Business & Finance: Telefonica's Troubles

Heavy, heavy over the head of International Telephone & Telegraph Corp. hangs the threat that Spain's Cortes (parliament) will declare the franchise for its big subsidiary. Compania Telefonica Nacional de Espana, null & void. The threat has hung over I. T. & T.'s head for eleven months, and last week Left-wing Deputies in the Cortes were shouting loudly for a vote on the bill, a hefty item in the pre-Revolution program against His Catholic Majesty Alfonso XIII. The shouting Deputies claim the franchise was illegal, that it was obtained only after a thumping...

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