Word: loans
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Dates: during 1950-1959
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Luckily the twelve-story, balconied Hotel El Panama, built five years ago with an Export-Import Bank loan, can luxuriously house hundreds in the presidential parties, including ambassadors attending the concurrent meeting of the Organization of American States. President Eisen hower very likely will stay at the spacious hilltop U.S. embassy residence near by, and other Presidents might also prefer their own embassies, technically native soil. But advisers, minor officials and many newsmen may wind up billeted at U.S. military posts in the Canal Zone...
Arrogant Closure. The issue that shook the Liberals was the government's measure to advance up to $80 million to the U.S.-controlled Trans-Canada Pipe Lines, Ltd. to build a natural-gas pipeline from Alberta to eastern Canada (TIME, May 21). Not only was the loan itself unpopular, because of growing Canadian concern about U.S. investors' control of national resources, but the heavy-handed way in which the Liberals attempted to ram the measure through Parliament stirred up the entire country. As soon as Trade & Commerce Minister C. D. Howe introduced it to Parliament, he immediately announced...
...Trans-Canada firm, which was organized by Texas Oilman Clint Murchison, was the only one with the necessary pipe and equipment to begin building the long-delayed pipeline this year. Said Howe: "Nothing that can be said in this house can change those facts." The Tories demanded that the loan be made to a Canadian company and they ridiculed the government for lending tax money to a foreign firm. Said Tory Leader Drew: "Any such proposal before the Congress of the United States would be greeted with laughter that would be heard by the Americans on the D.E.W. line...
...Cause for Tears. Despite Harlow Curtice's complaints, most auto dealers were not adversely affected by the tight money. One of Michigan's biggest dealers estimated that three out of every five loan applications were being turned down, but good credit risks had little trouble. Most dealers blamed last year's mammoth production and this year's poor weather for the sales slump. Said San Francisco's Ellis Brooks, a big Chevrolet dealer: "Everybody cries a little bit, even with a loaf of bread under...
...Canada (TIME, April 30). It was touched off by a government measure, introduced in Parliament, to lend up to $80 million to Trans-Canada Pipe Lines, Ltd., a company more than 80% owned and controlled by U.S. gas and oil interests headed by Texas Millionaire Clint Murchison. The loan is to be used to build the first leg (Alberta to Winnipeg) of a long-delayed transcontinental natural-gas pipeline...