshall, assistant to the chairman of the board. Meyers heads the mobile-homes division.

GUERDON INDUSTRIES, which has built a $144 million business on the concept of mobility, this month proved its own corporate mobility with a quiet move of its headquarters from Detroit to Louisville. "The move went extremely smoothly," said Clark Miller, trade-relations representative for the company, which builds more mobile homes than almost anyone else in the industry. The new headquarters is on the sixth floor of the Bank of Louisville building, 5th and Broadway "Within two hours after the office furniture was moved in, our clerical help was at its regular routine, and we moved the computers Thursday and they were in operation Monday," Miller added. Key executives in the corporation are in the process of relocating in the Louisville area. WHAT FACTORS would prompt a company to uproot itself from the state in which it has prospered since its founding 20 years ago? "Our expansion has been primarily southward.

We had outgrown our offices in Detroit, and we wanted something more centrally located in relation to our plants," said Ed Renner, the company's director of special services. Guerdon has more than 40 plants in 15 states. Most of its mobile home plants are in small communities which had an ample supply of unskilled and semiskilled labor. Memphis and St. Louis were other finalists in Guerdon's search for a place to relocate its corporate headquarters with its 55 employes and an annual payroll in excess of half a million dollars.

Louisville won out because it had available office space and housing, satisfactory air service and one important plus a known community personality. "We were more familiar with Louisville people because of the annual Mobile Home Show, and we were always well-treated by the motel people and others we dealt with here," Renner said. "You might say we already had a sort of family relationship." That factor outweighed the fact that both Memphis and St. Louis have better air service, he said. IN RECRUITING replacements for accountants and clerical personnel who stayed in Detroit, the company has been impressed with the quality of the Louisville labor market.

"We have found more qualified personnel available in this area than in Detroit; wo are surprised at the quality," Renner said. The move caps a decade of spectacular growth for a company which was a family-owned business until 1959. That was the year that Guerdon Wolfe and his family sold their interest in the business, and the year that Guerdon was listed on the American Stock Exchange, where its stock is still traded. Today only one company, Skyline sells more mobile homes than demand for housing, and the constantly rising cost of labor and materials involved in conventional housing and office buildings. Guerdon sales in the recently ended fiscal year were $144.1 million, up 42 WORTH ill Really Pay for a Car of which you are a member, your life-insurance company and compare the total dollar financing costs on a given amount borrowed over a given period of time.

Then compare these costs with the deals offered by the auto dealer or the finance company with which he works. Borrow no more than you must. Make as big a down payment as you can at least one-fourth to one-third of the total purchase price and try to keep the repayment period as short as you can. Find out how much of the total finance charge will be refunded if you are able to repay the loan more rapidly than you originally promised. Shop separately for insurance, starting with your regular insurance agent, to see if you can get a better deal than that offered by the dealer or other lender.

Banks Must Report More to Stockholders WASHINGTON (AP) The federal banking regulatory agencies have decreed that banks must include profits and losses on securities and losses on loans when reporting their net income. The rule, agreed to by the controller of the currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation, requires banks to change the form of accounting to stockholders. At present, they exclude loan losses and results of securities transactions when calculating earnings. The new method will be put into effect this year. The Personnel File What good is an investment plan not tailor-made for you? You can get a plan that's your very own.

Citizens Fidelity vill devise a personalized investment plan that fits your needs. We consider your objectives for capital growth or income, your family situation, your age and your tax bracket. Then we will recommend a plan to help you achieve your investment goals. And once we've tailored your basic plan, Citizens Fidelity offers you a choice of three types of investment service: Management, Advisory or Custodial. The choice depends on you and your wishes.

Call or write any of our Trust Invest- ii r- 9 i r- i Guerdon. In 1968, Skyline's sales were $107.7 million, Guerdon's $101.7 million. Like others in its industry, Guerdon is growing at a phenomenal rate, capitalizing on the tight money market for conventional homes, the nation's critical YOUR MONEY'S What You IF YOU ARE among the millions buying a new or used car during these summer weeks, you arc now discovering perhaps for the first time how steep are the costs of financing it on time. Auto loans always have been comparatively costly. They are now more so than ever, in this tight money era.

What's more, the "real" costs of automobile financing are now in the open; the Truth in Lending Law is forcing you, the buyer, to look at the actual cost to you of "add-ons," "discounts," extra finance charges. You may be so accustomed to being in the dark that you resent being informed; or you may so dislike the knowl- based loan and investment firm that has offices in Covington, Cincinnati and Nashville, has appointed W. G. Witten manager of its business-development department. Witten, president of the Retntl Credit Managers Association of Louisville, has been in the consumer-credit field 26 years.

BOONE BOX CO. of Louisville has promoted G. E. Risner to sales manager from assistant sales manager. He has been with Boone since 1961, and before becoming assistant sales manager of the company was sales manager of its Richmond, plant.

BROWN-FORMAN Distillers Corp. has promoted Maxie E. Higgason to manager for stockholder relations. Since November, 19G8, he has been the company's supervisor of insurance. THE Mead Mead Containers Division has promoted William Bridgers to district sales manager at its Louisville plant.

He previously was assistant sales manager there. RYAN INDUSTRIES, a subsidiary of The Cosmodyne Torrance, has named James S. Sligar manufacturing manager at its Louisville plant, which makes handling and storage equipment for super-cold liquids and gases. He formerly was with Union Carbide Linde Division. FOR SALE Bids invited on a site zoned C-2 commercial, situated on the southeast corner of 8th and Market consisting of approximately 38,000 sq.

ft. and having 190 ft. frontage on Market St. by 200 feet in depth. menr unicers, at 00-1101, tor an appointment to discuss your individual investment objectives.

J. E. Osmun, Vice President and Senior Trust Investment Officer CITIZENS FIDELITY BANK AND TRUST COMPANV 1 MmI leetne twwtl Dl Umim CwNfMM TRUST DIVISION By SYLVIA PORTER edge of what you're paying that you prefer to be ignorant. Nevertheless, no matter how you feel about knowing the facts, here are typical yearly interest rates now being charged on auto loans: Most commercial banks 10 to 12 per cent on most new cars; 10 to 14 per cent on most late model used cars; 12 to 16 per cent for older used cars (two years and older). Automobile finance companies, which often work with the auto dealers from whom you buy your car: 12 to 16 per cent on most new-car loans; 18 to 30 per Sylvia Porter's column appears Mondays through Thursdays in The Louisville Times.

cent and sometimes as high as 42 per cent on used cars (these companies tend to lend fairly large amounts toward pur-chases of used cars). Small-loan companies, which don't do much lending for new cars because the amounts they lend are ordinarily too small, but which do lend for the purchase of used cars: 24 to 30 per cent on most used cars. Credit unions, which will lend to their members relatively large amounts for used as well as new cars: 12 per cent is a usual maximum. Life-insurance companies, which will lend you money against the cash value of your life-insurance policy and will give you the option on repayment: 5 per cent generally (but if you buy a car this way, make sure you discipline yourself to repay). THIS GRAPH of costs by itself shouts the sensible rules for financing a car purchase.

To summarize: Shop for your auto loan among your local commercial banks, any credit union Jumble Answer The Sunday Jumble is on Page 6. Today's Answer: Gyrate flabby upmost noggin woeful kettle. Answer: It took two to tangle. MARKET STREET Lioj 38,000 Sq.ft. UWYERS 1 CENTER BLOC, FOR SALE i CNfiRESS ALLEY 1 RESERVED OR CIViC CENTER USE '1 587-8854 ETE CHESTNUT STREET FOR SALE BY SEALED Federal Housing Administration invites bids for each of the following properties, separate bids (net to FHA), to be tendered in the manner indicated.

To qualify for consideration each bid on its face shall be firm, unconditional, responsive, fixed in one amount certain and not in the alternative. SEALED BIDS WILL BE RECEIVED AND PUBLICLY OPENED AT 11:00 A.M. E.D.T.OH SEPTEMBER 17, 1969 AT THE OFFICE OF THE PROPERTY DISPOSITION OIVISI0M FEDERAL HOUSING ADMINISTRATION 491 -7TH STREET. S.W., ROOM S13S WASHINGTON, D. C.

SOUTH CENTRAL Bell Telephone Co. lias appointed Robert T. Maddox of Louisville manager of its Owensboro district, James A. McCabc as college-employment coordinator, and Thomas W. Harris division personnel manager for the company's out-state division in Louisville.

Maddox, who succeeds the retiring H. M. Wilson, is a native Louisvillian and a University of Louisville graduate, and has been with the company 10 years. He formerly was college-employment coordinator. Harris succeeds McCabe in the personnel-manager position.

EDDIE ARCARO Clubhouse Restaurants, a fast-food-service franchising firm based in Fort Lauderdale, has elected former Louisvillian W. Palmer Van Ar.sdale president and chief executive officer. Van Arsdale, a lawyer, was an assistant to former Louisville mayors Neville Miller and Joseph D. Scholtz. Jockey Eddie Arcaro is executive vice president of the company.

PEOPLES Industrial Plan, Louisville- Whitc Iloiio Tourists Can Easily Visit Treasury Exhibit WASHINGTON Every day but Monday, thousands upon thousands of tourists line up outside the east end of the White House. Their attention focused on the President's mansion, few take the trouble to cross the narrow street to see an interesting but little-known exhibition. This is the exhibit hall of the Treasury Department. In a basement hall, currently undergoing enlargement, the Treasury exhibits old, new and not-yct-issued money, banknotes of bygone days, counterfeit bills of all kinds with graphic directions for detecting them, and various metals of which coins are made. Hollowed-out books and other camouflages used by smugglers also are on display, as are numerous weapons that come under the firearms-registration laws.

At the end of the hall, as the piece de resistance, stands a full-sized moonshine still, completely assembled. As are most of the interesting sights in Washington, this one is free. NEW DRY COPIERS priced from s199oo Rebuilt Copiers from $75 mr.iitTi.f SQUARE APARTMENTS NEWPORT, requires DEPOSIT UNITS ROOMS REPl. RESERVE $11X5 $100,000 288 KENTUCKY CURRENT AVG. RENT $15.28 1524 development consisting of 16 three-story walk-up buildings units (1524 rooms) located on 5th, 6th, 7th Streets, Central Avenues.

to $17.85 without prior aprovil by FHA. MANOR APARTMENTS -RIVERSIDE, NEW JERSEY $25,000 78 $10.90 323 development consisting 13 two-story walk-up buildings containing (323 rooms) located on 7th and Arndt Streets. to $21.18 without prior approval by FHA. Reserve Per Room Per Year. Current Average Rent Per Room Per Month.

urns VICTORIA minimum price Maximum mortgage $2,000,000 DEPARTMENT CF $1,800,000 An apartment containing 288 and Patterson OA This may increased RIVERYIEW $500,000 $450,000 An apartment 78 units (B) This may be increased Required Replacement DEPOSIT WITH BID. check to Federal Housing the purchase or returned TERMS OF SALE. FHA given by the purchaser interest. Dlus a Agreement providing tion of the Maximum following convsyance complying with the eft acceptance by FHA bids and to waive any not received en the requirements specified date. Bidding instructions FEDERAL See Legal Ad and Call REAL ESTATE DEPT.

URBAN RENEWAL AGENCY OF LOUISVILLE 310 S. 6th St. FOR SALE Bids invited on a site zoned C-2 commercial, situated on the southeast corner of 8th and Chestnut consisting of approximately 48,300 sq. ft. and having 230 ft.

frontage on Chestnut St. by 210 feet in depth. PROSPECTUS MAY BE OBTAINED FROM THE UNDERSIGNED Bidt must be accompanied by Money Order. Certified, Cashier's or other banker's Administration for not less than the REQUIRED DEPOSIT, to be applied on if the bid i rejected. will accept mortgaRe securing note in the MAXIMUM MORTGAGE AMOUNT to be amortized by the LEVEL ANNUITY METHOD in 480 monthly payments et service charge of Vi of 1.

The Purchaser must execute the standard ReeuiatnrV 230' i.2iilBiZZ MRCANT)l FOR BUIHHNG I SALE I LaUtSVH.it 1 PARKING GARAGE I MAGAZINE STREET for the customary FHA controls, including rents. The formula for the determine- Permissive Rents is made a part of the Bidding Instructions. The Purchaser may seek the sale of the properly to a nonprofit cooperative housing corporation established FHA renuirements. The sales contract, used as the bid form, is binding; and requires closing within 60 days. The right is reserved to reject any or aiT informality in any bid.

If an acceotable bid pursuant to this advertisement is RETURN DATE In any instance. FHA will consider the first bid meeting th herein, if received within 90 days following the above specified bid opening I must be obtained from the undersigned. i PROPERTY DISPOSITION DIVISION HOUSING ADMINISTRATION See Legal Ad and Call REAL ESTATE DEPT. URBAN RENEWAL AGENCY OF LOUISVILLE HOUSING AND URBAN DEVELOPMENT, WASHINGTON, D.C. 20411 4j 310 S.

6th St 587-8854.