Word: credited
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Dates: during 1960-1969
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Disturbed by the corporate borrowing, Federal Reserve Board Chairman William McChesney Martin Jr. warned that it was time to "pressure banks to ration credit." After the stock exchanges had closed for the three-day Easter weekend, the board moved on two fronts. First, it raised the discount rate (the interest that banks pay for the money they borrow) from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks...
...only public statement yesterday, Pusey replied to the demonstrators' list of six demands. Pusey rejected student claims that the Corporation--which has been trying to work out new contracts to keep ROTC units on campus next year--was betraying the Faculty's vote to remove academic credit from ROTC. The Corporation "is working not to thwart the Faculty vote but to carry it out," he said...
...recent weeks, it has become increasingly clear that the Corporation is the main defender of ROTC at Harvard. Pusey stated that academic credit is not the issue. In President Pusey's words, it is "our Army" It is their army: Mr. Nickerson, president of the board of Socony Mobil, sleeps better at night in the knowledge that his investments in Iran or Venezuela are shielded not just by military dictators, but by the threat or direct armed intervention by the U.S. government...
...head of the negotiating committee that is trying to work out new ROTC contracts between Harvard and the Pentagon, told the Faculty what his committee was trying to do. Reiterating earlier statements, Glimp said that his committee was guided by the Faculty's vote last February to remove academic credit from ROTC courses...
There have been rumors that the negotiating committee might attempt to circumvent the Faculty's resolutions regarding credit for courses offered by ROTC units and appointments in the Faculty of Arts and Sciences. On the contrary, the committee regards these resolutions as guidelines for its work. Others in the community have speculated that adoption of these guidelines will surely result in the withdrawal of all three units. While it is not yet clear exactly how the new arrangements will be worked out, withdrawal of the units seems to me to be an extremely unlikely outcome. Fred L. Glimp Dean...