Word: loans
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Dates: during 1930-1939
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...early as Aug. 3, 1914, Morgan & Co. received a cablegram from Rothschild Freres of Paris suggesting a loan of $100,000,000 to France. Morgan answered that because of exchange conditions, they could not make the loan and would not do so, in any event, without the U. S. Government's consent. In answer to an inquiry from Morgan & Co. Secretary of State Bryan then announced that loans by U. S. bankers to any belligerent nation would be inconsistent with the country's "true spirit of neutrality." Two months later Mr. Vanderlip told French Ambassador Jusserand that National...
...August 1915, prompted by an inquiry from the late James B. Forgan, president of Chicago's First National Bank, about the Government's attitude toward the flotation of a British loan in the U. S. to help pay for Allied purchases, Secretary of the Treasury McAdoo wrote to President Wilson urging that permission be granted. Said he : "The high prices for food products have brought great prosperity to our farmers, while the purchases of war munitions have stimulated industry and have set factories going to full capacity throughout the great manufacturing districts, while the reduction of imports...
...Cairo, under strongest British pressure accompanied by a $100,000 British loan, the Egyptian Cabinet appropriated $470,000 for rush work on a strategic railway designed to improve defense against a possible invasion of Egypt by Italian forces from Libya. Bloodshed of this sort was being taken for granted in British garrisons throughout Egypt and the Sudan. As if acting in great emergency and unable to wait a few days for a regular British transport, the War Office took over from Cunard the small liner Scythia to be filled with troops in England and rushed to Egypt...
Meantime Mr. Gibson gave Manufacturers a reputation for aggressive banking that few other institutions can duplicate. It jumped into the personal loan business. It stressed little commercial loans to little businessmen. It played ball with the Administration, was the first big Manhattan bank to accept RFC money. Its $230,000,000 of Governments consist almost entirely of long-term issues. Other banks fight for low-yield, short maturities every time an issue is offered, but for five years Manufacturers has preferred the higher returns to be had on Governments due in ten years or more. And in explaining his unorthodox...
...Crimson's criticism seems to be the reflection of the rich man's point of view. Of course Harvard is a rich man's college. The editorial, for instance, gave the President no credit for establishing the Home Owner's Loan Corporation to save impoverished home owners; the CCC for taking thousands of the land's youth off city streets and out of the alums to healthy country air to lead a normal, healthy life and at the same time earn a little money; for the NYA which is aiding 1650 students on our own campus in their quest...