Word: billioned
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Dates: during 1960-1969
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...NASA's announcement. Most modern astronomers are confident that the technical yardstick by which they measure distant galaxies and quasars-the red shift of light from those bodies-is reasonably accurate. And by that measure, the most distant quasar so far observed by astronomers is about 8 billion light-years away. Furthermore, in the complex Einsteinian geometry of space, diameter is a naive measurement; normal concepts of shape are meaningless. Astronomers were also nettled by the way that NASA released its information. Ignoring the scientific community, the space agency has to date published its conclusions only in a press...
Died. Henry C. Alexander, 67, architect of the merger that created Morgan Guaranty Trust, the country's sixth largest commercial bank (assets: $11 billion); of a stroke; in Manhattan. Alexander accepted a partnership in the faltering house of Morgan in 1939, and shook up the stodgy banking community by aggressively scouring the country for new accounts and training a new generation of bright young employees to follow his lead. By 1959, Morgan was a growing, $915 million concern, and Alexander had the stage set for his greatest coup: merger with $3.13 billion Guaranty Trust...
Despite its apparent insensitivity to Negroes, the Nixon Administration lobbied last week to disarm legislation intended to sabotage Southern school desegregation. At issue was the "Whitten amendment," a booby trap tacked on to the Department of Health, Education and Welfare's $17.8 billion appropriations bill by Representative Jamie L. Whitten of Mississippi...
Goodrich's profits have lagged behind those of its prime competitors. Last year the company earned only 3.9% on sales of $1.1 billion, compared with 6% for the industry's most profitable major operator, Firestone. After Northwest's takeover attempt, Keener, who was paid $240,000 last year, allotted each of the divisions a profit target and rigorously trimmed back on money-losing operations. Last week, six days before Christmas, Goodrich closed down a rubber footwear plant in Watertown, Mass-and with it went the jobs of 950 employees. In that case, the closing had been announced...
...Congress enacts President Kennedy's $11.5 billion tax cut, a victory for Keynesian economic policy...