Word: xeroxes
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...time when most of the glamour stocks have lost their charm, a company with the distinctive name of Xerox still holds on to its appeal. Xerox owes all of its astonishing market success to a complicated, desk-sized machine prosaically called the 914 Office Copier. There is nothing prosaic about what the 914 does: without muss, fuss, delay or extensive training of an operator, it makes copies on ordinary paper of almost anything that will fit on its Qin. by 14-in. plate - including a child's doll. Last week, thanks to the 914. Xerox stock closed...
Name Changes. The 914 is the result of a long-range, $40 million gamble by scholarly Xerox President Joseph Wilson, 53. When Xerox (then called the Haloid Co.) came out of World War II, it was a producer of photographic and photocopy papers and machines with annual sales of $6,750,000 and an uninspiring future. Wilson decided to create a new future by betting all on a new process called xerography (derived from Greek and meaning dry writing), which showed promise of reproducing papers and documents without the standard need for chemical developing. He bought some of the rights...
After years of work in the lab to improve the process, the company finally began to market a crude copying machine in 1950, but sales were disappointing. Changing its name to Haloid Xerox Inc., the company kept working on improvements and in 1960 introduced the 914. It was an immediate hit, and Xerox's sales began a spectacular climb, rising from $31.7 million in 1959 to $104.5 million last year. Earnings rose from $2,100,000 to $13.9 million. "In 1963," says Wilson, "we believe that over 2.3 billion pictures will be made on the 914, and each picture...
...Eastman Kodak Co. with its Verifax dominated the "wet copying'' field, which uses chemical developers; Minnesota Mining & Manufacturing Co. had its fast-selling Thermo-Fax, a dry method that uses heat from an infra-red lamp to form an image on specially coated papers. But the Xerox machine had a special appeal. It is a dry method that needs no chemicals, can duplicate anything from grease pencil to ballpoint pen, though it is more successful in copying type than photographs. The 914 makes copies by projecting the image of the original document or object onto an electrostatically charged...
...scenes of pandemonium reminiscent of 1929, the grey, fortresslike New York Stock Exchange shuddered and shook. Glamour stocks such as Brunswick Corp., Fairchild Camera and Xerox, which had been selling on the strength of capital-gains potential rather than current dividends, crashed to half or even a quarter of their 1961 highs. Mighty IBM, which had become more of a cult than a stock, plummeted from 578½ in January to a low of 300 in June. Dropping like a shot goose, the market lost $23 billion in paper values during a single hectic week in late May, and $21 billion...