Word: loan
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Dates: during 1960-1969
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...million bank debt -down from $36 million after the sale of Curtis' Lock Haven, Pa., paper mill earlier this year. "We are over the hill," says the vice chairman of Boston's First National Bank, Serge Semenenko, the financier who put together a $35 million loan for Curtis in 1963 and has been riding herd on the company ever since. "The first phase has ended," Semenenko says. "That was to save the company. The second phase is about to begin: an infusion of talent, brains, funds; possible acquisitions; relations with others...
...museum was a triumph of individualistic donations. Its pavilions were named for their donors, the late realtor Leo S. Bing, Bankers Bart Lytton and Howard Ahmanson, who laid out a total of $3,675,000. Industrialist Norton Simon gave a $250,000 wad as well as a loan of $15 million in art treasures. From the movie colony (Billy Wilder, Bob Hope and Burt Lancaster) came a flood of art from Picasso to pop. Capping it all was Simon's loan of the $2,234,400 Titus by Rembrandt. To keep the floodgates open, the trustees started yet another...
...cheaper), Chicago-based Household Finance makes the process of borrowing so simple that 2,000,000 Americans a year go into debt to it. Relying chiefly on its quick judgment of an applicant's ability and his willingness to repay, the company makes nearly a half of its loans unse- cured, most of the rest through a legally loose chattel mortgage on borrower's household goods. Its sharp-eyed loan managers turn down 64% of would-be borrowers-but that leaves plenty. Household Finance has doubled its loan business in ten years...
Though City Products' $393 million in sales last year dwarfed Household Finance's $201 million in revenues, its profits were a mere $8,639,000 v. H.F.C.'s record $35,485,000. Why, then, did the loan firm want City Products? Household's bluff, $168,704-a-year president, Harold E. MacDonald, 65, who spent 22 years in retailing, figures that the same talents that enable H.F.C. to merchandise small loans so successfully will work to produce profits in retail chain merchandising. Since he took over the 87-year-old finance company in 1951, MacDonald...
...then chairman of Fruehauf Corp., world's largest maker of truck trailers (1964 sales: $313 million) founded by his father in 1918, who in 1953 squeezed his brother out as chairman and staved off a muchpublicized proxy raid with the aid of a $1,500,000 stock-purchase loan from then Teamster Boss Dave Beck, five years later found himself indicted along with Beck for repaying the favor with a $200,000 loan of his own (illegal under the Taft-Hartley Act), was eventually acquitted, but not before a group of dissident directors had forced him out of office...