Word: telstar
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...face of all this backing, it was hard to tell just what the filibustering liberals were distressed about. Senator Kefauver called the bill a "monstrous giveaway." Some objectors voiced fears that the satellite corporation would be dominated by already huge American Telephone & Telegraph Co., sponsor of Telstar−although the bill specifies that no private firm could elect more than three of the new corporation's 15 directors...
Unknown Perils. Says his friend Eugene F. O'Neill, boss of Bell Laboratories' Telstar program: "Here he had this incredible project dropped in his lap. It was like being asked to navigate for Christopher Columbus. He kept asking how he could live with himself if he turned it down. In the end, it was his desire to push back the boundaries that prevailed. He has a streak of romanticism, religion, patriotism. He is not the cold, calculating type." So Brainerd Holmes sold his Moorestown, N.J., home, moved his family (wife and two teen-age daughters, Dorothy, 17, Katherine...
...raising its official $35-an-ounce price for gold. Unconvinced by Administration statements that devaluation was out of the question, the speculators have been busily exchanging dollars for gold bullion or, as a second-best hedge, buying gold mine stocks. Then, last week, President Kennedy took advantage of the Telstar communications satellite to deliver a stern-faced warning, witnessed by millions of Europeans, that "those who speculate against the dollar are going to lose." Next day, gold shares on the London Stock Exchange nosedived. The day after, the price of bullion on the London gold market followed suit (see chart...
Chronic Affliction. How long will Kennedy's Telstar warning continue to discourage the speculators? London dealers expect them to come back into the market any time. The continuing drain on U.S. gold reserves (which last week dropped $90 million to a 23-year low of $16.2 billion) is sure to revive the argument-much favored by the British press-that eventually the U.S. will have no choice but to raise its gold price. The worldwide market crash has made securities less attractive and gold more so as a repository for spare capital. And not least important, once...
...With Telstar [July 20] a success and live television from Europe now a reality, will we be having Khrushchev's boot-stamping speeches on summer reruns...