Word: charter
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Dates: during 1950-1959
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Lawyer's Stand. Calm, bulky and phlegmatic, Lawyer Dulles took the position that Egypt as a sovereign nation had a legal right to nationalize the Canal Company-an Egyptian entity which he likened to a public utility with a government charter-so long as Egypt paid due compensation. But he also held that Nasser, in seizing the canal itself, had violated solemn treaties.* In the end, the Big Three duly called a conference of 24 nations "deeply concerned with use of the canal"* to meet in London Aug. 16. At Dulles' insistence, those invited included not only Egypt...
...champion of high, rigid farm supports. Although he has risen in the estimate of his Southern Senate colleagues (Georgia's Walter George offered to campaign for him in 1954), other Southerners recall vividly-and bitterly-his strident civil-rights performance at the 1948 convention. Humphrey's charter membership in Americans for Democratic Action is today something less than a national political asset. Nonetheless, longtime Stevensonian Humphrey, 45, ranks high in the Stevenson camp...
...Collateral. To build and operate the supertankers, the Argonauts devised a shrewd technique for raising the cash without putting up much money of their own. Niarchos persuaded the oil companies-which were then unwilling to tie up capital in shipping-to put his unbuilt tankers under long-term charter (up to seven years). Armed with charters that would pay for new tankers in less than half their 20-to 25-year working span, he then made firm contracts with shipyards and went to banks and insurance companies for construction loans, using the charters as collateral. With the loans guaranteed...
...Though chartering reduces the risks, Niarchos and the other independents are engaged, as one independent said recently, "in the biggest floating crap game in the world." They rely on long-term contracts and fixed rate scales for steady income; only by keeping some ships available for short-term charters can they take advantage of the sudden rises in rates that turn the big profits. When world oil consumption spurted a mere 10% in 1948, charter rates rose 250%. On the other hand, a prolonged fall in tanker rates can come close to wrecking an independent...
...Representative Joseph E. Casey had joined the late, onetime Secretary of State Edward R. Stettinius Jr. and others in 1947 in what seemed like a surefire venture. Tankers were then in such demand that it was possible to make a down payment on a war surplus T2, get a charter from an oil company and then sell either the charter or the ship for a fancy profit...