Word: trust
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Dates: during 1940-1949
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...trust you, my dear beloved...
...when the late Andrew William Mellon founded his first Pittsburgh bank, he called it "The Union Transfer and Trust Co." The choice of name was unfortunate. So many householders asked to have their furniture moved that the title had to be changed to "The Union Trust Co. of Pittsburgh...
Last week The Union Trust Co. proposed to change its name again. Richard King Mellon, third generation head of the Mellon family empire, announced that Union Trust planned to merge with Mellon National Bank. The new institution, to be known as Mellon National Bank and Trust Co., will give Pittsburgh its first $1 billion bank (16th largest bank in the U.S.). It also intends to give such other giants as Manhattan's Chase National and old A. P. Giannini's Bank of America some tough new competition for a bigger share of the nation's industrial loans...
...Private enterprise had better get a social conscience if it's going to justify its existence." The speaker was Harry R. Templeton, vice president of the Cleveland Trust Co. And last week Templeton showed that he had a social conscience. Builders started work on a 50-unit veterans' housing project. The Templeton system, he thought, would solve the veterans' housing shortage if enough other advocates of private enterprise followed...
...corporation bought 20 acres in Painesville (30 miles from Cleveland) with $11,500 borrowed from the Cleveland Trust Co. On it, Payne's company is building the houses on a cost-plus-10% basis. Estimated profit: $100 to $150 per house. Ludwig will get only $50 for selling the house and handling the paper work. The architect will get $10 a house. The Cleveland Trust Co. will give mortgages, at 4% interest, up to the full price of the house. Templeton is betting that the houses will cost less than $6,000 each. Buyers will...