Word: stepping
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Dates: during 1950-1959
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Erhard was indignant and felt betrayed over Adenauer's bland reversal of his decision to step up to the presidency from the chancellorship, a post Erhard expected to inherit. The Economics Minister hastened home from Washington, angered not only by der Alte's cavalier change of mind but by numerous recent Adenauer slurs on Erhard's qualifications for West Germany's leadership. Alighting at Düsseldorf after an appropriately dramatic flight-his plane developed engine trouble, then was struck by lightning-Erhard threatened to resign from the Cabinet and denounced some "current lies...
...step toward integrating Atlanta's segregated schools was taken last week by U.S. District Judge Frank A. Hooper. After declaring segregation illegal, he granted an injunction against discrimination in the schools, whose 67,000 white and 46,000 Negro students are 10% of Georgia's school-age children. Carefully, Georgia-born Judge Hooper did not order integration by next September; he ordered the city's board of education to submit a plan within a "reasonable" time. He had reason for caution: arch-segregationist Georgia already has a ticklish law allowing Governor S. Ernest Vandiver to close integrated...
THERMOELECTRIC heat pumps, with no moving parts, to air condition submarines are being designed for Navy by Carrier Corp. under $170,250 study contract. Work is major step toward future motorless, wall-panel-type air conditioners and heaters in private homes...
Worried that the new boom would sweep in more inflation, the Federal Reserve Board last week took an expected step. It approved a hike in the discount rate on loans to commercial banks from 3% to 3½% for five member banks: New York, Chicago, St. Louis, Minneapolis and Dallas. The new discount rate is the highest since the fall of 1957, is bound to restrict even further the tightening money market. The Federal National Mortgage Association braced itself for tighter money by reducing the price it will pay for Government underwritten mortgages from 99% to 97% of face value...
Helping the bull markets is the fact that governments publicly encourage share ownership by the little man. The West German government has begun to sell shares of state-held companies to middle-class investors in a bold step toward denationalization (TiME. April 13). But markets are so thin that a little buying can send a stock to giddy heights. Four-fifths of West German corporate stock, for example, are locked in institutional portfolios. Companies are reluctant to float more because of heavy taxes. Daimler-Benz has 93% of its stock in the hands of institutions and other companies...