Word: loaned
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Dates: during 1950-1959
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...Ball. In his talks with the President, the tactful González never asked for a loan. But he asked the President's moral support for the bill now in Congress to postpone for two more years the imposition of a 2?-a-lb. import tax on foreign copper. He also invited President Truman to visit Chile next November when the country opens its $88 million Concepción steel plant, built with...
...Senate banking subcommittee. Last week, as his committee began hearings, it looked as though he had struck pay dirt at the first swing of his pick. The case was that of the Texmass Petroleum Co., an oil outfit which got authorization for a $10,100,000 loan from RFC in 1949. The money has not yet been paid out and Senator Fulbright hoped he could prevent its ever being drawn...
Among the first witnesses was Comptroller General Lindsay Warren. He said: the loan to Texmass was "probably illegal [and] . . . without the authority of law." He based his opinion on subcommittee evidence showing that: 1) RFC examiners had turned down the loan as "not justified" because the company lacked the ability to pay it back in ten years, and 2) RFC's own review committee had bluntly reported that the loan would be "largely a bail-out of investors and certain creditors." Furthermore, out of RFC's five directors, the loan had been approved by a mere...
Working with the newly-organized Financial Aid Center, the scholarship committee will now, for the first time, be integrated with the loan board...
...Quarterly cited the case of a Jefferson County (Ind.) farmer who normally uses all of his corn for feed. He had such a bumper crop in 1948 that he cribbed his 904-bushel surplus, put it under Government seal in 1949 and got a $1,319 loan at the $1.47-a-bushel support price less charges. Then a neighbor told him he was a fool: he could put his entire crop under loan at the support price, then buy all the corn he needed for feed at 65½ a bushel in the cash market. In short, by selling...