Word: levitts
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Rooftop Rifles. Frank Gracia, head of a drug-rehabilitation program in the Southeast Bronx, became aware of the gangs six months ago. He told TIME Correspondent Leonard Levitt: "We had this street fair, selling sausages for a dime, sodas for a nickel. Well, these kids got in an argument with one of our people, broke his arm and all his fingers. Then they sent their girls over to tell us they wanted to fight us. Now, hell, I've been around. I was in gangs in the '50s. I was a junkie for 15 years before I kicked...
...became its president in 1959, ITT already was large, with sales of $765 million, but it mostly produced and ran telecommunications systems abroad. Under Geneen, ITT through a dizzying series of acquisitions has become a hotel operator (Sheraton), insurance seller (Hartford Fire), car renter (Avis), baker (Continental Baking), homebuilder (Levitt), as well as a maker of pulp and cellulose and a major shareholder in Comsat. Overseas it has been rolling like Patton's Third Army into cosmetics, food products, auto parts and construction materials. Last year it employed almost 400,000 people in 67 countries. They generated sales...
Hedged Bets. ITT's recent sorry relations with the U.S. Government raise some questions about its future growth. True, the trustbusters could have given the company a tougher deal; for example, they could have forced it to sell off Hartford Fire instead of the lesser Avis, Levitt and several other companies. ITT stands to collect about $600 million from those sales, and Geneen figures that he can reinvest the money-mostly in Europe-in ways that will raise profits by 10% to 12% a year. But the trustbusters have forbidden ITT from making any major acquisitions...
...broader question was whether ITT actually got a special break in the settlement, and whether the public interest was slighted. ITT was required to divest itself of six subsidiaries (Canteen Corp., Avis-Rent-a-Car, ITT Levitt & Sons, Hamilton Life Insurance Co., ITT Life Insurance Co. and one division of Grinnell Corp.), which, taken together, earned less than $40 million last year. It was allowed to keep Hartford Fire Insurance, which not only earned $105 million but also provides the large cash flow vital to an expanding company. The settlement was almost identical to a proposal made by the company...
...sought truth and who failed to tell it in their art or in their lives, and who now are dead." The photographic portraits of Agee, on the front and back of the issue by Walker Evans and Florence Homolka, and those in the body of the issue by Helen Levitt, show how real was Agee's own sense of failure. The Advocate falls down in its innocence of Agee's fear of his own failures, personal and creative...