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North American Aviation’s Lee Atwood

            "We are not an aircraft company and we are not a space and missile company."  A surprising statement, that.  For the speaker is none other than John Leland ("Lee") Atwood, chairman and president of El Segundo, Calif.'s North American Aviation, Inc.,[1] a company which – in apparent contradiction to its boss' words – will this year take the biggest single corporate piece of the U.S.' combined space and defense budget.  North American, moreover, is a company that will count on what it calls "The Customer" for all but about $54 million of its $1.8-billion sales volume.

This old Chrysler-built (1959) Jupiter missile gave NAA a lead it has never lost in rocket engines.

Yet it is impossible to grasp what has made North American successful without understanding why Lee Atwood says the company is not what most people think it is.  A decade ago Atwood and the late James H. ("Dutch") Kindelberger decided that North American must be more than a manufacturer of airplanes or missiles.  They thus laid the foundations for NAA's current success.  And the success is impressive indeed.

Three years ago North American ranked sixth among government space and defense, contractors; it had an annual sales volume of slightly under $1 billion.  Boeing, United Aircraft, Lockheed, Douglas Aircraft and General Dynamics topped NAA.  But in 1963, North American will deliver to the Government goods and services worth $400 million more than either Boeing or General Dynamics and probably up to $1 billion or more than Douglas.

In actual dollars, Lockheed's sales will be very close to, or even higher, than NAA's this year.  Because of its sizable airplane and missile production runs, Lockheed's profits almost surely will be $4 million more than NAA's $38 million or $39 million.  But 6.5% of Lockheed's business comes from commercial sources, another 13.5,Yo from abroad.  Thus, in business with the U.S. Government, Lockheed's sales will be $350 million or so less than North American's this year.

And, while such government business is always low-profit business (currently yielding North American an after-tax return of about 2 cents on the sales dollar), careful husbanding of capital will enable Atwood to produce per-share net of some $4.70 for 1963, a quite satisfactory return of about 15% on North American's stockholders equity.

North American has done all this, moreover, without counting on a single outside acquisition, and in the face of some staggering contract cancellations.  The B-70 once could have been a $10-billion production run.  "We lost the F-108 (a Mach 3 interceptor) as a production contract," says Atwood, "and that was a darned good airplane." NAA no longer has any production-line program as big as, say, the Polaris, which plays so important a role in Lockheed's current profitability.

Disciplines & Coherence.  North American derives a full 70% of its current revenues from research and development contracts, a type-of Volume which many businessmen scorn as being hopelessly low profit North American, however, welcomes this type of business.  It welcomes it for the very reasons that led Lee Atwood to declare flatly that "we are not an aircraft company and we are not a space and missile company."

Lee Atwood, who both looks and talks like an intellectual, tends to describe his company in an intellectual way: "We have certain capabilities built around certain disciplines," he says, "and we try to make them coherent." In plain English, Atwood regards North American as being in the business of solving problems – not just any problem, but the type that arises as fast as society pushes back the physical limitations of space and time.

North American has climbed to top spot among U.S. space-defense contractors.  That's usually a risky perch.  But it may not be in North American's case, for here is an exceptional kind of company, oriented not to manufacturing, but to knowledge.

            These problems involve not only getting into space, but mankind's adapting to it, and the possible uses of space exploration.  Atwood views his company mainly as a collection of advanced scientific skills, which can be put together in different combinations to solve previously unthought-of problems.  "Most of our business," he says, "consists of finding imaginative answers to unheard-of problems." Harrison Storms, president of the Space & Information Systems division, puts it more bluntly.  "We are not stamping out tin cans," he says.  "Our basic production machinery is men's minds."

To such ends, North American has built an amazingly wide range of skills.  "Our professional employees," Atwood told a management group earlier this year, "have degrees representing more than 175 different college majors.  Some of these appear to be far removed from our normal lines of activity – such as bacteriology, geophysics, medicine, microbiology and psychology." Atwood concluded by saying that all these disciplines are "basic to the national space program."

“Dutch” Kindelberger (died ’62)                         Lee Atwood

The Old Team.  The ebullient Chairman "Dutch" Kindelberger (left) and the introspective President Lee Atwood made an ideal team for running North American.  But after Kindelberger died last year, both titles settled on Atwood.  Originally Kindelberger's lieutenant, Atwood is an ideal man for running today's NAA: He speaks the same language as National Aeronautics & Space Administration's brainy brass, also has the hard practical experience of a man who had to carry ideas all the way from the laboratory to the assembly line.

            Blending Skills.  What has all this intellectualizing got to do with running a billion-dollar business?  A good deal.  For it was this intellectual concept of North American as a rich collection of varied skills capable of being put together into different combinations that more than anything else won for North American the coveted Apollo project.

Outside of Martin Marietta, North American was, in fact, the only company willing to tackle the project alone.  For the Apollo space capsule project, designed to carry three men to the moon and back by 1970, is probably the most complicated and costly single technical job ever tried.  In bidding on the project, mighty GE teamed up with Douglas, Grumman and Space Technology Laboratories.  The other rival bidders included the following major teams: McDonnell with Lockheed, Hughes and LingTemco-Vought; Astronautics division of General Dynamics with Avco.

"We were invited to join a team or two," Atwood says, "but they weren't very attractive to us.  We thought we could take it on by ourselves." Atwood, a man who goes out of his way to avoid the appearance of boasting, says he does not know why North American finally won the coveted contract.  Officials of the National Aeronautics & Space Administration, however, make no secret of the fact that it was North American's high standing with NASA that won the day.

Satellite instrument window receives final checkout

President Kennedy had just advanced the target date for a lunar landing from 15 years to less than ten.  The agency decided that North American's ability to handle almost all aspects of the project was crucial.  Dr. Robert Seamans, associate administrator of NASA, says that the other bidders "placed too much dependence on associate contractors."

There were very good reasons to keep Apollo under one corporate roof where NASA could deal with just one set of project managers, who in turn would be bound by one corporate boss-Lee Atwood.  NAA, to boot, had heavy experience in guidance, propulsion and space airframe work through its X-15 airplane that has flown 59.6 miles above the earth at better than 4,000 miles an hour.

North American has already received the biggest single R&D work order the space agency has ever handed out-for $934.4 million to carry the Apollo project through to completion.  Eventually, Apollo could put $2 billion worth of work through North American's plants and labs-or more than half the total size of the U.S. commercial jet airplane market.  The engines being built for Apollo by NAA's Rocketdyne division could bring in as much again.

Any way you look at it, Apollo is a giant project.  It has 20,000 suppliers, several thousand second-tier subcontractors and 19 major subcontractors, including such high-powered outfits as the Massachusetts Institute of Technology, Collins Radio, Aerojet-General and Minneapolis-Honeywell.  Some of the subcontracting jobs are worth up to $200 million.  And, as the project manager, North American has to have a firm grasp on every bit of the technology.  The technology ranges from the welding of foil that is only four-thousandths of an inch thick, to the mechanics of a heat shield that can withstand a burning temperature of 5,000 degrees (Fahrenheit), of heat, to the physiology and psychology of men in space.

What Next?  The man who runs this show is a trim, tanned, gray-haired aeronautical engineer who started as an engineer at Douglas and became Dutch Kindelberger's chief aide at North American.  In that capacity he engineered the biggest airplane production runs of World War II: More than 42,000 military aircraft rolled off NAA lines between 1939 and 1945.

Its planes included the T-6 Texan trainer, the B-25 Mitchell, with which Lt Col.  Jimmy Doolittle bombed Tokyo, and the P-51 Mustang, the most famous fighter plane of the war.  The P-51 was the plane Atwood and Kindelberger designed, built and rolled out in a breathtaking 117 days in 1940.

When the war ended, North American, like everyone else in the aircraft business, was looking around for new ways to make a living.  In one 24 hour period, NAA's backlog of airplanes was cut from 8,000 to just 800.  One dark day a short time later, Dutch Kindelberger actually thumbed through a mail-order catalogue to see what kind of business he could go into and keep his company alive.  He tossed the catalogue aside in dismay; North American, he decided, would build on what it knew or nothing.

Other companies thought the same way, but not all of them went as far as Kindelberger and Atwood.  Curtiss Wright didn't look beyond the then budding jet airplane engine and eventually was driven from the business.  The Martin Co. (now Martin Marietta Corp.) within a decade would have to give up the airplane altogether and even now is tied to just a few missile projects (the biggest: the Titan series).  United Aircraft (FORBES, April 1, p. 29) stayed too long with aircraft engines as the mainstay of its business.  Boeing, riding hard on commercial planes, took a bath with its lumbering Stratocruiser and has yet to make much money on its 707s, 720s and 727s.  Douglas ran into trouble both in commercial and military business.  Only Lockheed, really, has been able to make a big, successful go of a multiplicity of old-line production-type jobs.

It is no particular news that the airplane and missile business is dying on the vine these days.  For the first time since the end of World War II, there is not much in the way of a major new military airplane or missile program in sight for anyone-and there may not be, some experts think, for perhaps a decade.  But space jobs are burgeoning – and no one is better equipped to get them than NAA.  This is the payoff for Kindelberger's and Atwood's big gamble on technology years ago.

Thus Kindelberger at the crucial point showed himself to be a man of more than ordinary vision.  "Dutch even wanted to build an atomic-powered airplane," recalls one associate.  "But he couldn't get the weight down, so he had to quit." That put NAA into the atomic power business which, a year from now, may be pulling in close to $100 million in sales.

When other big companies decided to duplicate German rockets after the war, Kindelberger and Atwood decided to use German technology as a starting point.  "We got our hands on two German V2s and tore them apart," recalls Harold Raynor, who recently retired as executive vice president of North American's Space & Information Systems division.  "We knew we couldn't just relax on our record for having built more planes than anyone else during the war."

This was the way NAA brass was thinking when it got a contract to build a missile for the Air Force in 1946 called the Navaho. The bird never came into operational, but over an 11-year streatch, North American spent $700 million to develop it, learning all the while how to make rocket engines and guidance systems and how to use exotic new fuels. Remembers a Pentagon missilesman: "The Navaho needed a rocket motor; it needed a guidance system.  North American in the mid-Fifties had the one organization that could handle all these jobs."

Another Crisis.  By 1955, Korean War orders were a thing of the past.  The defense industry faced another crisis.  Four of the big companies – Douglas, Boeing, General Dynamics and Lockheed – decided that commercial jets were the answer.

North American's bosses, however, were determined to take an even longer look down the road.  Having taken a moderate beating with a postwar commercial plane (the Navion), Kindelberger decided to stay out of the commercial jet race.  Instead, at the very moment his rivals were bent over their jet transport drawing boards, Kindelberger and Atwood daringly created some divisions that looked, mighty strange then for an aircraft company: NAA broke up its Navaho team into four entities: atomic power, rocket engines, electronics and missiles.  "We took a risky step," says Atwood.  "Without really knowing where the business would come from and for what, we felt that this kind of technology would be needed."

It worked.  North American got a foothold in the newer fields, first in defense, later in space technology.  NAA developed rocket engines that United Aircraft might logically have had; its Rocketdyne division is today Aerojet's leading competitor in that field.  NAA's Autonetics division is one of the U.S.' top ten electronics outfits.  Small as it is, Atomics International is third-largest in nuclear energy (behind GE and Westinghouse).

Only A Start?  This dome houses reactor for NAA's Piqua, Ohio atomic power station.  NAA has big ambitions in atomic energy.

All this, of course, involved NAA with more then its share of the kind of projects that get shot down short of the production stage.  But there was often a fallout of benefits even from these.  Atomics R&D never produced the airplane that Kindelberger wanted, but it got NAA a $70-million business (fiscal 1963) all the same.  The Navaho never went into production, but out of it came Rocketdyne ($200-million sales) and Autonetics ($573-million sales).  The X-15, a $90-million test vehicle to begin with, helped land the biggest R&D job of all in the Apollo.  Atwood, friends say, broke into tears when he learned that the B-70 had been cancelled as a production job; it has, nevertheless, given NAA an edge in planning for the supersonic transport program that is beginning to take shape now.

Decentralized, But.... Lee Atwood, who has inherited Kindelherger's job on top of his own, runs this complicated show in the pragmatic fashion that one would expect from a physical scientist.  In theory, North American is highly decentralized. (See page 25 for a divisional breakdown.)

But in fact, North American's method of operation fits no conventional mold.  "We have our own ideas on how to run this company," Atwood declares.  "Less than 1% of our people work in headquarters," he says, emphasizing the autonomy of the divisions.  But in the next breath, he adds that he personally keeps a close tab on all important projects.  "On Apollo, I talk to Storms by telephone at least once a day." And Chauncey Starr, president of Atomics International, says that Atwood is the key man when it comes to dealing with "The Customer."  "Any hint of a change in our relationship with the Government," says Starr, "will get Atwood out of his chair in a hurry."

It was, in fact, this combination of autonomy and strong central control that made North American a natural for the Apollo project.  By shifting the stance of its missile division, the company had an outfit all geared up for space when Apollo came along.  "We have a good deal of interaction between divisions in working on a project," Atwood says.  Nor does he encourage one division to hoard top men to the detriment of other divisions: "We have had many interdivisional transfers." The lesson of General Dynamics, where decentralization was carried to the point of anarchy, was not lost on North American.

Describing North American as an egghead kind of company can, however, be a bit misleading.  North American's intellectual approach gets down to some pretty hard fundamentals in practice.  Take purchasing: NAA annually hands out some 600,000 to 700,000 purchase orders worth $815 million to more than 14,000 suppliers.  To get a work order from NAA, small companies have to prove their managerial effectiveness, technical competence, their ability to control quality-in addition to being able to make what NAA wants.  NAA has a reputation for running the toughest purchasing system in government contracting.

In its own shop, too, NAA's intellectual approach has nothing dreamy about it.  Three times each week, the 20 top men on Apollo report to the project manager, John Paup, in a closed-circuit television briefing.  Says Paup: "I receive a five-minute briefing.  No questions are asked.  The staffman may not give reasons for things, he just states results.  When something on a program is shown to be in error, even if it's the error of Engineer No. 29, the chief engineer's name goes on it."

No Miracles.  All this is not to suggest that North American has by any means licked all of the problems that beset today's government contractors.  Low profits are endemic in the kind of research and development work in which North American specializes.  North American is hardly a manufacturer any longer; manufacturing as such accounts for less than 30% of volume.  "An order for 100 of anything is a big deal," says Treasurer R. Andrew ("Andy") Lambeth.  Thus, North American is probably the only major company that measures its output, not in units of output, but in engineering man-hours.  When the B-70 project was emasculated in 1961, North American lost its one immediate hope for an assembly-line project of the type which enables government contractors to rise a bit above the usual paltry profit margins.

In an effort to broaden its profits, North American has made several attempts to get into commercial business.  None of them has come to much.  "You may have a broad spectrum of techniques," says Atwood a little sadly, "but there is no guarantee that you are going to be the one that applies them to an end product."

Breakthrough?  It would be a mistake, however, to think, that North American has forever closed the door on commercial applications of its techniques.  "Autonetics will get commercial business when we find a deal that makes sense," says D.O. Bowman, Autonetics' vice president for longrange planning.

 

THE SUM & THE PARTS

            A successful company ought to add up to a bit more than the sum of it’s parts.  But the parts are important.  Here are the divisions of NAA and the men who run the-in.

Autonetics' John Moore: Cool, brilliant ex-GE research engineer, 47, with NAA since 1948, responsible for NAA's biggest division; on the Board of Counselors of Univ. of Southern California.

Autonetics' fiscal 1963 (ending this month) sales should be near last year's record $573 million.  This has been NAA's fastest growing division.  "The surprise," says Moore, "was that we grew so fast; at times, we have almost choked to death." Autonetics is the nation's biggest missile guidance and navigation outfit.  It has no successful commercial end products yet (see story).

Los Angeles' Ralph Ruud: 55, came up through the ranks starting as NAA toolmaker in 1931; native of Norway, informal and soft-spoken; NAA's top production man; responsible for its big, impressive B-70 program.

Without the B-70, the vast Los Angeles division won't have much in the way of an income producer.  Sales were off 6% last year (to $354 million) and could be cut in half by 1965 when the money stops coming in for the $1.4 billion worth of B-70 prototypes.

Atomics' Dr. Chauncey Starr: 51, followed doctorate work at Rensselaer with study stints at Harvard, MIT; an exManhattan Project physicist; fluent and friendly.

Atomics International, under Starr from its beginnings in 1955, has become the U.S.' third-largest in atomic power sales; behind GE and Westinghouse but ahead of Allis-Chalmers, Babcock & Wilcox and General Dynamics.  Sales of $65 million in fiscal 1962 ought to show a gain of 8% this year, says Starr, and should be up to $90 million by fiscal 1964.  Although Starr yearns for commercial sales, the division still gets all its income from government contracts.

Columbus' Will Yahn: 56, assistant controller for Curtiss-Wright before joining NAA in 1950; no college degree, but a first-rate cost control and finance man.

Sales of the Columbus division this year are expected to almost equal the $224 million of 1962; its biggest program is the Navy A-5 Vigilante attack bomber.  Other division projects are small.  This oldline NAA plane-making division faces an uncertain future.

Rocketdyne's Samuel Hoffman: 61, ex-engine design man for Fairchild, GM's Allison division; ex-Penn State professor; at NAA since 1949; one of the best rocket engine men in U.S.

Rocketdyne has been growing phenomenally since the mid-1950s.  Sales for fiscal 1963 will be up 20% (to $240 million) and may stay there for several years.  The company's engines have powered most U.S. missiles to date (Thor, Jupiter, Atlas) and all of the nation's manned space missions; all 11 engines to be used in Apollo boosters are Rocketdyne's.  The division, however, is smaller overall in rocket engines than Aerojet-General.

Science Center's Dr. Howard Reiss: at 41, NAA's youngest division boss; ex-Celanese, U.S. Steei and Bell Laboratories research chemist; dedicated and ambitious.

The 150 scientists at NAA's year-old Science Center are working on no corporate projects.  Rather, they are working in basic scientific disciplines such as physics, chemistry, metallurgy and mathematics.  "We hope this will become the wellspring of the corporation," says Reiss, "the last thing we want is an ornament."

Space & lnformation's Harrison Storms: 48, aeronautical engineer with NAA since 1941; the ramrod behind the B-70, X-15 and Apollo.

Space & Information Systems division sales doubled between 1961 and 1962 (to $216 million), and with its big Apollo funding, it could become NAA's biggest division in the next year or two.  The Hound Dog missile building program has phased out, but the Saturn S-II (the second stage of the booster for Apollo) and the moon-shot capsules could bring in $1.5 billion in the next three years.

 

Actually, a major commercial breakthrough may be at hand in the supersonic jet transport.  The rules of this game look more to Atwood's liking than those of the original commercial jets.  For the present, it is going to be a question of dealing with "The Customer."  Most of the costs that are expected to hit a staggering $2 billion will be paid for by the U.S. Government, thus limiting the risks for the manufacturers to a tolerable range; certainly no company wants to take a chance on the kind of debacle that cost GD $454 million.

NAA is the only company in the U.S. that has any experience in building a really big airplane that can fly at three times the speed of sound (or about 2,000 mph).  The reason the B-70 has cost so much is that it is brand new from the wheels up.  "There has never been anything like it," says Ralph Ruud, boss of the Los Angeles division.  The public does not yet know what the B-70 even looks like (they will a few weeks from now when it is rolled out of its Palmdale, Calif., hangar at last).  "But from this,", says Ruud, "we think we know more, for instance, about how to weld certain high-strength metals than anyone in the world."

Also a bit down the road is another major commercial possibility, which is clearly a target of NAA's Atomics International division.  Dr. Chauncey Starr, a former Manhattan Project physicist who runs the division, says that atomic reactors may be a $500million business in a few years and "we expect to have 15% to 20% of the business."

Better Times?  Even without such long-range expectations, NAA's stockholders will probably see tangible results over the next few years from the Kindelberger-Atwood philosophy.  Atwood says: "It has taken a good bit of doing to get where we are and even if we don't gain much in volume, our profits should increase."

But Atwood warns that stockholders should not expect any major improvement in North American's payout, which at $2 annually represents a fairly high average of 53% for the past five years.  "Another man," lie says, "might be willing to wring out more of a dividend payout than I'd feel justified in doing.  But it would be a short honeymoon."

The simple fact is that NAA has not gotten $1 billion of new business since 1959 for nothing.  Atwood has spent some $174 million for new facilities alone in that time – more than the company has spent on plant in all its previous 28 years in business.  And it has all come out of thin defense company earnings, because, as an associate says, "Lee Atwood will be damned if he will put this company into debt." In addition, NAA has to carry $200 million or so in short-term loans these days to finance its month-tomonth commitments while it negotiates a final price on certain government contracts, or just plain waits around for the check to arrive.

A Fall?  But, meanwhile, how secure is North American's leading role in space and defense?  "When you see a pretty good-looking government contract," says United Aircraft's Chairman H. Mansfield ("Jack") Horner, "it is already curved out to zero in somebody's book." Three big smart companies (GD, Boeing and Douglas) have all ruled the defense roost at one time or another in the past ten years.  None of them could stay on top.  Douglas' sales this year (of about $750 million) will be 35% under those of 1960; GD's will be down 25%.  Can NAA fare any better?

Actually, its chances of staying on top look fairly good.  There are many "ifs," to be sure.  There are signs, for example, that NASA is not happy about letting a single company dominate projects in the way North American dominates Apollo.  As NASA builds experience itself, it will probably insist on a bigger role, perhaps itself coordinating the work of various contractors on a given project.  At any rate, North American faces some lean and, hungry competition and its penchant for lone-wolf operation puts it squarely into competition with such smart specialists as Avco and AerojetGeneral, as well as with generalists like Lockheed, Douglas and Martin Marietta.  Moreover, it is clear that such cavernous plants as North American's Los Angeles division and the one at Columbus have seen their best days.  "We haven't enough business to sustain the aerospace industry and we aren't even going to try," says a NASA executive. neither, of course, is the Defense Department.

Sky the Limit?  For the immediate future, then, NAA's prospects are for gradually improving profits but continuing rough competition.  For the longer view, however, the sky may be the limit.  The fact is that no man today can say what new projects or new industries may come from space exploration.  And it is toward these frontiers of knowledge that North American is reaching.  Today that knowledge is harnessed to low-profit government work; tomorrow it could lead into the kind of profitable exploitation of technology that has made, say, IBM rich and famous.

"We dropped out of data processing because the field is so crowded right now," says John R. Moore, president of North American's Autonetics division.  But Moore hints that the dropout may not be permanent.  "In three or four years the whole game will change," he adds.  "Microelectronics is almost here, and that is going to revolutionize the industry.  You will be able to put in one desk-top model all the things that you need a roomful of data processing equipment for now.  So why should we put North American's money in an interim kind of system?"

At any rate, it is worth noting what an executive of one of the nation's largest corporations recently said of North American: "We can look down the road and see ourselves in a real collision course with that company." Lee Atwood, a man not much given to flamboyant statements, will only say: "We want to maximize long-term gains for the company.  That's what really counts." Obvious conclusion: For those who like to take the long view, North American is a company to watch. 

 

NORTH AMERICAN AVIATION, INC.

Divisions: Atomics International, Autonetics, Columbus, Los Angeles,

Rocketdyne, Science Center, Space & Information Systems

 

Personal Comments by Darrell Landau

            Looking back, 36 years later:  At the time of this article Autonetics was still coming up to speed on Guidance systems for the Navy and becoming one of the prime associate contractors for the Minuteman.  The Minuteman would have three versions I, II & III  with III deploying multiple hydrogen war heads.  This system was technically more advanced than the moon shot -- there was no human on board.  The Minuteman served the defense needs intended for B-70 supersonic bomber and the mach 3 transcontinental Navaho missile – from which it derived it’s sophisticated Guidance and Flight Control. 

            North American was bought by Rockwell.  The NAA division built the B-1B bomber and Autonetics the Guidance and Control for the MX missile.  But as defense department needs diminished, Rockwell’s defense work also declined.

Boeing bought out Rockwell and Douglas’s defense capability.  Rockwell spun off many parts and is now (2000) primarily in commercial Automation Controls and Commercial Avionics – it’s only a fraction of it’s prior size. 

I was proud to have been part of this organization from 1955 to 1992 – it was a collection of very talented people – and an era that will not be repeated.

            Lee Atwood died at age 97 – a remarkable man.  I once spent an hour of one-on-one time with him when he abruptly showed up un announced requesting a tour of our Nahaho High Temperature Test Lab at Downey CA, which he’d heard about from people in El Segundo for which we were conducting test on equipment intended for use on the B-70.  He was interested in the facility we’d created.  I recognized him when he walked in, and proceeded to tell him how we were fulfilling test and equipment needs, much of it pertaining to remotely controlling heat applied to flight controls. Only later did learn he was one of the US most capable experts in thermodynamics.  He listened to me talk for almost 1 ½ hours during the tour, taking in what I said with apparent genuine interest.  When done he looked at me, through me, for a long long time. Then gave a friendly smile and thanks for the tour as he turned and left.  He’s a man I would very much liked to have known.



[1]  *North American Aviation, Inc.  Traded NYSE. Recent price: 54 ½.  1963 Range: 66¾ - 51 ¼.  Dividend (fiscal 1962): $2. Ind. Fiscal 1963: $2. Earnings per share (fiscal 1962): $4.13.  Total assets: $662.8 million. Ticker symbol: NV.