Word: telautograph
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...Much. Some of the inquisitors extracted embarrassing admissions. Sonotone Corp.'s Chairman Irving I. Schachtel was obliged to report that most people so dislike wearing hearing aids that when his company tried to give 1,000 of them free to needy deaf children, there were only 700 takers. TelAutograph Corp.'s President Raymond E. Lee had to admit that his company lost money because it could not produce and deliver the electronic machine it had designed to send handwriting over telephone lines...
...TelAutograph, he said, "has never completed so little or lost so much." In general, however, this spring's improved earnings outlook (see above) seemed to reduce tensions between shareholders and management. At staid IBM's meeting, Chairman Thomas J. Watson Jr. set off general giggling with his candid explanation as to why the company was enlarging its collection of early scientific models rather than paintings. "My father was the art expert," he said dryly. "We have been turning more to collections of Leonardo da Vinci models-something I can understand." At many meetings, too, attendance was smaller than...
Stock-boosting maneuvers are not always so easy to identify or trace. TelAutograph stock zoomed from 9 to 24 in eight hectic trading days last fall after the company created the impression in a press release that it had a franchise on a machine able to transmit writing over telephone wires. The SEC set the record straight (TelAutograph had the machine, but not the only one of its kind). Three weeks ago Sperry Rand Corp. privately showed a group of stock analysts a new product for a computer, although the official announcement was one week off. The company also sent...
...Securities and Exchange Commission began investigating; the Stock Exchange demanded a complete explanation from both companies. TelAutograph President Lee, 50, who owns 42,000 shares of stock, gave an explanation that was a lot different from his earlier statement. He said his statement was not meant to con vey the idea that TelAutograph was the only company with equipment suitable for A.T.& T., added that the company had merely set a date to talk with A.T.& T. about testing telewriting equipment. Furthermore, for this year TelAutograph will show a small loss...
...give a fuller explanation. It said its revenues from its Electrowriter now are not enough to cover the cost of servicing and sales and are "unlikely to make any contribution to the corporation's profits in the near future." It closed off 7 for the day, and TelAutograph fell...