Word: frankfurt
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Dates: during 1970-1979
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...American property. Some are one-or two-man operations, and several are as large as West Germany's Lehndorff Management Ltd., which has invested some $300 million in U.S. properties for 1,800 investors. Reports TIME Bonn Correspondent Barrett Seaman: "An American kind of optimism is everywhere. In Frankfurt, a consortium of banks offered $60 million worth of over-the-counter investment shares in a Houston office building for about $10,000 each, and in three weeks sold out the offering to customers, many of them walking in off the streets. One Munich businessman has gone into partnership with...
DIED. William Steinberg, 78, German-born conductor who transformed the listless Pittsburgh Symphony into one of the nation's best; in Manhattan. As a Jew, Steinberg was forced to leave his post as music director of the Frankfurt Opera in 1933. He moved on to Palestine, where he recruited an orchestra in Tel Aviv, and then to the U.S., where he became Arturo Toscanini's assistant at the NBC Symphony. In Pittsburgh, Steinberg was known as a disciplined maestro of self-effacing humor whose camaraderie with his musicians helped bring out their best talents...
...rest of the passengers who had boarded Pan Am's Flight 688 in Frankfurt, West Germany, one morning ast week, there seemed nothing remarkable about the bearded man and his three neatly dressed companions. But as soon as the jet landed at West Berlin's Tegel Airport, the foursome rushed into...
...that was revealed early last week. West Germany will lend the U.S. an additional $2 billion worth of deutsche marks that Washington can use to buy up surplus dollars on the exchange markets. That doubles the Treasury's line of credit at the West German central bank in Frankfurt. In addition, the U.S. may sell $740 million worth of IMF Special Drawing Rights ("paper gold") to the Germans for deutsche marks, and it proposes to borrow as much as $5 billion of foreign currencies from the IMF. That $5 billion credit already existed. Hence the net new money available...
...President made two key alterations in the CAB proposal. The board had recommended that National be allowed to fly only to Paris; the President added Amsterdam and Frankfurt. More important, the CAB had decided by a 4-to-1 vote that Pan Am be chosen to open service on the potentially lucrative route from Dallas-Fort Worth to London. Its reason: Pan Am, which only in the past two years has begun to earn a profit after years of heavy losses that at one point drove it to the brink of bankruptcy, could not stand any more competition. Carter gave...