Word: debt
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Dates: during 1950-1959
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...Brazil cleared up the last of its $425 million U.S. commercial-debt backlog as Finance Minister Oswaldo Aranha's policy of ruthlessly cutting imports-powerfully aided by the coffee boom and a $300 million U.S. Export-Import Bank loan-began to pay off fast. Aranha also struck a deal to settle Brazil's ?54 million arrears to Britain. Terms: ?10 million to be paid at once, the balance in annual payments of at least ?6 million...
...left the chairmanship of Cleveland's M. A. Hanna Co. to take command in that sector, figured that the best way to protect the dollar was to snuff out the last traces of inflation. His methods: 1) pushing interest rates upward, and 2) spreading the $270 billion national debt, concentrated 75% in securities coming due within five years, into longer-term maturities in order to take money out of circulation...
...Debt Limit: Burdened by expenditures authorized in previous years, the Administration will request an increase from $275 billion to $290 billion in the debt limit...
...this cost Gilcrease a mint of money, and despite a handsome income from his oil wells, he found his foundation in debt this year to the tune of $2,200,000 for items acquired but not yet paid for. One day last month Gilcrease went to Claremore to visit the Will Rogers Memorial, dropped into a curio shop run by Claremore's Mayor Jim Hammett. Gilcrease told Hammett his tale of financial woe. Hammett saw a chance to get the Gilcrease collection for Claremore, helped get together a group of influential Oklahomans, headed by Governor Johnston Murray...
...Gift of the week: $1,086,000 to Tuffs College from Medford, Mass. Manufacturer Harry Posner, a once penniless Russian immigrant who amassed a fortune by making collapsible boxes, now wishes to make "part payment of the debt we owe this land...