Word: borrowers
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Dates: during 1930-1939
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Chicago's finances have long been sickly. Last year the treasury ran dry; payrolls looked papery; the city had to borrow $280,000,000 on future taxes. When bankers refused further advances, experts whittled out an "economy" budget for 1930. The whittlings: 2,153 city employes...
...them when the time-lock runs out. By the payment of a small extra premium, banks and businesses can protect themselves from such kidnap losses. National Surety Co. also wrote last week a suicide policy, said to be the first of its kind. A manufacturer (unspecified) wished to borrow $25,000 from his bank. As the business depended largely upon the well-being of the borrower, the bank wished to take over his insurance policy to protect itself in case of his death. But the life insurance policy contained a clause stipulating that no payment would be made in case...