Salem, Oregon, .Thursday, January 17, 1957
THE CAPITAL JOURNAL
Section 1 Page 11
Nasser Order
'Egyptianizes'
Foreign Firms
Banks, Insurance and
Trade Companies
Taken Over
By WILTON WYNN
CAIRO 11 President Nasser's
government has ordered all for
eign banks, insurance companies
and trading firms in Egypt con
verted to Egyptian management
Bid ownership.
L itish and French concerns
were "Egyptianized" as of today,
being classed as enemy propertv.
Other foreign firms were given
five yea.-s to convert themselves
to Egyptian joint stock compan
ies. The series of "Egyptianization
decrees" stopped just short of the
government's taking over owner
ship. But it insured government
control of foreign-owned concerns
through a new octupus-like "eco
nomic organization" which will be
given shares in the firms.
The decrees affect hundreds of
foreign concerns, including some
owned by Americans. They spell
the end of a middle class Euro
pean community that has pros
pered in Egypt for a century as
importers of Western-produced
:onsumer goods anc bankers and
nsurers for Egyptian economic
ife.
The net effect probably will be
0 kill the possibility of any con
siderable U.S. or Western invest
ment in Egypt so long as the
r resent regime remains in power.
. The new laws also threatened
prospects -of cooperation between
the United States and the Nasser
jogimc.
I A large share of the foreign en
terprises in Cairo were run by
British and French citizens. These
firms were sequestered by the
Egyptians after the Oct. 31 British-French
attack. Estimates of
the total value of the British
French businesses range from 210
trillion to 980 million dollars,
i After Nasser nationalized the
Suez Canal last June,- Britain
froze more than 280 million dol
lars in Egyptian assets in London.
The decrees declare that all
agents for foreign firms in Egypt
must be Egyptian-born citizens or
Egyptian joint stock companies.
All shares of the banks and in
surance companies must be owned
entirely by Egyptians. All board
members and those responsible
lor bank administration must be
native-born Egyptians.
There is one American bank in
Egypt, a branch of the First Na
tional City Bank of New York.
V
Berserk Hubby
Slays Doctor,
Kills Himself
DALY CITY. Calif. (UP) A
I berserk husband killed his wife's
& doctor employer, seriously wound-
? cd his wife and then killed him-
V aelf today in the waiting room of
i the doctor's office at the busy
? ftcstlake Medical Center here.
; ' The dead physician was Dr.
r Robert G. deMailly.
Police identified the gunman as
' Michael J. Kepp, operator of a
Paly City moving van company.
t His wounded wife was the doc-
tor's receptionist.
l' The shooting occurred shortly
rafter the office was opened at 10
m. PST in the medical center
located in this sprawling coastal
81 ban Francisco suburb.
Planes Brusb
While Taxiing
PITTSBURGH (UPl-A TWA
Constellation and a twin-engine
Capital DC3 collided at Greater
Pittsburgh Airport today while
being taxied to their respective
takeoff positions. There were no
injuries.
The 38 passengers aboard the
TWA flight which originated in
Los Angeles were transferred to
another plane bound for Philadel
phia and New York.
Capital also transferred its 20
passengers to another plutie bound
tor Buffalo, Rochester and fclmi
ra. N.Y.
The prop on one of the four
engines of the Constellation
chewed into the wing section of
the DC3. The right wirg and a
vertical stabilizer on the DC3 were
damaged.
PeakCliinlrins
Laws Opposed
PORTLAND The Mountain
Rescue and Safety Council of Ore
gon last night said it is op
posed to federal laws intended to
regulate mountain climbing in na
tional forests.
Dick Pooley, a council spokes
man, said the Forest Service
could give more aid by an educa
tion program than by attempting
to have laws that would give the
Forest Service authority to regu
late climbing.
Requests for the rules came
after a teen-age girl fell to her
death on Mt. Hood last summer.
Some climbers said she was in
a group which was improperly
roped.
The Forest Service now can ask
that climbers register, but cannot
prescribe rules for equipment or
experience.
In national parks, the National
Park Service does have regula
tory authority.
t STORE HOURS f 1
5 MONDAY: 12 NOON TO 9 P.M. hi J yN "IT
FRIDAY: 10 A.M. TO 9 P.M. H 4 1 iff 111
OTHER DAYS: 9:30 A.M. TO 5:30 P.M.W V II II
I : FREE STORE-SIDE PARKING i vJI
hF0R OVER 1,000 CARS fl J
18 TYPES-I
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every one fully guaranteed for five years
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MI
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$
reg. 2 50 to $4.75
1.49
ea
ch
. fi" jetting scissors
b. 5" sewing scissors
c. 7" barber scissors
d. nail nippers
e. 8" serrated kitchen
shears
g. nostril scissors n. bandage shears
h. 4" household scissors o. 6" shears
j. 4' embroidery p. S" shears
scissors q. 7" s;iCar,
k. cuticle nippers r. 7" ., trimmer '
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f. 3!j" cuticle scissors m. 4" household scissors
pnCCI Wi,n eac'1 9rouP f 3 scissors and shears you purchase you will
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'Mail w phone orders at
HOUSEWARES - SECOND FLOOR
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99
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qt.
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MAGICOLOR PAINT CENTER
SECOND FLOOR
'Moil and phone orders
'Plus shipping cost to arras outside our
regular truck didiu ry routes.
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