Word: convairs
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...last week. When they first planned it last year (TIME, Oct. 7), Consolidated Vultee Aircraft Corp. and Lockheed Aircraft Corp. fully expected that each could provide just what the other needed, and together blanket the field with one mammoth company. But in last week's brief announcement, Convair's Harry Woodhead and Lockheed's Robert Gross regretfully admitted that the whole thing was "no longer feasible...
What had caused the rift? Woodhead and Gross blamed it on "the substantial decline in the stockmarket" which took place while the merger details were being arranged. They might have been more specific without raising any eyebrows. In less than a year, Convair's stock had slipped from a high of 33⅝ to 16¼ points a snare, Lockheed's from 45¼ to 18. The declines simply wiped out the differential on which all the negotiations were based...
Consolidated Vultee Aircraft Corp. had $348 million in orders, expected to take two years to fill them. But Convair, strikebound for some three months during the year, reported a deficit of $1.8 million for the first nine months after applying a carryback tax credit of $4 million. Also losing money was Republic Aviation Corp., which had 26 firm orders for its Rainbow but did not expect to start deliveries until late...
About a year before Convair laid him off, Silverman and eight other Convair workers pooled $10,000 (half was Silverman's), ran it up to $100,000 by dealing in real estate through their Postwar Investment Co. When Jack Hession was laid off, he went to work to figure out a bookkeeping system for small businessmen. They needed it badly because 1) most of them didn't know how to keep books and 2) they couldn't afford a part-time bookkeeper to do the job. Why not, thought Hession, a mail order service which would charge...
...year. He has often laughed at what a corporation has bought when it has employed him as a director. Said he recently: "I wouldn't have the slightest idea of where to go to buy an airplane. . . . Hell, I don't even know where [Convair's office] is around here...