Word: banke
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Dates: during 1960-1969
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...Bank of America promoted E. Frederic Morrow, 57, to vice president of its New York-based international subsidiary, specializing in foreign loans and business development. A former administrative assistant to President Eisenhower, Morrow has been with the bank three years, following executive service with the African-American Institute, a privately endowed educational-cultural agency. Seven years ago, when Morrow left the White House, one of the better positions offered him was as a used-car salesman at $50 a week with only Negroes for customers. "I was very frankly told," he recalls, "that business just wasn't ready...
...Damascus began rationing food last week. Lebanon's $85 million-a-year tourist industry, meantime, has all but dried up. Hardest hit is Jordan: it lost not only the tourist-rich Old City of Jerusalem but, at least for the time being, the agricultural lands on the west bank of the Jordan River. In Washington last week, King Hussein did not have to remind President Johnson that even in the best of times, his country has needed an annual U.S. budget subsidy of $30 million to $34 million...
Over the Bridge. Unfortunately, such postwar amity was chiefly confined to Jerusalem. Long streams of Arab refugees who felt anything but brotherhood for the Jews were still scrambling over the wreckage of the Allenby Bridge into what remained of Jordan. Nearly 200,000 Arabs have fled from the west bank of the Jordan since its capture by Israel four weeks ago, and the flow shows no signs of stopping...
Peace Somehow. In the wake of the war, some Israeli leaders-most notably ex-Premier David Ben-Gurion-have proposed that the west bank of the Jordan be turned into a semiautonomous Palestinian Arab state where all refugees could be settled. But without Arab cooperation, Israel could hardly expect to set up an Arab Palestine as a satellite state...
Structural Flaws. Congress has also begun to suspect-quite correctly-that something fundamental is amiss. New Jersey Representative William B. Widnall, ranking Republican member of the House Banking Committee, last month voiced fears that financial strains may inflict "permanent damage" on the housing industry and "lead to an intolerable housing shortage in the years ahead." Last week in the Senate, Alabama Democrat John Sparkman's housing subcommittee resumed what promises to be a lengthy search for cures. Most of the witnesses agreed that mortgages have become the chronic invalid of finance because of structural flaws in the mortgage market...