Word: banke
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Dates: during 1960-1969
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Strong Right Hand. The tipoff, Reston says, came last December when he made Rosenthal associate managing editor with license to ride herd on the "bullpen"-the traditionally sacrosanct bank of rewrite editors. Finally, the appointment of able, amiable Seymour Topping, 47, as assistant managing editor gives his good friend Rosenthal a strong right hand. "Nearly two years ago," Sulzberger summed up, "we began seriously to plan the transition to the next generation . . . That mission has been accomplished...
...barometer of the economic future. A stock-market decline is perhaps the strongest signal yet that the Government is finally beginning to bring the overexuberant U.S. economy under control. "Inflation is being wrung out of the stock market," says Walter E. Hoadley, executive vice president of California's Bank of America. "The correction is a prerequisite to a resumption of healthy growth...
...student radicals are developing plans for a week-long series of demonstrations to be held during the International Industrial Conference at San Francisco in September. The conference will bring together 500 heads of major industrial, technological and financial firms like U.S. Steel, IBM, Royal/Dutch Petroleum and the Chase Manhattan Bank in a top level gathering that the students say "is designed to consolidate the dominion of the multinational corporations in the third world...
...timing and steepness, the Dow's 16% decline so far this year bears a chilling similarity to the 1966 plunge, when the index declined 25% from February to October. Could history repeat? Both market slides began with worries about overspeculation and increases in bank interest rates. There are, however, important differences. In both 1966 and 1969, the Federal Reserve Board tried to control the expansion of credit by restricting the money supply. But in 1966, the board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor...
...More Time. Japan's leaders smile and agree that, yes, change and more competition are necessary. Toshihiko Yoshino, research director of the Bank of Japan, concedes that opening Japan to foreign businessmen would help considerably to ease inflation. But he and other leaders plead for more time to strengthen companies against aggressive foreign rivals-and time to squeeze the necessary decisions out of the consensus system. Japan's exasperated trading partners are no longer in any mood to grant that time. For instance, Japanese companies do not invest much in research, but instead rely largely on buying foreign...