NEW PRODUCTS: The Capsule Pencil

Atlanta's Scripto, Inc. last week put a new pencil on the market that looks like a lead pencil but writes like a ball-point pen. The writing agent is a capsule of liquid graphite which can be erased, although not as quickly or cleanly as lead. Price: 49¢; refill capsules: 25¢.

With his new pencil, Scripto President James Vinson Carmichael got the jump on the Parker Pen Co., which ballyhooed its own graphite pencil last month but will take "about 90 days" before beginning distribution.

Jimmy Carmichael started out in politics. He got his LL.B. from Georgia's Emory University...

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