In Burbank, Calif, last week, Walt Disney was presented with the 5,000,000th watch to be manufactured with the name and likeness of Mickey Mouse. As he put it among his trophies, Disney smiled at a beaming, moon-faced Manhattan salesman named Kay Kamen.

Disney and Kamen had just signed a seven-year renewal of a 16-year business association. As the salesman of exclusive manufacturing rights for Mickey Mouse and other Disney characters, Kamen has not only planted their likenesses on children's watches, but on 2,000 other products, ranging from meat, breakfast foods and fruit juices to weather vanes, candy, cameras, toys, sweaters, ice...

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