Word: xeroxing
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...Since Xerox brought out the first electrostatic copier in 1960, more than 40 companies have elbowed into the increasingly profitable but competitive business, whose sales of $600 million are rising 20% annually. Into the field last week came another major manufacturer: Los Angeles' huge Litton Industries (fiscal 1965 sales: $916 million). As the first of what will ultimately become a whole family of copiers, Litton introduced the desktop Roy fax 7, which spins out seven dry copies a minute, reproduces documents as varied as 51-in. invoices and 362-ft. seismographic tapes. Introducing a tantalizing gimmick, Litton plans...
Everyone aims to duplicate the success of Xerox, whose sales since 1960 have multiplied from $40 million to almost $400 million, and are expanding 50% yearly. Many competitors pay tribute to Xerox-in dollars. Xerox collects an enviable but undisclosed sum in royalties from such companies as Apeco, SCM and Bruning, which lease and sell their own machines and market the zinc oxide-coated paper that Xerox has patented. Meanwhile, Xerox has discarded the coated-paper means of copying, now uses plain paper. While competitors argue that their copies are cheaper-about 310 each v. Xerox's 50 -Xerox...
Most of the trading was done by the big professionals, notably brokerage firms dealing for their own accounts. They both bought and sold, and the net effect was a standoff. There was a lot of switching, as traders sold such recent high flyers as Xerox and Fairchild Camera to get profits that they could plow into stocks that they felt were good bargains. Large institutions - insurance companies, mutual funds and pension funds - were also active, as evidenced by the great blocks of stock that changed hands: 17,200 shares of Chrysler; 53,000 shares of Cleveland-Cliffs Iron...
...such electronics and aerospace companies as Fairchild Hiller, Avnet, SCM and Ampex. Airlines, chemicals and drug issues spurted, many of them faster than leading industrial blue chips. Boeing (up 81 points for the week) reached a new high for the year; so did Lockheed, RCA, General Electric, IBM and Xerox. Small investors were buying strongly, but brokers also noted active trading by institutions...
Jerome Wiesner, former presidential science advisor, now dean of science at M.I.T., and prominent management representatives of the Xerox Corp., Lockheed Missiles and Space Co., the Polaroid Corp., and Continental Oil, are also on the Committee...