Word: loans
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Dates: during 1930-1939
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...brother and I," said Andrew Mellon to his black-hatted banker father one day in 1872, "could start a good business with not very much money." So at 17 Andrew and his younger brother Richard got a loan to start a lumber yard and real estate development outside Pittsburgh. Thereafter Andrew and Richard always prefaced their business decrees with "My brother and I"-a phrase which grew to have the finality of the royal "We." As soon as the two boys had proved their sense for profits, their father took them into the private bank of T. (for Thomas) Mellon...
...monster which will be "world's biggest & fastest" liner. Funds ran out and work was dropped on No. 534 two years ago. Last week, with the merger a fact, Neville Chamberlain loosened the strings of his Exchequer. For completion of No. 534 he promised the new company a loan of ?3,000,000 (about $15,000,000). For working capital he promised advances up to ?1,500,000 (about...
...cities. Mike Devlet organized his own municipal bond house as follows: he set up six individual concerns each operated by its own partners, and each a specialist in a particular branch of the business. One was to sell high grade bonds, another land bank and Home Owners Loan bonds, a third Southern municipals. One was to act as broker for the others. Reports on municipal bonds were to be furnished by a bureau known as the Municipal Yardstick. Over all was to preside The National Marketplace for Municipal Securities, Inc., with Michael Devlet as president. Its purpose : "To provide...
...rates of interest would be some what flexible, so far as the R.F.C. is concerned, in order to help the banks carry what might otherwise be described as "slow" paper. Thus if a bank rediscounted a loan for $10,000 and received $8,000 back from the R.F.C., the bank in question might pay four per cent for that loan, whereas the customer himself might be paying six per cent on the whole $10,000. In this way the bank would be reducing its risk and increasing its chance to make money on the loan. The bill declares that...
Never was an .able newsman more mistaken. By the time Mr. Pettey's dispatch reached the U. S., President Roosevelt had instructed the AAA to pour $10,000,000 worth of foodstuffs and other supplies into Cuba as a loan. Cuba's new Secretary of the Treasury said he would be glad to give every security for repayment in his power-the Cuban Treasury having been notoriously bankrupt for months...