Word: lugo
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Dates: during 1932-1932
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...City joined in pointing out that for a mere Mexican state to snatch gringo capitalists' belongings is quite another thing, stupid and unconstitutional. Prominently the great independent daily El Universal featured an editorial from the New York Herald Tribune remarking how wrong it was for Governor Bartolome Vargas Lugo of the State of Hidalgo to seize a $300,000 cement plant from its British owners (TIME, June 6). For once it seemed that Wall Street and Mexico City could enthusiastically clasp hands, but the circumstances were very special...
Rough and raucous Governor Vargas Lugo of the State of Hidalgo seized last week from its British owners the Cruz Azul Portland Cement factory, largest in Mexico, appraised for taxation at 1,000,000 pesos...
Employes of Cruz Azul recently proposed to buy the plant, offered a down payment of 3% and future payments in correspondingly minute installments. When the owners refused this offer, Governor Lugo saw his chance to invoke for the first time his State's new Public Utility Expropriation Law, promulgated April 25. By plucking a group of Britons whose Government happens to be on the other side of the earth and headed by an avowed Pacifist, shrewd Governor Lugo hoped to set a precedent for plucking U. S. investors. The only questions were: 1) Is a cement factory a public...
Having first seized the cement plant, Governor Lugo next answered these pressing questions...