CORPORATIONS: Joining the Enemy

In the U.S. watchmakers' long fight for a high protective tariff on Swiss watches, none fought harder than Elgin National Watch Co.'s President James G. Shennan. But when Harry Truman vetoed boosts of as much as 50% recommended by the U.S. Tariff Commission last summer (TIME, July 14), Shennan knew he was whipped. Last week, in a statesmanlike manner, he conceded it. He still did not agree with the President's decision, said Shennan, but "we are aware that [it] reflects a widespread belief that a reduction of tariff barriers will further the interests of world peace. However much it...