Word: loaned
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Dates: during 1950-1959
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...Massachusetts. (Maine's Republican commissioner of agriculture, Fred Nutter, snapped that Washington had made Maine a disaster area over his objection. "They wanted us to ask for it," said he, "and we didn't want it.") The disaster rating allowed farmers to apply for 3% Government loans to finance their next crops, and assured them of an extension of the loan if the next crop fails...
...Republicans had voted down a bill to provide Government warehouse space. "If the corn farmers had stopped to think, they'd have known that they never did put their corn in Government warehouses," said Hope. "They usually put it in a crib at home and got a loan on it ... It was one of the biggest political hoaxes in history." There was, in fact, some scratching for storage space, but the hue & cry was exaggerated, and the Democrats harvested many a farmer's vote with the fear technique...
...private industry stepped up their titanium program in hopes of performing a new wonder with the "wonder metal." They hope to transform the swaddling titanium industry into a full-grown giant. The Defense Materials Procurement Agency granted a fast tax write-off certificate, and NPA granted a $14.7 million loan to Du Pont to expand its present titanium facilities in Newport and Edge Moor, Del. (If advances in titanium production make the plant obsolete in the next few years, the Government will buy it back...
Last week Magma struck it rich-not on the San Pedro but in the bureaus of Washington. To develop its San Manuel property, it got a $94 million RFC loan, the biggest ever made to a private company. With the money, Magma plans to build a town for 7,000, a concentrator, smelter and other installations. But there is one catch. Not till Magma raises $17 million for the mine from private sources will the RFC turn over its money. President McNab is still not sure where the $17 million will come from. But since the Government is willing...
...stock swap, he turned over 317,077 shares (58% control) to Akron's General Tire & Rubber Co. for the equivalent of $63,400, or 20? a share. (Crosley stock, traded on the Curb, promptly fell nearly a point to 1½.) In partial payment of his $3 million loan, Crosley will keep $1.5 million worth of plant real estate, which he will lease back to the rubber company; the balance of the loan will be paid off with stock in a reorganized Crosley Motors...