On the first of July American Telephone and Telegraph, the largest business on earth, announced new records in net income ($x.6 billion) earned over the year ending May 31. In issuing this cheerful news the head officer of the company took time out to mention a small cloud across the rainbow. Three weeks before, on June 11, the California Public Utilities Commission had ordered a sharp reduction in the future profits of the company’s subsidiary in that state.
Headline, New York Times, September 10, 1962: GENERAL WALKER SEIZES CAPITAL; TANKS CIRCLE THE WHITE HOUSE; NEW JUNTA PROMISES ELECTIONS From a “Letter from Washington, The New Yorker, September 22, 1962. Even in this blasé capital, there were some eyebrows raised by the whirligig of events that have made Major General Edwin A. Walker the provisional President of the United States until—or so his aides inform us—new elections are held in 18 months. That the army had become increasingly involved in the perturbations of politics had been known.
Educated Americans are eager customers for national self-analysis, especially for studies which compare the present unfavorably to the past. They Hock to writers like Vance Packard, who see America in the throes of a decline in individualism, thrift, culture and other long-prized virtues. One of the favorite topics of the decline-and-fall school of social analysis is the homogenization of American life.
AS THEIR state chairman says,the Republicans in California are facing their moment of truth. Alarmed by the Democratic sweep in the June 3 primary, Vice President Nixon, GOP official of varying heft and profundity, and possibly even President Eisenhower will troop up and down the Golden State between now and November, trying to rescue ungainly Bill Knowland from the wrath of the voters. But most of the 1960 Democratic Hopefuls will also be pitched in for the party in California.
The President’s Remarkable Firmness The Tennessee Valley Authority needs a new plant—^with an installed capacity of 600,000 kilowatts—if it is to meet the demands of the Atomic Energy Commission: about 50 percent of TVA power goes to the AEC and another 25 percent to defense plants.
The Supreme Court during its present session has the opportunity to strike its mightiest blow against racial prejudice. The nine justices must decide whether segregation of Negro and white pupils in the public schools violates the equal protection provision of the Fourteenth Amendment.
THE LATEST bargain-counter sale of the Van Sweringen railroad empire was made on April 24. Two days afterwards, at the Waldorf Astoria Hotel in New York, the buyers became the subjects of a favorable publicity boom which possibly came to an end in exactly thirty days, on Capitol Hill in Washington. The subjects of the publicity were Robert R. Young and Frank F. Kolbe, New York Stock Exchange brokers who bought control of the $3,000,000,000, 23,000-mile railroad system. Young is the dominant partner.