With a pudgy finger President Roberto M. Ortiz of Argentina last week twirled the dial of his telephone, talked briefly to the governors of his four northwest provinces—La Rioja, Catamarca, Santiago del Estero and Tucuman. Thus symbolized was the fact that these sparsely settled but rich grazing lands for the first time enjoyed telephone connections with the world at large. Also symbolized was far-flung International Telephone & Telegraph Corp.'s successful foreign investment.

I. T. & T. has sizable investments in almost every hotspot in the world: Spain, China, Brazil, Mexico, Cuba, Germany, Rumania, Japan, Poland. In Shanghai the war cost it...

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