Word: loans
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Dates: during 1930-1939
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...British loan to help Italy develop Ethiopia has never ceased to be "in the cards." It was predicted in London banking circles even while Anthony Eden was at his most fervent in Geneva, hurling the thunderbolts of Sanctions at defiant Benito Mussolini (TIME, Oct. 21, 1935 et seq). Last week this British loan was just around the corner, according to the most orthodox of London and Rome correspondents...
Because the Federal Housing Administration is a partial guarantor of modernization loans made by banks under Title I of the National Housing Act, Mike Pecoraro's methods came under Federal scrutiny. His methods were simple. A short, smartly-dressed man with a police record as a forger and thief, Mike would walk into a branch of big National City or Manufacturers Trust, submit an FHA loan application signed by Otto Corneau (or one of 18 other names) with his right hand and the wife's name penned with his left. Then he returned to a rented apartment, waited...
...told how he and Cleveland's George Ashley Tomlinson, to whom the late O. P. Van Sweringen appealed for aid in 1935, formed Midamerica Corp., put up $3,121,000 to buy at auction from J. P. Morgan & Co. collateral that had once secured a $39,500,000 loan to the Van Sweringens (TIME, Dec. 14). He went on to tell a lot more: how $274,000 of their purchase price bought 47% control of Alleghany Corp.; how they promptly gave the Vans irrevocable proxy to vote this stock, how they also gave the Vans a ten-year option...
Before adjourning the hearings until after the turn of the year, Senator Wheeler summoned Morgan Partner George Whitney to explain a loan made to MOP by the big banking house at No. 23 Wall Street. At the time RFC was being organized, MOP needed $1,500,000 to tide it over an interest date, and the House of Morgan, already a large MOP creditor, furnished the money on condition that it would be repaid promptly from the road's RFC borrowings...
...American from Mr. Milton's Equity Corp., thereby gaining control of Southwestern Life with its own money-since General American controlled Southwestern. Mr. Milton was unable to satisfy the Committee that there had been no pressure applied by Equity Corp. to make Southwestern make the $2,400,000 loan. Equity's profit in the deal was $425,000. Of the excursion of Investment Truster Milton and his associates into General American, old Congressman Sabath snapped: "They were not speculators. They were sure shot boys." Cried Wisconsin's Congressman Thomas David Patrick O'Malley about apparent discrepancies...