Word: krupp
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...have a moral obligation, and I will not look for escapes." Thus spoke West Germany's Alfried Krupp (TIME Cover, Aug. 19, 1957) of his pledge to the Allies to sell the coal and steel companies in his industrial empire. Last week, instead of selling, Alfried Krupp got permission from the High Authority of the European Coal and Steel Community to buy another steelmaker. The firm: Bochumer Verein, Germany's biggest producer of special steel. The purchase would give Krupp the biggest steelmaking capacity (4,000,000 tons) in Europe...
...Allied ruling on Krupp, later written into German law, was designed to break up the huge combine that supplied Hitler with much of his arms. Krupp won extensions from the original March 1958 deadline by pleading he could not find a buyer for the Rheinhausen works, center of his coal and steel holdings. Permission for Rheinhausen to buy the new company made it almost certain that Krupp will not have to keep his promise to dispose of his coal and steel holdings this year. Said a Krupp spokesman: "The promise was given under compulsion...
...Allies themselves are divided on Krupp. Both the U.S. and France have let the West German government know that they are not opposed to letting Krupp keep his property. Only the British have insisted on holding Krupp to his promise. Since there is little they can-or want to -do about it, the Allies may now decide to release Krupp formally from his pledge. Krupp is already believed to own 75% of Bochumer Verein's stock, obtained through the good offices of his friend, Swedish Industrialist Axel Wenner-Gren...
...such standards play in world trade. This importance was emphasized last week as 1,000 delegates from 40 countries met at Harrogate, England, to bring the world closer to conformity on everything from screw threads to nuclear reactors. Eventually, their decisions will have repercussions from the board rooms of Krupp to the Kremlin, affect housewives from Minneapolis to Vladivostok...
...will deny that it is a marriage bureau during the summer months. James Reston, in a copyrighted story, will declare that Eisenhower went comatose months ago, and that the country has been run by Sherman Adams and "some guy called Watson and his 3,000 IBM machines." Abroad, Alfred Krupp will deny that he now owns the controlling stock in the French Republic. Nikita Khrushchev will bring a formal complaint to the United Nations General Assembly. The Soviet Ruler will complain that the United States has been distributing subversive literature along Russia's northern coast with...