Word: rand
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Dates: during 1960-1969
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...House Commerce Committee meeting last week, several critical Congressmen talked tough to Federal Trade Commission Chief Paul Rand Dixon. They wanted him to forget his plan to make cigarette manufacturers place poisonlike warning labels on their product. It was too late, replied Dixon, who then shocked everybody by disclosing that the order had already been written. Distributing copies to the Congressmen, he remarked somewhat sarcastically: We had our printers working all night in case you wanted one." The timing was surprising, and so was the harshness of the order. If the FTC got its way, the cigarette makers would have...
...Sperry Rand Corp. produces a range of goods from hay balers and electric shavers to gyroscopes and Univac computers, but lately it seems to be turning out people faster than anything else. The first notable exit was staged last fall by George M. Bunker, whose Martin Marietta Corp. had bought 800,000 Sperry shares with a view toward a merger that both companies appeared to want. Soon discovering that he could not get along with Sperry's top management, Bunker resigned as a director and sold off Martin's shares in what was the biggest single liquidation...
...attention on the man who has remained stolid and stationary, President Harry Vickers, 65. A self-made engineer, Vickers achieved success 40 years ago by inventing advanced hydraulic controls for trucks. He formed Vickers Manufacturing Co. and through a series of mergers ultimately came to the top of Sperry Rand. Today he controls the company because he is the largest shareholder, with one-half of 1% of the widely scattered stock, and has a permissive board that includes several friends. Even when General Douglas MacArthur was chairman, Vickers was the single-minded commander...
Luck & Layoffs. Vickers is fond of saying that "success is 921% luck -and the rest is hard work." He worked hard to bring about a merger nine years ago between his Sperry Corp. and Remington Rand Corp., but the marriage has had uneven luck. Remington Rand attracted him because it was such an early leader in the computer field that its Univacs were once synonymous with computers. Like many companies, however, Sperry Rand found it easier to make than to market a good product. Cracks the departing Louis Rader: "Whoever said that if you build a better mousetrap the world...
...diminished its role as a prime salesman to the world. Since the boy cott began four years ago, British and U.S. investment alone in South Africa has risen 50% to $3.7 billion, South Africa's gross national product has in creased 20% to $8.6 billion, and the Rand Daily Mail's stock market index has nearly quadrupled. With exports of products as varied as wheat and mining machinery running at a record $1.5 billion rate, South Africa boasts an inter national payments surplus of $200 mil lion, could write off its few debts with a mere four months...