Word: pay
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Dates: during 1970-1970
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...Connally with him as an administrative aide. Connally stayed in Washington until 1941, when he enlisted in the Navy as an ensign. At the end of the war, he was a lieutenant commander decorated three times as a flight officer on the carrier Essex. Connally used his mustering-out pay to open a radio station in Austin with ten other veterans-among them Congressman Jake Pickle and Judge Homer Thornberry, an L.B.J. Supreme Court nominee-and for three years was general manager and the largest stockholder of KVET...
After carefully inspecting the mouth of their gift horse, a committee of 15 students from Amherst, Hampshire, Smith, Mount Holyoke and the University of Massachusetts decided last week to accept $25,000 from John D. Rockefeller III. He had offered to pay expenses for a student-faculty study to determine what kind of social-improvement project might be carried out in the Connecticut River valley (TIME, Dec. 21). The students had refused to take the money until they could check out Rockefeller's motives-64 is, after all, quite a bit over...
...came from defense cutbacks: net reductions of 500,000 servicemen, 130,000 Defense Department civilian employees and 1,500,000 defense workers. Stubborn pockets of high unemployment in Seattle (10.9%), Wichita, Kans. (9.3%), and Bridgeport, Conn. (7.1%) bear witness to the disrupted careers of Americans who once got high pay in high-technology industries. Some have moved to Europe or Mexico in search of work. Boston Engineer Arnold Limberg once earned $20,000 a year preparing secret reports on moon-landing test procedures. After his firing, he turned in desperation to odd jobs. Limberg charges $5 an hour for yard...
...Congress voted to give a boost of 13½% to some 350,000 railway workers. Wage-push inflation got its strongest nudge in construction; union craftsmen wrung out raises averaging 17½%. As a result, many skilled workers will be earning about $20,000 a year by 1972. Building pay is so lofty partly because many of the 18 craft unions have for years resisted opening their ranks to newcomers...
...million loan guarantee, the Federal Reserve moved swiftly to steer the financial system out of danger. The board made a special point of offering to advance credit to commercial banks through its "discount window," providing them with much needed funds for relending to corporations that had to pay off commercial paper. The mechanism was conventional, but the need for speed was so urgent that five top officers of the New York Federal Reserve Bank spread news of the rescue scheme by making weekend phone calls to key Manhattan bankers. Banks borrowed heavily from the Federal Reserve, and advanced some...