Word: swasey
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Last fortnight one of the oldest and fattest of these private handicrafters came before the public: Warner & Swasey of Cleveland, which has been dubbed "Tiffany of turret lathes," filed a registration statement with SEC, planned to offer (through Smith, Barney & Co.) 276,580 shares of common stock for sale. Now owned by a handful of Warners, Swaseys and old employes, the stock will probably be offered at less than $30 a share. Only about $1,000,000 of the $8,000,000 or so realized will go to Warner & Swasey...
...Warner & Swasey's owners are selling to the public in time of prosperity. Always a feast or famine industry, machine-tool makers are now stuffed with orders due to World War II and defense. The industry's current production is at the rate of $400,000,000 a year, three to four times "normal." Warner & Swasey is at its all-time busiest. Its sales for 1940-3 first half were $8,178,000, more than for the whole of 1929. Profits for the half were $2,137,000, more than for the whole...
...Worcester Reed Warner, 34, of Massachusetts' Berkshire Hills, and Ambrose Swasey, 34, ex-farm boy of New Hampshire, emptied their pockets and formed a $6,000 partnership. Heavily bearded Partner Warner's hobby was astronomy. When in knee pants he pushed a pin through his mother's window shade to see a sun eclipse. In 1881 he built a 9½-inch telescope, began making W. & S. famous in the optical world. In 1893 their 40-inch Yerkes instrument was exhibited at the Chicago World's Columbian Exposition. Last year their 82-inch McDonald telescope...
With Warner busy on sky-gazing apparatus, Swasey had equal success with machine tools. Working with Pratt & Whitney, machine-tool builders in Hartford, Toolmaker Swasey sweated far into hot summer nights inventing the epicycloidal milling machine for producing true gear curves. This made possible today's silent automobile gears. Swasey also im proved brass-working machines and turret lathes. W. & S. now makes 60% of all U. S. turret lathes. Widely used to turn out other machine tools, the W. & S. turret lathe is at the heart of the defense program...
...Cleveland's Warner & Swasey Co. recently polled 251 corporate users of machine tools to see what percent of tools on hand were obsolete. Findings: of 120,864 machine tools in place, only 9.6% were bought between 1936-38, the years of most revolutionary machine tool engineering advance; 67.3% were bought before 1928, are covered with technological cobwebs. Although machine tools make mass production possible, machine tool building is itself a long-drawn-out, artisan-like process, taking up to two years in specialized cases. To make this bottleneck worse, machine-tool builders are mostly small family concerns, with their...