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PAGE FOUR
G !
ATHENS BANNER - HERALD
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DAILY MEDITATIONS
g Lord who shall abide in
i thy tabernacle?, who shall
dwell in thy holy hill?
\ He that walketh uprightly,
and worketh righteousness,
and speaketh the truth in his heart. — Psalm
15:1-2.
Have you a favorite Bible verse? Mail to
A, F. Pledger, Holly Heights Chapel.
e e e e ee e ettt
.
The Washington Notebook
BY PETER EDSON
NEA Washington Correspondent
WASHINGTON.—(NEA)—First feelers for U, S.
government loans to electric power companies doing
business in the Argentine have been turned down
cold. This is the latest and perhaps the most hope
ful development in the tangled tale of high finance
between the two governments.
It is recognition of the fact that, since the closing
of the great Buenos Aires liberal newspaper, “La
Prensa,” any further extension of credit to Peron’s
government would meet strong opposition from
Americans,
U. S. Export-Import Bank, which is a government
corporation, has now disbursed over $79 million of
the $125 million loan to bail the Peron government
out of its financial embarrassment of a year ago,
This was not a direct loan to the Argentine gov
ernment. Technically this loan was made to a com
bination of Argentine banks. But the credit was
guaranteed by the Argentine government. .
Actueally, nore of this money is going directly to
the Arcentire. All of it will eventually go to Am
erican banis, exporters and manufacturers who
‘extended too much credit to the Argentine, then
found they were unable to collect dollars for goods
deliverec.
Good old Uncle Sam came along with a loan to
save their shirts. Just how many of these creditors
there will be is still not known. They divide roughly
into three classes:
First are 10 big banks, mostly in New York. They
wezre all paid off in January for a total of "nearly
$32 million. Piggest beneficiaries were National
City Bank of New York and First National Bank of
Boston, which got 86 million apiece. Chase National
of New York got a total of $8 million, but through
five dificrent accounts. The Bank of London and
South America,. New York branch, got approxi-.
nrately $6 million in' two accounts. Agency of the
Royal Bank of Canada got $2.5 million. Central
Hanover Bank and Trust got $2 million. Others
tapered cown to Public National Bank and Trust
Company’s mere $130,000.
BiG CREDITORS GET PREFERENCE
Second class of ereditor which will be paid off by
the Export-Import Bank includes some 2,000 bills
for collection. Banks will again be principal bene
ficiaries here.
Finally there are an unknown number of open
accounts of U. S. firms that shipped goods to the
Argentine and never got paid for them. There are
some big items in this category, including $5 mil
lion due International Electric, and $4 million due
Ford Motors. Many of these accounts are small,
Whether all of the $125 million will be required
to pay off these long overdue accounts is still un
known., Argentine officials believe it won’t all be
needed. They have made a few passes at' having
any balances left over used as additional credit to
buy tractors and such things. But Ex-Im Bank of
ficials haven't committed themselves on that one,
not being too happy*about this deal, even in its
present form. .
The surprising development is, howeyer, that in
gpite of the fact that American banks and export
ers came close to getting burnt on their Argentine
deals, many are going right ahead and extending
new lines of credit to the Argentine. The philosophy
seems to be that if the U. S. government bailed
them qut once, it Would do so again. |
EXPROPRIATION WORRIES
POWER COMPANIES
Loans to the private’ power companies still oper=
ating in the Argentine are a different nratter. The
Argentine constitution provides for expropriation of
all public utiliies. The formerly. British-owned
Argentine railway system has thus been taken over
by Peron’s govtrnment. So has the formerly Amer
lean-owned International Telephone & Telegraph
systemy ®
Eventually it is believed the power companies
financed by foreign capital will be similarly taken
over. Principal reason this hasn't been done before
is that the Argbntine governmeént doesn't have the
money,
The power systeins'.are obviously in need of ex
pansion and modernization. They could use good
capital loans for.this development. Hence the ap=
proach to U. S. goternment lending agencies to see
if they wouldn’t be interected in saving their in
terests, too.
Since the Peron government is not a member of
the International Bank, the Argentine can’t borrow
development loans here.
Theére are two principal foreign power companies
operating in the Argentine. Biggest is “CHADE"-—
Compania Hispano-Americano de Electricidad. It is
a subsidiary of “Sofina” — Societe Financiere—a
Belgian holding company whose head is Dannie
Heineman, a little known European financier of
American birth.
In the provinces, the principal operating com
pany is an American and Foreign Power subsid
iary of the Electric Bond and Share.holding com=
pany. George S, Messersmith, former U. S. diplo
mat and once U, 8. ambassador to the Argentine, is
one of its directors.
Both these comrpanies would naturally like to
save themselves from the dreaded but apparently
eventual Peron expropriation.
. {l..
Acheson Testimony Is Viial
To Athens Citizens
It is important to all Athens citizens, as well as
those throughout the United States, that they care
fully read and understand the testimony being
given by Secretary of State Dean Acheson before
the Senate MacArthur-Far East hearings.
Secretary Acheson has been unemotional, force
ful and clear in his statements outlining our Far
East policy. He has been a splendid and effective
witness for the policy our government is pursuing
to deter aggression and prevent a world war.
1t had been the hope of some of the Republicans
that Secretary Acheson would be a flavorous “po
litical dish” for them, but his straightforward and
sensible analysis of our foreign policy, and the rea
sons for it cannot have failed to favorably impress
all sensible and fair-minded people who have fol
lowed the proceedings.
The Senate hearings, with Generals Marshall,li
Bradley, Collins, Vandenberg and Admiral Sher
man and now Secretary Acheson testifying havey{
demonstrated that the governmrent’s policy in the
Far East, as well as elsewhere, is the best possible
one for us to follow. And what is that policy? In a
sentence it is to deter aggression and prevent an
other world war. It is a definite policf. It is a
fixed policy.
It may prove necessary to change our methods
at times in.order to meet new situations created by
a constantly changing world, but our objective re
mains the same., A certain amount of leeway, or
flexibility must be allowed the administrators of
our policy, or else they will be helpless to deal with
conditions as they arise, which, within itself is a
weakness not less dangerous than a military defi
ciency.
We firmly believe our government’s policy
should be supported by the American people, but
it will not be if politicians of the McCarthy-
Wherry-Bridges-Taft stripe have their way. This
aggregation is seemingly more concerned with
election of a Republican President next year than
in protecting the interests of their country. So they
spend a great deal of their time trying to under
mine the people’s confidence in officials who have
‘thus far successfully steered the nation through a
continuous succession of crises since the close of
World War 11. - 2 g ‘
If the American people through laziness fail to
inform themselves and through ignorance permit
the McCarthys and Tafts to lead us into a third
World War, it will be the fault of the people them
selves as well as that of the politicians who deceived
them. :
Our Top Military Leaders Have
"
Earned Our Confidence
America has a right to be deeply proud of the
character and caliber of its top military men. Not
only are they of high soldierly attainment, but they
are firmly devoted to prevent war—not to wage it.
When General MacArthur returned home in
April after long years on foreign soil, he was hon
ored for his achievements. Yet it must not be for=-
gotten he was only one member of the bright gal
axy of generals and admirals who fashioned victory
for America and its allies in World War 11,
If there was any supreme architect of victory, it
is the consensus of military analysts that it was
General Marshall, then Army Chief of Staff and
now Secretary of Defense. -
Marshall first gained stature in World War I as
a great military organizer. He has always been that,
and in World War II he put that talent to work to
weld into shape the biggest and most effective
fighting force‘the nation ever fielded. He is a strik
ing example of the selfless public servant, totally
. dedicated to the service of his country.
General Bradley is another of the same stripe.
The present head of the Joint Chiefs of Staff, he
was regarde& as olr ablest field commander in the
European theater in World War 11. -He is a true
. professional, a. soldier’s soldier, admired for his
ability and as a humrble human being.
New words cannot add to the wartime accomr
plishments of General Eisenhower, the soldier
statesman who whipped into a fine fighting team
the forces of diverse nations allied against the
Nazis in Europe. Today, once more, Eisenhower is
exercising his rare talents to fashion a European
army .capable of standing off a Russian assault.
Run through the rest of the list: General Collins,
Army Chief of Staff; General Vandenberg, Chief of
Air Force, and Admiral Sherman, Chief of Naval
Operations. All have been proven in the field or on
the seas. They are vibrant, alert, able officers.
It is said that when former French premier Rene
Pleven visited the U. S. this year to test French
fears we were hell-bent for war, he found his great
est assurances of our peaceful intent in the char
acter and purposes of these top-rank military men.
In the give-and-take of aroused debate over
where we should combat communist agagression,
and how we should do it, we should not lose sight
of the proven worth of these leaders. They led us
to conquest of Hitler, the greatest menace the world
had ever known up to his time. Being human, they
are not free from error. But they have not yet
brought even minor military misfortune upon us in
any quarter of the earth.
In the light of their record, their abilities and
their aims, we can and must trust these men to steer
a wise course for us in this all-out struggle against
communist aggression, They have earned our con
idence by performance.
THE BANNER-HERALD, ATHENS, GEORGIA
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MOSCOW ON THE MOVE: Newschart highlights the military
checker game Russia is playing with her troops in satellite coun
tries.
New Russian Divisions Mass
On Yugoslav, Turkish Borders
By LEON DENNEN
NEA Staff Correspondent
MUNICH, Germany—While ru
mors of an early peace in Korea
flood Western Europe, Russia is
moving new troops into the satel
lite countries, according to Allied
intelligence reports from behind
the Iron Curtain.
Increased Soviet and Satellite
military activity close to the Yugo
slav and Turkish borders was also
reported by refugees from Hun
gary and Romania who recently
reached Western Germany.
A full Russin infantry division
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took up positions early in May
in the vicinity of the Hungarian
town of Nagyatd, close to the Yu
goslav frontier. This increases to
four (a total of 60,000 men) the
number of known Soviet divisions
in Hungary. Two of them are ar
mored.
At the sme time, the defense
of the whole Black Sea coast—
from the Soviet frontier to the
Turkish frontier — has recently
been taken over by the Russian
Army command, my informants
said. |5 st
¥ & HisXe
Four Soviet divisiony ~» two
armored—are also known o be
stationed in Romania - though
‘there may nctualg be more. The
movement of R Army troops
into Romania and from there into
Hungary and Bulgaria (close to
the Yugoslav and Greek-Turkish
frontiers) has been continuous in
the past weeks.
Red Army engineers have cons
structed a pontoon bridge across
the Danube to connect the Ro
manin and Bulgarian shores.
The Russians are crossing the
Romanian border at Galatzi, Con=
stanza nd Stefanesti on the Prut.
Trogf movements are carried out
at night and under the greatest
secrecy. The Constanza-Bucharest
road-—generally used for the trans
port of troops and arms—has re«
centtly been closed to civilian
| IF YOU OWN OR DRIVE A CAR
STO P' STOP AND READ THIS!
" A recent act passed by the Georgia Legislature provides for the sus
pension of your driver’s license and registration if you are involved in
an accident in which anyone is klled or injured or property damage to
any person, including yourself, exceeds SSO — unless you can show
financial responsibility to meet all claims which may be filed against
you. Under the law, this responsibility must be shown regardless of who
is at fault in the acceident. The law further provides that you can be held
responsible for all claims up to SII,OOO.
WE CAN ASSIST YOU TO MEET THIS RESPONSIBILITY [ |
Th Till
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Phone 74 : 128 College Ava.
‘traffie, ostensibly for repairs.
“Thcdflad Armytig:‘ established
‘mw » s
m:&x from Bomanlm
rabia to the Bulgarin airfield of
Bozhurishte, The Romanian towns
of Timisor and Arad and its near
by airfield—one of the largest in
Southern Europe—are teeming
with Russian troops.
* % »
Border Guarded
The Yugoslav-Rumanian border
is guarded by Romanian troops.
But 20 kilometers behind the bor
der there is a strong concentration
of Soviet mechanized units.
Soviet Marshal Ivan S. Koniev,
one of the Kremlin's outstanding
tank experts, is reportedly in com
mand of the Soviet troops in the
satellite countries.
Knowledge of Moscow’s latest
aggressive moves probably promp
ted the recent statement by Col.
TUESDAY, JUNE 5, 1951,
Gen. Ivan Gosnjak, Yugoslay De
fense Minister, that Bulgaria, Ro
mania and Hungary were intensi
g{fig' war prépatrations near t.
Yugoslav border.
This, too is believed to be be
hind Washington’s urgent reque.t
that Turkey and Greece be admii
ted to membership in the North
Atlantic Treaty Organization. A~
mission of these Balkan countriey
would also pave the way for the
inclusion of Yugoslavia.
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Athlete’s Foot, Scabies or innocuous in.
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Shuptrine Co., Dept 3, Savannah, G )
for 60c, use as directed, and if itching is
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