Word: steps
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Dates: during 1960-1969
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When Presbyterian Leader Eugene Carson Blake first proposed the idea from the pulpit of San Francisco's Episcopal Grace Cathedral in 1960, it electrified U.S. Christianity: as a step toward ultimate church reunion, he said, mainstream American Protestants must unite. At the time, Blake optimistically predicted that the project would need ten years to bear any fruit at all; pessimists seemed to think it was impossible. Last week, as the Consultation on Church Union met for the eighth time in Atlanta to carry forward Blake's pioneering proposal, it appeared that the participants were willing to accept...
Reluctant Step. One reason the rate increase caused so little commotion was that it had been anticipated in banking circles for weeks; the only question was which bank would start it. New York's Morgan Guaranty Trust Co. took the reluctant first step. The bank is, after all, well attuned to credit pressures. A leading corporate lender, it was one of the banks most severely squeezed in the "credit crunch" of 1966. This time, the Federal Reserve Board's policy of gradual "disinflation without deflation" has kept U.S. banks at some distance from anything like the 1966 crisis...
Last week Riklis, 45, completed a major step in that direction. In a somewhat serpentine financial maneuver, Riklis last December had Rapid-American Corp., the keystone of his corporate complex, make a friendly tender offer designed to strengthen his holding in Glen Alden Corp. Glen Alden is a onetime coal company that Riklis has been using for acquisitions in such areas as Playtex underwear, B.V.D. shorts and, most recently, Schenley Industries. The company had been under the rather tenuous control (14%) of McCrory Corp., a retailing outfit that is 51%-owned by Rapid-American. Thus, by exchanging Rapid securities worth...
...Administration is about to take another, and possibly decisive, step in the long, long journey toward a U.S. supersonic transport program. A governmental study group has split evenly between partisans of the plane and opponents. This gives the decisive vote to the chairman, Secretary of Transportation John Volpe, who is due by April 1 to forward a recommendation to the President for final decision. Says Volpe: "I don't see how the U.S. can afford not to go ahead with this ship. I don't want to see our country play second fiddle...
Anxious to escape abrasive confrontations of the kind that embroiled his two immediate predecessors, Richard Nixon had hoped to avoid direct federal intervention against price increases by private industry. Yet last week the President took strong steps to arrest soaring lumber prices-and there was little grumbling. His tactics much resembled those of the Johnson Administration, which in 1965 fought off aluminum and copper price rises by threatening to release supplies of the metals from Government stockpiles. Nixon ordered the Interior and Agriculture departments to step up the sale of lumber from publicly owned forests, which contain more than half...