Word: tractional
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...give fair value for the properties. Since World War II, increased expenses and government-set rates have caught the U.S. and Canadian companies that run Brazil's telephone and power plants in a profit squeeze that has kept them from needed expansion. Canada's $1 billion Brazilian Traction, Light & Power Co. Ltd., which owns 82% of Brazil's 956,000 telephones and one-third of the installed power capacity, has been making only 1% to 2% on its investment. It says it can do nothing about the complaint that some 300,000 citizens of Rio de Janeiro...
...trip to the U.S. two months ago, Goulart got President Kennedy's general agreement to a plan under which the utilities would be nationalized for fair value. Brazilian Traction agreed. So did American & Foreign Power Co. Inc., whose eleven subsidiaries, worth $250 million, produce 10% of Brazil's power. International Telephone & Telegraph Corp., which recently lost a telephone system to Rio Grande do Sul's Leftist Governor Leonel Brizola and is still trying to collect, was noncommittal. But Goulart's decree last week should do something to ease I.T. & T.'s pain. The government promises...
...auto dealer would recognize them now. They all mounted mammoth, supercharged power plants-a 650-h.p. Chrysler engine in a 1932 Ford (standard h.p.: 60), a 545-h.p. Chevrolet engine in a Volkswagen (standard h.p.: 45). Front-engine cars had their engines moved back on the frames to increase traction; useless headlights, bumpers, fenders, fans and fan belts were removed to lighten weight. Gear and axle ratios were changed for more "dig," and bodies were "channeled" or cut down to lower the center of gravity. Such rebuilding is costly ($1,500 to $10,000), but the results are spectacular: speeds...
Then out of the sky hurtled a French air force F-84F jet fighter. It sliced in two the cableway's traction line, losing a wing tank in the glancing blow, then soared out of the valley. The severed cable cracked like a whip. Three of the cars tumbled 500 ft. to earth, killing all six of their passengers. "They fell like ornaments from a Christmas tree," said one shaken observer. In the remaining cars, 81 other passengers dangled helpless in space. Mountain guides worked their way close enough to rope some of the passengers to safety. It took...
March then pressured Franco's courts to declare Barcelona Traction bankrupt. Since Barcelona Traction held all of the Catalonian utilities common stock in Canada, the courts ordered "duplicate" shares printed in Spain, auctioned off the counterfeit shares to the highest bidder-who was, of course, Juan March. Control of the multimillion-dollar empire thus passed to March for only $900,000. Sofina, left with a paper corporation, fought the case through the courts, spent more than $3,000,000 on legal fees. Even if Sofina wins a whopping settlement (prospect: $13 million to $16 million) March has a bargain...