Word: northwest
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Dates: during 1960-1969
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...Orient, made the first unsuccessful attempt to sail through the frozen Arctic Ocean in 1498. Dozens of others-French, English and Portuguese-followed in his wake, but it was not until Norwegian Roald Amundsen piloted the small yacht Gjoa through the ice-choked waterway in 1906 that the Northwest Passage was finally discovered. Since then, only six vessels have completed the treacherous voyage, and the passage remains unused by the world's commerce...
Last week a new and mighty expedition set sail in an effort to open the Northwest Passage to shipping. Manned by a 95-member party of sailors, scientists and newsmen, the 1,005-ft.-long tanker S.S. Manhattan eased out of her berth on the Delaware River near Chester, Pa., and set her course northward toward Greenland. From there the 115,000-ton ship, the most powerful in the U.S. merchant fleet, will turn westward into the passage itself, heading for Prudhoe Bay and the oilfields of Alaska's North Slope. Her mission is to test the feasibility...
...Northwest Passage could provide the answer. If the Manhattan's journey is a success, the way would be open to haul North Slope crude to the U.S. for 60? a barrel less than the cost of piping the oil from Prudhoe Bay to the ice-free southern Alaska port of Valdez for shipment to the Pacific Coast. This would not only make North Slope drilling practical and profitable, but would encourage development of Alaska's huge deposits of iron, sulfur, copper and other minerals. The Manhattan expedition could provide other benefits as well. By opening up the Northwest...
...widespread. Rates on bankers' acceptances-corporate promissory notes issued to finance goods in transit or storage with payment guaranteed by a bank-fell by ¼% to 8%. In the bond market, Treasury bills sold at an average 6.86%, down from a peak of 7.22% last month. Pacific Northwest Bell Telephone sold $75 million in debentures at 7¾% compared with a 7.9% rate on the last Bell System bond offering in July...
...heightened by the Civil Aeronautics Board, which generously grants new routes to satisfy every line so far as possible. After ten years of investigations, reviews, reversals and reappraisals, the CAB last week brought the hotly contentious Hawaii-route case to a characteristically unsatisfactory close. Where only Pan American, Northwest and United Airlines have competed in the past, eight carriers will now vie for a share of the market. As a result, profits on the Hawaii run are likely to be marginal at best. In anticipation of the award, Western Airlines alone added 35 planes to its fleet, and it blames...