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...Most interesting new issue to speculative pockets was 325,000 common shares of Philco Corp., No. 1 maker of radio sets, hitherto closely and privately owned. Philco's spectacular career had whetted Wall Street appetites for years. Once a small maker of storage batteries, Philco dived boldly into the turbulent radio set business in 1928, went $7,000,000 into debt, emerged at the top of the manufacturing heap, ahead of RCA (on whose patents Philco depended). Hit by strikes in 1937 and 1938, it came back last year, for the year ended last March...

Author: /time Magazine | Title: Business & Finance: Out of Hiding | 7/22/1940 | See Source »

...keep the profit motive working around his Philadelphia plant, Philco's former president, James Mortimer Skinner, always insisted that the company buy back its stock when holders retired or died, then redistribute it as a bonus to younger men. For this purpose Philco paid life-insurance premiums on its big stockholders amounting to upwards of $100,000 a year. This was a steady drain on company cash. Meantime stockholders, however loyal, sometimes wanted cash, a market. Last week 26 of the largest put up 175,000 shares (20% of their holdings), Philco put up 150,000, the public...

Author: /time Magazine | Title: Business & Finance: Out of Hiding | 7/22/1940 | See Source »

...many hard-rubber jars (for storage batteries) that Skinner yanked him out again. Only other possible spot was the drafting room-and young Buckley was nearsighted. But Buckley got his chance, soon rose to head draftsman, to purchasing agent, to treasurer. Last year, when Skinner retired, he became Philco's president...

Author: /time Magazine | Title: Business & Finance: Out of Hiding | 7/22/1940 | See Source »

...angels might or might not throng to dance. Every variety of phonograph needle -vegetable (fibre, thorn), metal (steel, brass, chromium, etc.), mineral (sapphire) -has had its champions. Meantime, most people keep on buying steel needles. Last year 750,384,450 needles were sold in the U. S. Last week Philco Radio & Television Corp. needled the phonograph industry with its first basic change since electrical reproduction (1925). Philco put on sale a machine ($129.95 to $395) with a built-in needle intended to be easier on records, and longer-lived, than any other yet developed...

Author: /time Magazine | Title: Music: Philco's Sapphire Needle | 7/8/1940 | See Source »

...Philco's extremely light pickup, a rounded sapphire point almost floats in the record groove, transmits the groove's vibrations to a tiny mirror mounted above it. The mirror, jiggling imperceptibly, picks up a beam from a pea-sized bulb, which it transmits to a photoelectric cell. The cell converts the light waves into the same sort of electric impulses transmitted by an ordinary pickup. Philco claims that the sapphire-tipped pickup will play a disc 700 times without damage; that the sapphire will survive 30,000 to 40,000 playings-about eight years of normal...

Author: /time Magazine | Title: Music: Philco's Sapphire Needle | 7/8/1940 | See Source »

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