Word: high-tech
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During the past 16 months, TIME'S Business section, headed by Senior Editor George M. Taber, has produced five cover-length examinations of the workings of the U.S. economy in general and some of its biggest companies in particular. The subjects: Wall Street, Chrysler, high-tech enterprises vs. "rust bowl" basic industries, IBM and AT&T. Running through all these stories has been a skein of numbers: units sold, market share, degree of dominance. For this week's cover story on the new multimillionaires, written by Associate Editor Alexander L. Taylor III, the numbers are more easily grasped...
...just the most recent result of a boom in urban rail-system construction. "There is more development going on now than in the past 100 years," exults Jack Gilstrap, executive vice president of the American Public Transit Association (A.P.T.A.). Since 1972, when San Francisco cut the ribbon on its high-tech headache, BART (Bay Area Rapid Transit), six other U.S. cities have opened new rail systems. Six cities currently have lines under construction. Thirteen other systems either have been proposed or are on the drawing boards...
...transit system. This spring, Santa Clara County will begin construction of 20 miles of light rail and twelve miles of new freeway. The project's $382 million price tag is modest by mass-transit standards, in part because the system does not strive to be as high-tech as the computer culture it will serve. Says Susan Wilson, chairwoman of the Santa Clara County Transit District: "We're looking for a good Chevrolet, not a Cadillac...
Some Sony watchers are blaming the urbane, silver-haired Morita for the firm's problems. Snipes one: "Morita's perception of Sony as a high-tech, venture-capital firm is already dated." Critics accuse Morita of continuing to believe that consumers will readily pay a premium for Sony products. Says one Tokyo observer...
...High-tech enthusiasts, though, still pushed up the price of stocks in the industries of the future. Among the winners: California's International Rectifier, a maker of specialized semiconductors, and Connecticut's Gerber Scientific, no relation to the baby-food maker, a producer of automated factory equipment...