Word: eastmans
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...picture journalism were not grasped until 1936, when LIFE was founded on the proposition that "photography is the most important instrument of journalism which has been developed since the printing press." ¶ Mass production of cameras and film got under way when a Rochester, N.Y. industrialist named George Eastman invented the Kodak. Eastman coined the name to be pronounceable in any language and "snap like a shutter in your face." He also invented the slogan: "You press the button, We do the rest." By 1896, twelve years before Henry Ford started mass-producing autos, Eastman was manufacturing cameras...
...dollar's worth." With this slogan, Rochester's H. (for Henry) Dean Quinby Jr., 55, has sold $6,580,000 worth of stock to members of his "Quinby Plan." Last week Quinby's plan got the biggest boost in its 15-year history. Eastman Kodak Co. announced that it is setting up a voluntary payroll deduction system for its 52,000 employees to buy the company's common stock through the Quinby system...
...decided to sell stock on a flexible installment plan, with 120 payments ranging from $10 up. A local bank, now the Lincoln Rochester Trust Co., agreed to be custodian of the stock and keep records of the payments. To make things simple, Quinby offered only one stock, Eastman Kodak, the company best known in Rochester...
...stock was bought regularly, regardless of price, which set the average price per share somewhere in between the stock's highs and lows. Actually, Eastman was growing so fast that most stock bought soon increased in value. A buyer who signed up for a $12,000 plan ten years ago would now own 400 shares of Eastman bought at an average price of $30 a share. Since the stock is now around $44, he would own $17,600 worth and with an additional $2,847, from reinvested dividends, have a total...
...plan has grown fast. At World War II's end, Quinby had only 241 customers, paying in $40,772 for 1945, and owning $380,067 worth of Eastman. But now he has 3,500 customers who have paid in $1,100,000 so far this year and now own 81,000 shares of Eastman-one of the company's ten largest blocks of stock. Quinby, who charges between 4% and 6.8% commission (the bank charges another 1% to 2.4%), is now grossing some $120,000 a year. Besides Eastman, he now also offers three other gilt-edge stocks...