Word: loans
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Dates: during 1940-1949
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...this week it was clear that the only "anti-inflation" bills with any chance of passage were those to control consumer credit and to tighten up bank loans. Congress might also approve the $65 million building loan for U.N., and remove the discriminatory provisions from the D.P. bill. The rest of the President's program had no more chance than a snowball in summer Washington...
...cruise on the Potomac. The speech would go back over most of the same ground he had already covered at Philadelphia (TIME, July 26): federal aid to education, an increased minimum wage, a civil-rights program. Two added starters: approval of the international wheat agreement and the $65 million loan to build U.N.'s permanent headquarters...
...Allianceware, Inc. of Alliance, Ohio. Rodman makes metal fixtures, such as baths and sinks, and fears the Government-financed competition of Lustron, which he contends is tooled up to make four times as many fixtures as will be needed for its houses. Rodman even hinted that the new loan was given to help Lustron concentrate on fixture-manufacturing, thus protecting RFC's original stake in Lustron. Cried Rodman: "This loan and the Government's entire relations with Lustron have an extremely bad odor...
...first to sniff the air. Last winter a congressional Banking & Currency subcommittee looked into Lustron's deals and called for a full-dress investigation. To help launch the company, the subcommittee found, RFC had made the loan, although it had never been approved by the RFC's examiners, as is customary. An earlier loan for $32 to $52 million had been blocked by onetime RFC Director George Allen...
Some of RFC's other conditions had never been met. For one thing, Strandlund had never filed a financial statement with RFC. Although by the loan agreement he had to raise $3,500,000 through the sale of capital stock, he had actually raised only $850,000. Strandlund's own equity in Lustron (86,000 shares of stock nominally worth $860,000) had been bought by him for only $1,000. This stock, plus the equipment bought with the proceeds of the capital stock issue, had been Strandlund's only security for the first loan. Last week...