Business: Rites of Spring

Beneath tents and armory roofs, in airplane hangars and convention halls, U.S. industry's managers gathered last week for their annual rites of spring: the yearly stockholders' meeting. When the news was good—as it generally was—sunlight and flute music filled the scene, but when it was bad, there were squalls and sour notes.

Before some 11,000 expectant stockholders, American Telephone & Telegraph President Frederick R. Kappel rose to applause for his fine 1959 and first-quarter 1960 earnings report (TIME, April 18). ⅛But when President Kappel explained what was on his mind, the cheers turned to groans. Contrary to all hopeful' rumors, said...

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