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Dates: during 1950-1959
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...star fleet-admiral's rank. He said: "Let the younger fellow's take over." and Bull Halsey's officers-Forrest Sherman, Arthur Radford, Mick Carney, Arleigh Burke-did. He put in a stint for International Telephone & Telegraph Corp., launched but lost a fund-raising drive to save his old flagship Big E from the scrap heap. "Remember!" he rasped. "Scrapped ships will not rest peacefully in deep blue waters beside the gallant Lexington, Wasp, Hornet, Houston, Atlanta, and all the brave others. Our Navy must remain strong!" Last week, on Fishers Island in the peaceful grey waters...

Author: /time Magazine | Title: ARMED FORCES: Bull | 8/24/1959 | See Source »

...flashy Grassi asked Allen for a loan of $30,000 for a month, saying it would save him the trouble of bank charges. Allen obliged with a check drawn on the American Express bank in Rome. Punctually at month's end, Grassi repaid it. After a second $30,000 loan, which he also repaid promptly, Grassi had Allen completely gulled. Grassi rapidly obtained three successive "loans" of American Express funds totaling an incredible $670,000, and Allen concealed the transactions...

Author: /time Magazine | Title: FRANCE: The Cashier & the Con Man | 8/24/1959 | See Source »

Formosan troops worked desperately to rescue tens of thousands trapped by the floods, and an American aircraft carrier rushed 20 helicopters over from Hong Kong to help save lives and distribute rice. As the waters receded, officials counted about 650 dead, 750 seriously injured, 750 people missing and a quarter million homeless-victims of Formosa's worst floods of the century...

Author: /time Magazine | Title: THE FAR EAST: The Rains Came | 8/24/1959 | See Source »

...Bennett Jr., madcap son of the New York Herald's founder. While Bennett lived, the newspaper was never much more than an expensive plaything. Self-exiled to Europe after a series of escapades, Bennett established the Paris Herald in 1887 mostly as a buffer against his own ennui. Save for a glorious hour at the outbreak of the first World War, when Bennett resolutely published under the German guns after even the government had fled, the Herald for three decades played the role of society paper for expatriates, subject to Bennett's iron whim (without giving a reason...

Author: /time Magazine | Title: Press: The Trib of the Other Side | 8/24/1959 | See Source »

Through the House Ways & Means Committee last week rode a bill to save the nation's $41 billion, 41,000-mile highway-building program from skidding to a halt. The committee, which ten times has vowed never to boost the federal gasoline tax, changed its mind; it approved a 1? hike to 4? a gallon, effective for 22 months from Sept. 1 to June 30, 1961. The lopsided vote (16 to 9) marked a partial victory for the Administration; it has championed a fiveyear, 1½? boost, bucked a congressional bond-floating plan that would have added huge interest...

Author: /time Magazine | Title: Business: Help for Highways | 8/24/1959 | See Source »

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