Word: millions
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Dates: during 1960-1969
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While many of the old C.I.O. unions have indicated that they will stay with Meany, the 1.9 million-member Teamsters Union, read out of the A.F.L.-C.I.O. in 1957 for refusing to answer charges of corruption, the International Chemical Workers Union and some oth ers might join up if Reuther sounded the call. Rivalry between two federations almost certainly would lead to more frequent work stoppages as competing unions attempted to demonstrate their skill in obtaining results. Should Reuther decide to found his own federation, he is unlikely to make his move until the presidential election campaign...
Meanwhile the A.F.L.-C.I.O. will be deprived of nearly $1,000,000 annual dues payments from its largest affiliate. There won't be any need for belt tightening, claimed George Meany last week. Said he: "We've got a terrific surplus-six, seven, eight million, I guess...
...with a round of applause for management-and they have ample reason. Since 1960, when Chairman Joseph Chamberlain Wilson introduced one of history's most profitable single products-the Xerox 914 office copier-the company's sales have increased 18-fold (to last year's $701 million), its profits have grown 37 times (to $97 million), and its stock, long the shiniest of the glamour issues, has increased in value 50 times to the latest close...
...Wilson's father, who eventually won control. When his turn to take over the family fiefdom came in 1946, Joe Wilson, then 36, found it faltering. Searching for profitable new business, he seized on a little-known copying process called "xerography," and in eight years raised some $87.6 million in loans and stock issues to finance research. Once the process-which is unique in that it permits use of ordinary paper-was perfected, Wilson made a second daring decision. Rather than sell his machines outright, he determined to lease them for a flat rental, charge a small...
When the merger takes effect next month, it will certainly be a Simon-sized work. The three companies, which did a total of $920 million in business last year, should easily reach a billion dollars this year. This would be only appropriate for what may be Simon's last great corporate stroke. Simon, who will give up his post as chairman of Hunt's finance committee, will be only one among the new firm's directors, says that he has "looked forward for several years to devoting more time to personal and public affairs...