Word: eca
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Dates: during 1940-1949
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...ECA, which had ruled out private traders as buyers and shippers of grain for Europe (TIME, Nov. 29), took another detour around middlemen last week. From now on, it will bypass many commercial bankers, who have been the agents for the distribution of over $1 billion in ECA funds...
Heretofore, the agents received letters of commitment from ECA and issued letters of credit to ECA countries. Under an optional plan ECA will set up accounts in the Federal Reserve Bank of New York on which ECA countries may draw, roughly like writing a check. The ECA countries will not be required to sever long-standing relationships with private agents. But for the first time in history, foreign governments, if they want to, will be able to draw on the U.S. Government direct...
...page report which ECA is readying for Congress will be a U.S. product. But ECA's Assistant Deputy Administrator Richard Bissell wants the benefit of Marjolin's experience while the report is reaching final form. Marjolin's admiring colleagues sometimes call him The Brain...
...week's end the Communists had set a time limit for a separate surrender of Peiping. With the fall of Tientsin, ECA cut off flour and wheat shipments to Nationalist China under a "watch and see" policy. Red capture of the city freed an estimated 150,000 Communist troops for new operations. It also gave them a direct rail route from North China to new Nationalist lines just 30 miles above Nanking. Defended "by less than 100,000 second-line troops, Chiang's capital was open to a giant pincer attack at two points: Yangtze River crossings east...
...home without fail, Jessie ordered engraved invitations for their first big party in four years. A few days before it was to be given, C.E. called her from the office and told her she would have to give it alone. He had been asked to go to Germany for ECA and report back on what should be done with German plants. Mrs. Wilson called off the party, packed a suitcase with chipped beef and peanuts, and went with him. (She thriftily considered scratching out the date on the invitations for possible future use. The engraver didn't think...