Word: crediting
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Dates: during 1950-1950
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...Astoria and Pan Am Vice President H. B. Dean on a tour of South America to drum up local capital to build or buy hotels. The field looked so ripe that Pan Am put up $1 million to start a new subsidiary, Intercontinental Hotels Corp., arranged a $25 million credit with the Export-Import Bank, and decided to girdle the globe with hotels...
...previous ventures, I.H.C. will neither build nor own the new hotels itself. I.H.C. arranges loans on its $25 million credit, raises local capital, pro motes, designs and operates the hotels for a fixed fee plus a cut (up to 25%) of the profits. Chief arranger, money-raiser and promoter for the company is President Wallace Whittaker, 58, who joined I.H.C. after 18 years as general manager of General Motors' Inland (rubber & plastic products) Division. Chief operator is Byron Calhoun, 48, a one-time bellhop who became part owner of Minneapolis' Radisson Hotel (he sold...
...Breaking Point sheds high credit on both sides of the camera. Much of its quality stems from Cinematographer Ted (Treasure of Sierra Madre) McCord's fine photography of sun-baked waterfront and open sea. All the players are in top form. In his meatiest role in years, Actor Garfield gives one of his best performances, and Actress Thaxter is memorable as a housewife bowed down by drudgery, poverty and fear...
While the curbs of the new Regulation W are slightly tighter than the credit controls which expired in June 1949, they are much looser than World War II regulations. They do not apply to charge accounts, and purchases under $100 are exempted from down-payment restrictions (but subject to the payoff regulations...
Within an hour after President Truman signed the Defense Production Act last week (see NATIONAL AFFAIRS), the Board of Governors of the Federal Reserve System clamped down on consumer credit. But the board thoughtfully gave everyone plenty of time to stock up. Not until Sept. 18 will the ban go down on easy credit of "nothing down, three years to pay," which some retailers are offering...