STATE OF BUSINESS: On the Treadmill

Like a sprinter on a treadmill, U.S. industry is finding that no matter how fast it runs it cannot catch up with increasing consumer demand. Last week American Telephone & Telegraph Co., which set an industrial record for yearly spending with the $1.6 billion put into expansion in 1955, announced that it was still unable to close the gap. This year, said A. T. & T. President Cleo F. Craig, the world's biggest utility will spend a staggering $2.1 billion merely to keep from falling farther behind. With 47 million phones already in service,...