Word: raskobs
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...John J. Raskob of General Motors Corporation gave a great banquet in Manhattan last week to Professor Edwin Robert Anderson Seligman of Columbia University. Invited to attend were more than 500 potent U. S. businessmen, financiers & economists-from Vice President Norman I. Adams of the National Shawmut Bank, Boston, to President L. S. Zimmerman of the Maryland Trust Co., Baltimore. They came less to eat than to hear Professor Seligman explain the first thorough analysis of the installment selling problem...
...Raskob said at last week's banquet: "In 1926 the retail value of automobiles, trucks and parts produced is estimated at $6,000,000,000." Only 40% was paid in cash, the balance by monthly installments. General Motors, Mr. Raskob's firm, believed that the installment system was good. However, said he: "If we were wrong we wanted to know it. If we were on fundamentally solid economic ground we wanted to know that also. All agreed that no opinion would tend to give a greater sense of security than that of Professor Seligman...
...Raskob took last week's occasion to say also: "Everything indicates that 1928 will witness the greatest prosperity our country has ever enjoyed. There is little, if any, inflation anywhere, an abundance of credit, great farm purchasing power as a result of good crops and prices, and my prediction is that with the Ford Motor Co. in production the automobile industry will produce 5,000,000 units in 1928, as against 3,500,000 this year, and this gain of about 40% will add tremendous impetus to an otherwise prosperous condition...
...Motors developed from an interest in the company shown as early as 1915 by J. J. Reskob, Du Pont Vice President. When after the Armistice W. C. Durant, General Motors head, found himself unable to continue in control of the company, the Du Pont concern, under persuasion of Mr. Raskob, raised $50,000,000 on its own credit to take up Durant's stock in the concern. Since that time the value of the stock has more than doubled, and now the Du Pont stockholders are receiving very substantial dividends from Mr. Raskob's foresight...