Word: loan
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Dates: during 1930-1939
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Last December the U. S. extended China a credit of $25,000,000 for farm and industrial purchases. In March Great Britain followed suit with a credit for the same amount, to support Chinese currency. These two loans put a deceptive rouge on China's pale financial face. Last week Chinese officials in Chungking said that Soviet Russia would soon lend China 700,000,000 rubles ($140,000,000), that a preliminary loan of $30,000,000 had been settled. If the huge credit goes through, China's face will get some really healthy color...
From this operating profit of its first 102 days (82 days to go), the Fair paid $2,314,990 to a trustee towards retirement of its $26,995,000 of 4% bonds, and $1,659,665 to reduce a $3,500,000 bank loan. That left very little in the kitty. It had on August 2 about $1,613,000 of cash and accounts receivable, quick assets, which amounted to only about 40% of its quick liabilities. For the Fair had still to retire a $1,700,000 bank loan, had $4,113,000 of unpaid and past due bills...
...waive their claim on $2,800,000 of gate receipts (first 40% of gate goes to bondholders); 2) to lend the Fair the $1,250,000 already paid into the sinking fund for the bonds. Meanwhile, the Fair prepared to go to the banks for an additional $750,000 loan. By week's end not quite half (51% necessary) of the bondholders, who have received, besides interest, only one 5% payment on principal, had agreed to the plan...
...River Forest, Ill. While touring China in 1936 Fred Snite was seized by poliomyelitis. His diaphragm muscles paralyzed, he would have suffocated had he not been near Peiping Union Medical College Hospital, which owned an iron lung. A year later, when his wealthy father (in the small loan, furniture and real-estate business in Chicago) decided to bring Fred home, it was necessary to transfer him from one iron lung to another. The transfer took three precarious minutes, left Fred gasping and half-strangled. Gradually Fred Snite improved. Most of the time he stays in the big tank...
Last spring Goodrich demanded a 12-14.8% wage cut, compromised on 5.7%. This spring it pruned interest, like U. S. Rubber, by getting a cheap six-year bank loan with which to retire $18,319,200 of 6% bonds...