Word: bank
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Dates: during 1950-1959
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Chandler scribbled the names of nine top L.A. businessmen on a piece of Times stationery. If each of these men would sign a bank loan for $1,500, Chandler said, he would sign for the balance. Thus was born the company which Donald Douglas engineered into the world's biggest (1956 net sales: $1,073,515,000) airframe company; Douglas set off a chain reaction that made Los Angeles the center of a $2.5 billion aircraft industry (Lockheed, North American, Northrop), as well as the base for the newer missiles and electronics industries...
...First National City Bank of New York increased its loans by 11% to $3.9 billion and, together with its trust affiliate, City Bank Farmers Trust, pushed net earnings up 12.5% to $28.7 million in the first half...
...Chase Manhattan Bank boosted loans nearly 9% to $3.8 billion, and saw net earnings soar 17% to $26.7 million...
...Manufacturers Trust, Chemical Corn Exchange, Irving Trust, and The Bank of New York all lent between 6% and 11% more money and in return had increased earnings of from 13% to nearly 19% higher than 1956's level...
JAPAN'S FINANCIAL PINCH will be eased by $175 million loan from U.S. Export-Import Bank to be used to buy U.S. farm goods without draining low Japanese dollar supply. With the credit Japan will import U.S. cotton, wheat, barley and soybeans, for which it is No. 1 foreign customer...