Word: tankerous
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Dates: during 1950-1959
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...TANKER TRADE-IN program of the Maritime Administration (TIME, Oct. 11) is beginning to work. Esso, which operates a fleet of 50 tankers, will trade in five World War II ships for $5,000,000, which it will then apply toward two new tankers worth $22 million. Cities Service and Texas Co. are also dickering with the Government to trade in at least seven other outmoded tankers...
...addition, Maritime Chairman Rothschild has pulled a leaf from the auto dealers' book; he has started a tanker trade-in program that he hopes will add 20 old tankers to the reserve fleet and start ten new ones abuilding in U.S. shipyards. Under the new plan, any tanker more than ten years old can be traded in for mothballing; the Government will pay a trade-in allowance that can then be used to build a new ship to replace the old one in active service. Another new idea is patterned after FHA: the board will insure ship mortgages...
...protect the U.S. maritime industry from cheap foreign shipping after World War II, the Government banned the sale of its low-priced surplus ships to foreign investors. But despite all precautions, United Tanker Corp., a Chinese firm with a phony U.S. front, worked out a deal to buy six surplus tankers from a group of promoters headed by Joseph E. Casey,*onetime Democratic Congressman from Massachusetts (TIME, March 3, 1952 et seq.). As a test case the U.S. Justice Department went to court over the sale of one tanker (the Meacham), won the case, seized five ships and sold...
Last week Attorney General Herbert Brownell announced that he had negotiated a settlement with United Tanker. He agreed to return four remaining tankers to the company on its promise to 1) install an all-American board of directors, 2) pay its $3,250,000 mortgage on the ships, 3) let the U.S. have the $1,500,000net proceeds from the Meacham sale...
BOEING'S 707 JET TRANSPORT came through its maiden test flight with flying colors. The 707, which can be used either as a transport or a tanker to refuel jet bombers, used only 2,100 ft. of runway to take off from Renton Airport near Seattle, cruised smoothly...