Word: suez
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LONDON, May 13--Prime Minister Macmillan today grudgingly acknowledged Egyptian President Nasser as boss for the moment of the Suez Canal. He told British ships to resume sailing through it on Egypt's terms...
...down, it became increasingly clear that the pivotal behavior of one man played a large part in rescuing young King Hussein from Nasser and his hotbloods. The man: King Saud of Saudi Arabia, Protector of Islam's Holy Places. From the moment Nasser seized and then blocked the Suez Canal, casually cutting off much of Saudi Arabia's oil income in the process, Saud began to see that there would be no place for him or any king in the Arab "nation" Nasser talked about. Nor could Saud abide the sight of Communist influence that Nasser had brought...
...less than four months in office, Macmillan has wrought a transformation. From the first, he refused to act like a man with his back to the wall. He put the disaster of Suez firmly behind him, and exuded confidence-in himself and in Britain...
...point Nasser was adamant: the canal would be run exclusively by Nasser's Suez Canal authority, with no advice from anyone. But after weeks of talk in Cairo between Fawzi and U.S. Ambassador Raymond A. Hare, Nasser had gone a considerable way toward meeting the user nations' demands for protection against abuses. His willingness to accept arbitration and the compulsory jurisdiction of the International Court of Justice, his volunteered limitation of toll increases, his undertaking to maintain and improve the canal in accordance with the old company's plans, and his acknowledgement of the old company...
Reflecting the oil-industry bonanza caused by the Suez Canal's closing, Gulf Oil Corp. reported profits up from $2.43 to $3.20 a share, Texas Co. up from $1.27 to $1.57, Shell Co. up from $1.16 to $1.37, Standard Oil Co. (New Jersey) up from $1.04 to $1.20. And in the steel industry, where there have been some production cuts, several big companies came in with substantial profit gains. Republic Steel Corp. had the highest first-quarter sales and earnings ($1.81 a share v. 1956's $1.62) in its history. Profits were also up for Bethlehem Steel Corp...