Word: cones
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Almost every U.S. city has on the books a clutter of old, obscure laws that are hardly ever enforced. In Wash ington, D.C., for example, it is illegal to sell an ice-cream cone. A law to that effect was passed by Congress in 1921 and signed by Woodrow Wilson on his last full day in office as President of the U.S. Designed to protect the public against spoilage, the law makes it a mi demeanor to sell ice cream in Washington except in easily iced standard units - half pints, pints, quarts...
Last week the House of Representa tives finally acknowledged modern refrigeration and amended the old ice cream-cone law. The Senate is expected to go along. Crowed Virginia's Republican Congressman Joel T. Broyhill, one of the backers of the bill: "A progressive step." If Congress continues to catch up with the times, it may some day dispense with the District of Columbia's laws that still prohibit driving sheep down Pennsylvania Avenue and forbid winning more than $26.67 in a gambling game...
...became progressively crippled with arthritis, Colette saw her world shrink to the dimensions of the cone of blue light thrown across her bed by an electric bulb shrouded in blue paper. She notices that the voices of the children outside in the Palais-Royal garden are not as loud as they once were. Her constant companion is pain-"pain ever young and active, instigator of astonishment, of anger, imposing its rhythm on me, provoking me to defy it"-but she will not blunt it, for pain, too, can be a boon to one with an "instinct for the game...
...Foote, Cone sold 500,000 of its 1.2 million common shares. Simply by making a market, the agency boosted its shares from the book value of $6 to the offering price of $15.50. "Fax" Cone sold 38,000 of his shares for a tidy $541,500, while President Holland W. Taylor disposed of 46,313 shares for $659,960 and Chairman Robert F. Carney sold 83,041 for $1,183,000-taxable at no more than 25% as capital gains. These key executives relinquished only part of their holdings...
Although a public market for shares can also potentially help an agency to raise expansion cash and recruit fresh talent by offering stock options, some of Foote, Cone's competitors were skeptical about letting the investors in. A Young & Rubicam executive thought that the public disclosure of low agency profits would soon disillusion investors. Others felt that an agency's shares would plummet whenever it lost a rich account. But many on Madison Avenue were reconsidering. Said President Rudolph Montgelas of the Ted Bates agency, the nation's fifth largest: "If Foote, Cone is a great success...