Word: inc
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Dates: during 1960-1969
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...Moral Re-Armament, Inc. is a non-profit corporation incorporated in the state of New York. Our books are on file there and they are audited by ...," Sayre and the others will say. But there is a hitch. MRA is not a usual corporation under New York law. Any non-profit organization that solicits funds in the state must file a full financial report under Article 10a of the Social Welfare Law--except religious agencies, and that is just how MRA classifies itself. As a religious agency, it is exempt from filing an annual report of its income and expenses...
...Plywood-Champion Pa pers, Inc., the manufacturers formed their own mortgage-finance company and announced its intention to offer 10%-down-payment loans without Government backing to buyers of homes priced as high as $40,000 or occasionally more. "There's an overwhelming need for this sort of thing," said Plywood-Champion President Gene C. Brewer. "Because of its fragmented nature, the industry is being manipulated at the will of agencies beyond its control-or even its advice. The time has come to help not only ourselves but our customers...
Modest Nest Egg. The new company, Home Capital Funds, Inc., will lend 15% of the price of a home, and such traditional mortgage sources as Metropolitan Life Insurance Co. and Minneapolis-based Investors Diversified Services will pick up another 75% to create a 90% loan. The arrangement is called "piggyback" financing because it avoids risky second mortgages, involves a single joint loan on each house. Brewer calls it "a virtual partnership" between lenders and manufacturers "to assure a continuous flow of money to buyers at rates and down payments they can afford...
Luce left 149,465 shares of Time Inc. common stock, which closed the week at $108 a share, to the foundation. Another 540,000 shares, owned by a trust created in 1961, were vested in the foundation on Luce's death. Since the foundation already owned 191,029 shares, it will, with a total of 880,494 shares, control 12.7% of the common stock and constitute the largest single voting block. Its members include Luce's two sons, Henry III, who is president, and Peter Paul; Luce's sister, Elisabeth Luce Moore, and her husband Maurice...
...vice president and chief of the TIME-LIFE News Bureau in London. Henry III sent a memo to the Time Inc. staff last week, quoting from his father's will: "Time Inc. is now, and is expected to continue to be, principally a journalistic enterprise and, as such, an enterprise operated in the public interest." In the memo, he thanked staffers for their notes of sympathy: "So many of you have told me that he meant more than anyone except your own fathers, or that he was like a father to you, or that in a sense...