Word: telegraphed
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Dates: during 1960-1969
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...International Telephone & Telegraph has encountered stiff Justice Department opposition to its proposed merger with American Broadcasting Co. But that has failed to dampen ITT's ardor for picking up other corporations. Its latest morsel: Rayonier Inc., a $171 million-a-year manufacturer of pulp products. The communications giant also has a line out in hopes of acquiring Western Power & Gas Co., a public utility operating in 13 states from the Rocky Mountains to the Atlantic. - General Telephone & Electronics Corp., the nation's largest independent telephone system, stood to get even larger by agreeing to a $145 million stock...
Emerging from their stronghold in the plantation country near Punia, Schramme and his men began a march on the border city of Bukavu, once a resort for rich Belgian colonials. They met little resistance. Warned by jungle telegraph that the mercenaries were approaching, the defenders of Bukavu threw away their arms, commandeered civilian clothes, and fled across the Ruzizi River into Rwanda...
Even though the Federal Reserve has been squirting money into the U.S. economy all this year at a clip ordinarily fit to make loans grow cheaper, the result instead has been a persistent rise in interest rates. Last week American Telephone & Telegraph Co. borrowed $250 million for 33 years at the highest interest cost it has ever paid for long-term bonds: 6.006% a year. A. T. & T.'s old record, 5.95% for $100 million of 20-year debentures, had stood since...
Even in this hungry age of corporate mergers, Chairman-President Harold S. Geneen of International Telephone & Telegraph Corp. is remarkable for his appetite. Since 1959, when he took charge of ITT with the intent of making it "one of the most important companies of the next decade," Geneen has swallowed up 44 smaller firms; they stretch across such diverse fields as auto rental (Avis), mutual-fund management (Hamilton), consumer finance (Aetna), book publishing (Bobbs-Merrill) and even airport parking. Though blocked so far by Justice Department antitrust litigation in his most ambitious effort-to acquire American Broadcasting Cos. -Geneen...
...investors' appetite for industrial stocks. While some high-flying issues floundered-among them Xerox, Polaroid, Itek, Teledyne and Fairchild Camera-old favorites moved up nicely. General Motors gained $5.25, to $84.88, and Bethlehem Steel, Goodyear, Standard Oil of California, Chrysler, and General Electric also gained substantially. American Telephone & Telegraph rose 88? a share to $53 after the company announced that it will fight a Federal Communications Commission finding that it is making too much money for a public utility. Long among the most depressed of the blue chips, A.T. & T. shares had suffered another $2 billion in paper losses...