Word: belled
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Dates: during 1960-1969
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From an unpretentious Manhattan headquarters, the American Telephone & Telegraph Co. runs a prodigious organization. The Bell System operates more than half of the world's 208 million phones, reaps more revenue ($13 billion last year) than the Canadian government, is the biggest private customer in the U.S. capital market. A.T. & T. chiefs preside over a 22-man top-management group traditionally-and aptly -known as "the cabinet...
Lately, A.T. & T.'s cabinet has been about as troubled as the one in Washington. For more than two years, the regulatory Federal Communications Commission has been digging into Bell rates and procedures in the first thoroughgoing investigation of A.T. & T. since the 1930s. Only last month the company ended a nationwide strike-its first since 1947-by agreeing to an inflationary 6½% average wage and benefit increase. Three weeks ago, in a speech just before his retirement from the Justice Department, Trustbuster Donald F. Turner evoked an old ghost by saying that new action aimed at divesting...
Hung Up. Partly reflecting such alarums and largely ignoring the fact that A.T. & T. profits ($2 billion last year) are at record levels. Bell stock has sagged to its lowest price since 1960. Between mid-1964, when the stock reached a peak of $75 a share, and last week, when it closed at $49.75, Bell's total market value declined $11 billion...
...Bell stock is hung up partly on the uncertainties surrounding the complex and seemingly endless FCC probe even though A.T. & T. Chairman H. I. Romnes points out, "the commission has clearly recognized" that A.T. & T. earnings should provide "ample incentives to progress...
...Kennedy was horrifying in itself and forever haunting to all who had suffered through the earlier agony. Yet for all the pain and shame, in retrospect it could hardly be construed in itself as a new symptom of any intrinsically American malaise. "Violence," said Columbia University Sociologist Daniel Bell, "flows and ebbs, and I shy away from easy generalizations such as the country is sick...