Word: connors
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Dates: during 1960-1969
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...Federal Reserve Chairman William McChesney Martin took the bankers into a separate meeting, where they were advised that their foreign loans, which last year jumped 25% to $10 billion, should rise no more than 5% this year. Meanwhile, the corporate chiefs went to a session with Commerce Secretary John Connor, were told that each company would be expected to improve its own balance of payments by 15% to 20%-either by expanding its exports, bringing back more of its foreign profits or cutting its foreign spending. Connor expects the businessmen to inform him well in advance of any foreign investments...
...intent on making more mischief for the dollar (see WORLD BUSINESS). Johnson's advisers divided into "Hawks," who wanted to take strong measures to counter the payments deficit, and "Doves," who felt that stern restrictions would damage the nation. Johnson heeded the Doves, among them Commerce Secretary John Connor and President Donald C. Cook of American Electric Power Co., a prime Johnson adviser who will become Secretary of the Treasury this spring when Douglas Dillon leaves...
...business executives will go to Washington at the President's invitation. Federal Reserve Chairman William McChesney Martin will put pressure on the bankers to cut back their foreign lending, which rose by more than $2 billion last year, to a $500 million increase this year. Commerce Secretary Connor will ask hundreds of key companies to set goals for cutting their foreign spending, then will review their budgets every three months. Ironically, Connor is well suited for the job: when he was president of Merck & Co., he vastly expanded its drug empire overseas...
...break the impasse, the President named Labor Secretary Willard Wirtz, Commerce Secretary John T. Connor and Oregon Senator Wayne Morse as members of a panel to recommend settlement terms within 42 hours. With that, things began to happen. The National Labor Relations Board, which normally takes weeks to ponder such moves, got federal courts in New York and Baltimore to order the strikers back to work. The union at first ignored the injunctions, but at week's end "Teddy" Gleason, perhaps noting the congressional clamor for a law to forbid another such walkout, ordered his men back to their...
Shortage of Scotch. With more losses to come, the strike has already dealt the U.S. economy a $2.2 billion blow-$67 million for each day of the strike. Commerce Secretary Connor estimated that 191,000 workers were idled by the strike: not only the 60,000 striking longshoremen, but 38,000 seamen and other maritime workers, 45,000 railroadmen, 48,000 truckers. With 855 ships tied up, U.S. ocean shippers were deprived of 161 million tons of freight. The nation's strangled lines of trade also cost highway carriers 9,000,000 tons of business, railways...