Industry: Warm News at Carrier

Outside Manhattan's Biltmore Hotel last week, the temperature was a frigid 26°, but in the grand ballroom the atmosphere of Carrier Corp.'s 50th anniversary stockholders' meeting was glowingly warm. President William Bynum, 62, announced that sales in fiscal 1964 jumped 9%, to $325 million. Directors recently voted a 20% dividend raise, and shareholders happily approved a three-for-two stock split.

All this is fiscal proof of a weather change in the $2.4 billion-a-year air-conditioning industry, whose major producers include Trane, York, Fedders, Worthington and Westinghouse as well as Carrier. No longer is...

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