Word: millions
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Unity finally capitalized last year at $1.2 million and was the first bank in New England to sell its stock to the general public. Many of the $10 shares were sold in $50 blocks to people who had never conceived of owning stock in anything. Roy G. Guittar, executive vice president and the bank's only white employee, said that 70 to 80 percent of the 3,358 shares are owned by residents of the predominantly black Roxbury-Dorchester community. According to Guittar, there is no controlling interest in the bank and the 22-man, unpaid, board of directors...
Demand for Unity's stock was so great that the initial capitalization, set at $1 million by the State Board of Banking Corporation, was raised to $1.2 million and stock requests totaling $44,000 still had to be returned. Guittar recalls one rich white businessman who wanted to purchase $400,000 worth of Unity stock. He was refused because the board of directors had established the policy of scrutinizing all requests over $10,000 and set a $25,000 maximum. "We wanted to avoid any controlling interest," Guittar explained...
...bank and the chairman of the board of directors and must be concerned with Unity's success. And he also speaks from experience. When he first approached the State Board of Banking Corporation to obtain a charter for Unity, the bank was required to capitalize at $1 million. According to Massachusetts statute, the capitalization requirement is determined by the population of the area where the bank is located. On that basis, Unity should have been able to capitalize at $450,000, not $1 million. "They figured we wouldn't be able to meet that and eventually fade into the woodwork...
...recovery. For all its drawbacks, Eshkol's policy of restraint has forced Israel's powerful labor unions to hold the wage line. In the months between the June war and the end of 1967, worldwide sales of Israel bonds and United Jewish Appeal contributions pumped some $550 million into the economy. Though those sources are thinning out-they are expected to yield only $230 million for all of 1968-such overseas friends as the Rothschilds and Sir Isaac Wolfson, the British retailing magnate, are currently spurring a drive for new investment capital...
Eventually, aircraft sales will help lift exports. Though expected to top $1 billion this year, exports are still far short of covering expected imports of $1.7 billion. This year's payments deficit will reach $600 million, compared with $425 million last year. Finance Minister Sharef figures that his treasury's healthy $900 million in reserves will tide the country over until Israel...