Word: bank
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Dates: during 1950-1959
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Democrat, Too. The fast-stepping financing required by such production costs is second nature to Stevens, who quit the University of Michigan as a sophomore when his family was short of cash, seven years later boasted a $50,000 bank account and a $25,000-a-year income from Detroit real estate deals. After a wartime hitch in the Navy, merely making money was not enough for Stevens, and he drifted into Detroit's Drama Guild. Before long, he bought his way onto Broadway, joined the board of ANTA, then became a member of the Playwrights' Company...
...most parts of the U.S., businessmen reported that repossessions during the recession were "insignificant." In the Midwest, says Vice President Keith Cone of Chicago's La Salle National Bank, "the rise in delinquencies and repossessions was just not alarming at all." By prodding the creditor to be more cautious in his lending and thus weeding out many a weak credit risk, the recession actually im proved collections in some places. Sanger Bros. Department Store in Dallas and one of San Francisco's biggest department stores reported that collections were better during the recession than before it. Said Emil...
...Come and get it" if pressed too hard to pay. Result: many a creditor carried his jobless customers to save himself the trouble and cost of repossession-and usually got his money when the customer's lot improved. Says the vice president of a Cleveland bank: "Our psychology is different from what it was in the 19303. We haven't gotten panicky this time. If a man had a steady record and didn't go to Florida when he was laid off but came in and talked to us, we carried him until...
Criticizing Treasury Secretary Robert Anderson's recent appeal to non-bank institutions to check inflation by buying Government bonds, Lanston blamed the market collapse on heavy Government deficits. "Our non-bank financial institutions could not possibly absorb more than a small increment of the annual increase in federal spending. Our non-bank institutions could not save the Government from its folly-if they wanted...
...exchange set two records in a week. The number of shares changing hands rose by 30% during the week and the closing average price of 225 stocks hit $1.71, highest since the market reopened in 1949. Reasons: Premier Kishi's recent election victory, a cut in the central bank rate to 7.67%, and Japan's third consecutive bumper rice crop. ¶ On London's Threadneeue Street, where stocks have bounced back 30% since the low point last February, industrial prices rose to a new 1958 high every day in the week. The London Financial Times...