Word: co
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Dates: during 1970-1970
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...when Charles F. Luce became chairman of New York's huge Consolidated Edison Co., his first priority seemed clear. Since the average New Yorker then used only half as much electricity as the average American, Luce yearned to boost consumption-and did. But last week he told a startled Manhattan audience: "The wisdom of three years ago is the idiocy of today." Instead of trying to increase consumption, he now wants to decrease...
...case came from Georgia and involved the fate of the hearsay rule in state trials. In general, that rule excludes statements made out of court. But the rule has many exceptions and qualifications. Georgia law, for example, sanctions hearsay evidence obtained from a conspirator against his co-conspirators in most circumstances. Many lawyers argue that this violates the defendants' Sixth Amendment right to confront the witnesses against them...
...wrote Justice Potter Stewart, was such that it carried indications of "reliability" and the possibility of its being shaken on cross-examination was "wholly unreal." Moreover, Stewart said that the testimony "was of peripheral significance at most," since 20 witnesses testified and were available for cross-examination-including another co-conspirator who described in detail the crime and Evans' part in it. Three justices agreed with Stewart; two of them, Justice Harry Blackmun and Chief Justice Warren Burger, went on to argue that even if the judge made an error by admitting the evidence, it was a harmless error...
...mildest-but it interrupted the greatest advance of prosperity that the nation had ever known. The shock of unexpected reverses left deep psychological scars on businessmen, workers, shareholders and politicians. Almost every segment of the population felt aggrieved. Reflecting the uncommon discontent, Brooks McCormick, president of International Harvester Co., said: "The nicest thing about 1970 is that it's over...
Biggest Collapse. The second shattering event of 1970 was the biggest collapse in U.S. corporate history. On June 21 the Penn Central Transportation Co., owner of the nation's largest railroad, went bankrupt. The Penn Central had long been a victim of mismanagement and executive infighting, but it was pushed right off the tracks by its inability to refinance $152 million of its commercial paper. Such paper is a form of unsecured, short-term IOU. When money became difficult to borrow from banks, scores of corporations issued commercial paper to raise funds. Because such securities are usually bought...