Word: junto
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Dates: during 1950-1959
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Spanning the period 1706-34, Volume I only takes Franklin to the age of 28, but these were the spawning years of his genius. He served his apprenticeship as a printer, journeyed to England and back, published the New England Courant, married, formed the "Junto," an intellectual self-improvement club of like-minded Philadelphians, and brought out the first three of the famed Poor Richard's Almanacks. Franklin also set down his basic religious outlook, a kind of deism that made him a logical child of the rationalist Enlightenment. Instinctively a yea-sayer to life, Franklin came very close...
...done very well. On the first 4,028 houses that he built for rent in Levittown, L.I., he made a gross profit of about $5,000,000, which remained in the Bethpage Realty Corp., builder of the houses. Later he sold the Bethpage Realty Corp. to Philadelphia's Junto, a charitable organization, for $5,000,000 and thereby paid only a capital gain of 25% on his profits instead of the much higher personal income tax (TIME, March...
...Legion picketing the Experimental Theatre today, as it did in the '30's; nor could we imagine a group of us sponsoring speeches by strike leaders in 105 Dartmouth; a Marxist Study Club today would sound heinous to the present undergraduate, and Humphrey C. Pheep might find the old Junto "subversive." There aren't enough of us to keep a Leftwing Political club alive, nor is there enough interest to bring up speakers from the camp of opposition. We've stopped listening to the Other Side, ceased reading and thinking about it, ceased talking and arguing because we're convinced...
...country clubs which are operated in connection with the Levitts' more expensive Strathmore developments) the brothers get another $150,000 a year apiece. And when they sold 4,028 of Levittown's rental houses (leaving them only 1,600 rental units) to Philadelphia's Junto School (TIME, March 13) for $5,150,000, a big chunk of it was clear profit, taxable at 25% as a long-term capital gain...
...make the down payment, Junto borrowed $1,500,000 for five days from the Fidelity-Philadelphia Trust Co., and took over Bethpage. In its treasury was around $5,000,000 in working capital and profits. With this cash, Junto repaid the Fidelity-Philadelphia Co. and paid Levitt and his brother another $3,400,000. Junto agreed to pay the remaining $250,000 to the Levitts next December. Since it expects to do so out of cash on hand and incoming rents, Junto actually got the houses for nothing. When the mortgages are paid off in some 20 years, it will...