Word: centrality
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Dates: during 1960-1969
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...called for a crackdown, and individual Bell companies are now declaring statewide "wars on obscene calls." Their most effective weapon is an electronic device known as "called-party holding," which the telephone company hooks up free. It consists of a small signal box that is linked to the nearest central office. By simply pushing the button on the box, the victim signals the central office, which immediately locks the circuit. Even if the caller hangs up, the circuit remains open and the telephone company can begin tracing the call...
...death-of-God group* believes that God is indeed absolutely dead, but proposes to carry on and write a theology without theos, without God. Less radical Christian thinkers hold that at the very least God in the image of man, God sitting in heaven, is dead, and?in the central task of religion today?they seek to imagine and define a God who can touch men's emotions and engage men's minds...
...headlines. Yet one of the U.S.'s biggest holding companies, the Alleghany Corp., is constantly creating spectacular business news. A 1954 proxy fight in which Alleghany's progenitors, the late Robert Young and aging Woolworth Heir Allan P. Kirby, now 73, took control of the New York Central Railroad was big and bitter. Next, in one of Wall Street's most famous proxy battles, Kirby lost Alleghany to Texans Clint and John Murchison (TIME cover, June 16, 1961), later won it back again by stubbornly outsitting and outbuying them...
Last week Alleghany was in the news again. In a 126-page offer that the Wall Street Journal despairingly described as "probably one of the more complicated documents in corporate history," Alleghany proposed to trade 984,100 Central shares that it holds for 5,000,000 outstanding Alleghany shares, which would be subsequently retired...
...first glance, it seemed strange that Kirby and Alleghany President Charles T. Ireland Jr., 44, were ready to trade out of a railroad for whose control they had fought so recently and so desperately. One key to the offer is the upcoming merger of the Central with the Pennsylvania Railroad into a powerful new Penn Central. Alleghany currently holds 14.3% of Central stock; in the Penn Central, however, that share would be diluted to 5.8%. Wrote Ireland in the tender offer: "Alleghany questions the advisability of maintaining almost one-third of its portfolio investments in the stock of a corporation...