Word: investment
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Dates: during 1940-1949
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With a big wad burning a hole in his pocket, Paul F. Clark, president of Boston's John Hancock Mutual Life Insurance Co., dropped in on Los Angeles. He wanted to invest his company's cash in a new housing project which house-hungry Los Angeles badly needed. But last week Clark decided against it; he saw clouds ahead for even Sunkist Angelenos. Said he: "We can't help solve your housing problem because of your real-estate inflation. An insurance company can't invest in blown-up values. Real estate is more inflated in California...
...Housemaids, Invest! In Bogota, money is usually invested in real estate. But in Antioquia, industrial joint stock companies have achieved a fabulous development. Even the housemaids follow the stockmarket. The biggest investor in the Cia. Colombiana de Tabaco, the country's No. 2 enterprise, owns no more than 3% of the stock. When a new hotel or steel plant is launched, the stock issue is subscribed practically overnight. It is as though every Antioquian peso were motorized to rush into the breach at the first opportunity...
...lukewarm at best, had now cooled to the whole project. The World Bank's prestige had fallen so low that some Manhattan bankers talked about getting the unissued securities stricken from New York State's "legal list," i.e., the list of securities in which savings banks may invest...
...Lustron made a deal with WAA to use part of the Curtiss-Wright plant at Columbus, Ohio. Then it went back to RFC and offered to invest $3.5 million of its own cash, along with another $6 million from private sources. RFC agreed to lend the $12.5 million...
Keep in Balance. Paepcke invited such friends as United Air Lines's William A. Patterson, Hilton Hotels' Connie Hilton, Palmer House Manager Joseph Binns to invest in the project, up to $5,000. But most of the bills, more than $1,000,000 so far, were paid by Paepcke. During the first week of business, the gross return on this investment was about $2,500 a day (hotel rates ran from $4 to $14 without meals). With 25 lakes and 1,000 miles of trout streams within a 20-mile radius, Aspen should do equally well during...