Word: congos
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...shares daily as the market drifted down. "People are uncertain," as Walston & Co.'s Edmund W. Tabbell put it. "They're not scared enough to sell, but not certain enough to buy." Perhaps some of the uncertainty was caused by the rumblings from Khrushchev, the Congo and U.S. politicking. But the biggest worry was over the question of when business would show more of an upsurge...
AMID the political turmoil in the Belgian Congo last week, one U.S. businessman turned up with what he termed "a great victory for the Western world." The man is Louis Edgar Detwiler, 62, a tough, steely-eyed international promoter who signed a 50-year contract with Premier Patrice Lumumba to act as adviser for the development of the new nation's mineral, oil, gas and hydroelectric-power resources. Through the company he organized only a month ago, called Congo International Management Corp. (CIMCO), Detwiler hopes-if the Congo Parliament ratifies the deal-to mastermind projects to build airports, pipelines...
...businessmen, bankers and Government officials with experience in Africa took a more skeptical view. Detwiler had urged on Ghana a development plan similar to his Congo contract, and was turned down. Said Ghana's Minister of Information Kweku Boateng: "If he comes here again, we will kick...
...venture that helped Detwiler land the new Congo contract was a concession he got in 1953 from the Liberian government to develop the Nimba iron-ore deposits in the rain forests. What happened then is as hazy as a rain forest. Detwiler says he was forced to give up control to Swedish interests but kept some of his stock. Another version is that the Liberian government pressured Detwiler out because he was not producing. Still, the Liberian experience led Detwiler to other African leaders. He met Lumumba's private secretary recently. On July 11 he flew to the Congo...
Actually, what Detwiler has is a hunting license to get U.S. firms to develop the Congo. Since it is a nonexclusive contract and other U.S. businessmen are also negotiating , with the Congo government, he must work fast. Now that he has the contract he must find financial backing. If Detwiler cannot produce-and there were unkind rumors in Leopoldville last week that Lumumba's pro-Communist advisers agreed to the contract in hopes of discrediting all Western businessmen-then the consequences might be disastrous. "If we should lose the resources of the Congo, it would be a serious blow...