Word: bankes
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Dates: during 1930-1939
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...American-made automobiles normally goes abroad. . . . Likewise, substantial quantities of our petroleum products, foodstuffs, wood-pulp and copper-to mention only a few items-are produced for the foreign market. . . ." Author of this exposition is ruddy President Warren Lee Pierson of the Export-Import Bank of Washington, official guardian and nursemaid of this enormous trade. Last week his bank made one loan, was at work on another, which heralded a new spurt in efforts to help the U. S. exporter cultivate the particularly fertile field of South America...
...building of huge tariff walls, the U. S. shift from a debtor to a creditor nation and the establishment by competing nations of export credit agencies. With almost every foreign nation in debt to the U. S., none had money to buy U. S. products; and the U. S. banking system, developed for a debtor nation, had no machinery for providing foreign buyers with long-term credits. The first Export-Import Bank was created by Franklin Roosevelt in 1934 to fill the need for Russia alone. Pending debt settlements between the two countries, this bank did nothing and the Second...
Since then the Export-Import Bank. $20,000,000 of whose $21,000,000 capital stock is held by RFC, has lent on three bases: to U. S. exporters of agricultural products, to U. S. exporters whose capital has been pinched by foreign exchange restrictions (i. e., blocked marks in Germany), and, most important, to U. S. exporters who wish to sell capital goods to foreigners who lack cash. Sample deal took place year ago when China bought 20 locomotives and equipment with credits of $1,500,000, half supplied by the Export-Import Bank, half by American Locomotive Sales...
...respite between losses. Shoemaker Collins took a shoe string of $1,500 which he had saved, and with a young shoe designer named Edward W. Morris, founded Collins-Morris Shoe Co. at Marine, Mo. (capacity: 400 pairs of children's shoes a day). Six weeks later, with a bank balance of $22 and a $300 payroll to meet, William Collins borrowed $300 on his car. Then sales began to pick up and Collins-Morris eventually moved to St. Louis. It now has three plants which upped their business in the first half of 1938 54% over the same period...
...strike or a quarrel of any kind or wait for the Labor Board to decide what the wages shall be ... the decision must be theirs [the employes']. . . ." Simultaneously Judge Howe reversed his earlier stand, allowed creditors to sue. The ink was scarcely dry on his ruling when three banks (Central Hanover Bank and Trust Co., United States Trust Co. of New York, Old Colony Trust Co.) filed foreclosures on mortgages involving $9,250,000. This week Judge Howe is meeting with "all persons" interested to decide whether to abandon the line...