Big Man of the Small Planes

In a vast concrete hangar at Wichita's Municipal Airport last week gathered city officials, businessmen and workers to pay homage to "the Henry Ford of the light aircraft industry." His name: Dwane L. (for Leon) Wallace, 47, president of Wichita's Cessna Aircraft Co. A skillful management pilot with a frame (6 ft. 2 1/2 in., 160 Ibs.) as spare as a wing spar and a face as weatherbeaten as a crop-duster's, Dwane Wallace was celebrating his 25th year with Cessna. There was a great deal to celebrate.

This year, for the first time, Cessna is forging ahead of rival Beech Aircraft ("across the street" in Wichita) as the No. 1 maker of private planes. Cessna announced first-half earnings for fiscal 1959 of $3.92 a share v. $2.45 last year, declared a 25% hike in its quarterly cash dividend to 50-c-. The company's conservative projection of the year's earnings: $7 a share v. $6.18 in 1958.

Cessna's performance is proof that the private-aircraft industry, which sprouted like a teen-ager after 1951 (TIME, Feb. 17, 1958), has finally matured. Last year, despite the recession, U.S. private-plane manufacturers delivered 6,416 planes, up 300 over 1957, raked in $101.5 million v. $99.7 million in 1957. In January, the latest month reported, they sold 100 more planes and grossed $2,500,000 more than in January 1958. The recession proved that for the businessman, the private plane is not a luxury but a necessity. U.S. businessmen have taken to the air in such numbers that business plane operators now account for 50% of general aviation's flying hours, logged 1,500,000 more flying hours in 1958 than all U.S. domestic scheduled airlines.

During the first quarter of 1959, Cessna sold more airplanes (958) than the rest of the Big Four manufacturers (Beech, Piper, Aero) together. Today Cessna accounts for 53.9% of this market. This fall Cessna, which now manufactures seven private planes ranging in price from $7,000 to $60,000, will introduce an eighth, the Cessna 210, in hopes of grabbing an even bigger share of the market. The 210 is the first high-wing, single-engine private craft with a retractable landing gear. It cruises at 190 m.p.h. Price: about $22,500.

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