Word: trusting
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Dates: during 1930-1939
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Gilded Idea. More continuously than any other New Deal experiment, CCC has had the respect of foes as well as friends of Franklin Roosevelt. This is a striking fact, for unlike dozens of projects which Franklin Roosevelt has sponsored, CCC came not from the Brain Trust but from his own head. A good guess (by ex-Brain Truster Raymond Moley) is that it was planted there by Harvard's late, great Philosopher William James, who used to lecture Franklin Roosevelt & classmates on the morals...
...horses, the four-motored ships are the largest ever built for commercial service. Last week in Manhattan, Pan American Airways President Juan T. Trippe announced that his company's purchase of these six Boeings had been financed like ordinary railroad cars by the first full-fledged aviation equipment trust certificates...
Three years ago American Airlines financed the purchase of some Douglas DC-3s and DSTs largely by equipment trust certificates sold to RFC. But Pan American had to seek no such professional giver of largess. It sold $2,500,000 worth of 4% certificates, maturing semiannually from January 1940 to January 1944, to the hardheaded New York Trust Co., has an option to sell it another $1,000,000 worth...
This provided 70% of the purchase price, about the same ratio as for standard railroad equipment trust certificates. Nevertheless, aviation equipment trust certificates have yet to rival railroad certificates as gilt-edged public investments: there was no public offering of last week's issue...
Immediately above Chesapeake Corp. in the fantastic Van Sweringen pyramid was Alleghany Corp. Robert Young bought control of Alleghany (TIME, May 3, 1937) and proposed merging it with Chesapeake. His idea was that the owners of 667,539 shares of Alleghany preferred-including several potent friends of Guaranty Trust-should surrender their stock and their right to accumulated dividends of $33 per share in exchange for a new type of preferred and common-stock warrants. This plan was thwarted by Guaranty, which held Alleghany's 71% interest in Chesapeake as collateral for Alleghany bonds in technical default...