Word: centrally
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Dates: during 1960-1969
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...after the U.S. and 52 other nations concluded the Kennedy Round and agreed on wide-ranging tariff cuts, the pact was hailed as a historic step forward in world trade. Yet last week the U.S. verged on a backward march. Pending in the Senate were seven bills-the central one pompously called "the Orderly Trade Act of 1967"-that would establish stricter quotas on imports ranging from steel to strawberries, from textiles to goat meat. If enacted, the bills would set limits on $12 billion worth, or 50%, of total U.S. imports. Liberalized-trade advocates compared the Orderly Trade...
...loans to finance new plants and that consumers will pay more for installment purchases. Both consequences will tend to slow Britain's recovery from recession. Continental bankers predicted that the British action will lift the cost of short-term borrowing, but voiced guarded confidence that other European central banks will be able to resist retaliating with increases in their own much lower rates (3% in Switzerland and West Germany, 3½% in Italy and France, 4½% in The Netherlands...
...York Central President Alfred E. Perlman was 55 when he and the late Robert R. Young began serious negotiations with Pennsylvania Railroad executives toward a merger of their lines. Next month Perlman will turn 65, nearing the expiration of his contract with the Central because of age-and still waiting for the Penn Central merger to occur. But at least he is getting closer. Last week, in the latest of a series of legal moves involving the Penn Central, a three-judge federal court in New York told Perlman and Pennsy Chairman Stuart Saunders that they could go ahead...
There was-as in five earlier court battles over the merger-an important "if" to the order. The Penn Central merger has so far been vigorously opposed by other railroads that would be affected, and the judges ruled that three of them-the Erie Lackawanna, the Boston & Maine, and the Delaware & Hudson-should be given immediate homes in the Norfolk & Western. The "if" was that the Norfolk & Western, which wants to hold off acquisition of the three until it has merged with the C. & O.-B. & O., has 15 days to appeal to the Supreme Court. N. & W. President Herman...
Apart from the Norfolk & Western, however, last week's special court ruling did at least clear away some legal complications surrounding the link of the Pennsy and Central into the nation's biggest rail system. The court overruled protests by the city of Scranton, Pa., and unsuccessful Pennsylvania Gubernatorial Candidate Milton Shapp that the merger itself would be detrimental. And it left untouched an ar rangement under which the Penn Central, if the ICC approves, would first lend $25 million to the beleaguered New Haven to keep it going; the Penn Central would ultimately acquire the New Haven...