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General Dynamics' widespread diversification eases the task of finding uses for its scientists' new ideas. When Convair evolved the idea for the Charactron tube, which can read 1,200,000 characters a minute. Stromberg-Carlson got the job of producing and distributing it. and Electric Boat set to work adapting it into a "synthetic porthole" to give a commander all the complex information picked up by a submarine's scouting equipment...
...company name, expanded into guided missiles, atomic research and atomic submarines (the U.S.S. Nautilus), and boosted volume 25-fold (to $649 million last year). Last week Jay Hopkins put another feather in another hat. He announced that General Dynamics will diversify still more by taking over 61-year-old Stromberg-Carlson Co., which does a $65 million annual business in radio and TV sets, telephone switchboards and public-address systems. The merger will be accomplished, stockholders willing, by a share-for-share swap of stock...
Judging from the past action of General Dynamics stock, Stromberg-Carlson shareholders should be more than willing. A favorite among speculators. General Dynamics has for weeks been among the most actively traded stocks and has risen 63% (to 65½ last week) in the past four months alone. In all, the stock has soared 130 points since Hopkins took control, taking splits into account. Yet its dividend is relatively low ($1.75 last year), and earnings, though rising, are hardly in line with the price of the stock. Last week Hopkins announced that General Dynamics earned...
...front. It hopes to sell 25,000 machines in the first year. Columbia is not the only company to decide that the hi-fi cult, started by music lovers who wanted better phonographs than the mass produced models, is now a big enough market for mass production. Stromberg-Carlson brought out a hi-fi set recently, Hallicrafters hopes to bring out a machine early next year, and General Electric is also busy developing one of its own. It looks as if non-hi-fi phonographs may soon be as outmoded as 78 r.p.m. records...
...prices of three bestselling models. Next day the industry buzzed with reports that RCA was about to bring out a set with a 16-inch metal viewing tube that would give twice as big a picture as the ten-inch tube used in most sets. Emerson and Stromberg-Carlson were expected to follow suit. The reported price for the RCA set: around $500, or $195 less than U.S. Television's slightly smaller (15-inch...