Word: renewal
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Dates: during 1960-1969
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Controversy keeps dogging Louis Elwood Wolfson. On grounds that he had milked the company of millions, the Government in 1956 refused to renew his contract to run the Capital Transit bus-and-trolley line in Washington, D.C. In 1958, Merritt-Chapman & Scott Co., of which Wolfson is chairman and controlling shareholder, pleaded nolo contendere to charges of bribing a county official in Washington State to help win the big Priest Rapids Dam construction job; the company paid a penalty of $50,000. Also that year, the Securities & Exchange Commission charged that Wolfson tried to drive down the market in American...
...Pacific. Only ten months after a resounding election victory, President Ferdinand E. Marcos of the Philippines flew to Washington for a state visit that meant far more to him, and his hosts, than the usual red-carpeted round of pleasantries. For Marcos, it represented a threefold opportunity - to renew a long-standing bond of friendship with the U.S., to make a case for increased U.S. aid to bail out his stagnating econ omy, and to impress on Americans some home truths about the realities of power in Asia. With willing assistance from Washington, Marcos made the most of his opportunity...
...ringing and controversial slogan "Black power!" (TIME, July 1), the movement dramatically aired its deep division in national meetings of its two biggest organizations. In Los Angeles, the National Association for the Advancement of Colored People, the largest, the oldest and the strongest civil rights group, met to renew its dedication to moderation and responsibility. In Baltimore gathered the Congress of Racial Equality (CORE), the biggest among a new grouping of black-power organizations that equate moderation with stagnation and demand far more militancy. In the wide gulf between them lurked the threat that the movement may be violently wrenched...
...again, all good bankers have had to come to the aid of Britain's pound. After an emergency $3 billion international loan in 1964 (still not paid back), and another $1 billion res cue in 1965, the Bank for International Settlements and eleven countries last week had to renew the billion-dollar bundle for Britain. The pound, which two weeks ago had dropped to a 15-month low of $2.78 27/32, rallied to $2.79 2/32. But in the finance ministries and central banks of Europe and North America, money managers were asking: "How long, O Lord, how long...
...business and civic leaders asked him to reconsider, and the school board persuaded him to stay. Civil rights groups only increased their pressure: 225,000 students stayed out of school in one boycott. The school board tired of Willis last summer, informally voted 7 to 4 not to renew his contract, compromised on his guarantee to quit when he reaches 65 next December. Willis faced not only a hostile board but also 48 top Chicago businessmen-including Inland Steel's Joseph L. Block, Foote, Cone & Belding's Fairfax Cone, and Chicago & North Western's Ben Heineman...