Word: firming
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Dates: during 1950-1959
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...With such hearty optimism, a steel baron named Joseph Green Butler Jr. founded an art institute in Youngstown, Ohio 39 years ago. To set the strictly American tone of the place, he planted a befeathered bronze Indian in front of the $500,000 colonnaded building designed by the Manhattan firm of McKim, Mead & White. With Youngstown University near by, the two blocks surrounding the museum soon developed into the cultural strip of the U.S.'s third biggest steel center...
...after he graduated from Dartmouth, Joe Butler III followed his steel-baron grandfather and his father Henry A. Butler into management work at the Youngstown Sheet & Tube Co. Later he worked for a while in the family brokerage firm. But when his father died, Joe took on museum directing as well as brokering. It was too much. Forced to decide between them, he chose to be director of the Butler Institute of American...
...Formosa-can apply for insurance covering the full value of the investment. Policies bear a relatively modest annual premium of one-half of 1%. In the event of a claim, the U.S. Government takes upon itself to save or recover the investment, gives full restitution to the U.S. firm before undertaking legal and diplomatic action to collect. Premiums paid by protected firms go into the U.S. Treasury to pay claims, in case of necessity would be augmented by funds from other Treasury assets...
...worth. Others complain of difficulty in getting speedy approval from foreign governments, which can delay a policy for months with red tape. One important drawback is that the guaranty program does not insure against devaluation, by which a nation can halve the value of its currency-and a firm's profits. Nor does it protect against sudden policy shifts, involving unfair import quotas, unfavorable exchange rates, discriminatory tax and wage laws or even government-inspired labor unrest...
...Millionaire Lobo has always had his hand in a sugar bowl. He grew up in Cuba (after his banker father was forced out of Venezuela by a revolution), came to the U.S. for a. degree in sugar engineering at Louisiana State University, then went into the family sugar-trading firm of Galban Lobo. Soon Lobo was on his own, eventually started buying mills as the best protection for a speculator. Five months ago he bought his latest and most impressive parcel: a $24.5 million complex of Cuban mills and other assets called the Hershey properties, once held by the chocolate...