Word: loans
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Dates: during 1950-1959
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This settlement, of course, was only a minor irritation compared to the real problems of finance during the Revolution which were inherited by Hancock's successor. Treasurer Storer's faith and foresight led him to buy Continental Loan Certificates during these years of incredible inflation, and the Harvard history books single him out as one of the University's greatest heroes. Whether or not he saved the school from "hopeless bankruptcy," Storer's feat of raising the College's personal estate from $55,000 in 1777 to $182,000 some 16 years later was truly remarkable...
...Britain's film-producing industry would have blacked out long ago but for the help of the government's National Film Finance Corp. It backed 60% of the films made in the last five years, and lent the industry $28 million out of a special revolving loan fund. Fully half of this total went to British Lion Films (makers of such recent critical successes as Breaking Through the Sound Barrier and Captain's Paradise), founded by Sir Alexander Korda. The loan first fell due in 1951, but was extended so that British Lion would not be forced...
...President asked for a broad program to rehabilitate run-down neighborhoods by extending FHA's favorable terms for newhouse loan insurance to loans for purchase of old houses. The Senate Banking and Currency Committee turned him down. Eisenhower asked Congress to free Government interest rates on housing. Again, the committee turned him down. Dumped also were Eisenhower's trial plan to substitute low-cost home-ownership (with 40-year mortgages fully insured) for subsidized public housing, and his plan to lift the ceiling on FHA home-repair loans from $2,500 to $3,000. Even the parts...
Texas, which places a premium on superlatives, has the worst insurance laws in the nation. Because of poor enforcement, anybody in the state who can get a short-term loan for $10,000 can start an insurance company. There is nothing to prevent a promoter from writing up his assets far beyond actual value and, on this inflated base, selling stock and insurance. By such devices he can build a company up from nothing, sell out and take a capital gain. For these reasons Texas now has 1,884 insurance companies, more than all other states combined, and insurance...
...company had been "utterly and hopelessly insolvent from its inception." It found that Ralph W. Hammonds, an ex-Olympic wrestler (1928), had borrowed $20,000 to start Lloyd's, added $20,000 of his own, sold more than 50,000 policies his first year, and paid back his loan with part of the $1,700,000 he collected in premiums. The commission also charged that Hammonds had included $5,750 of real estate in his assets and written...