With a big wad burning a hole in his pocket, Paul F. Clark, president of Boston's John Hancock Mutual Life Insurance Co., dropped in on Los Angeles. He wanted to invest his company's cash in a new housing project which house-hungry Los Angeles badly needed. But last week Clark decided against it; he saw clouds ahead for even Sunkist Angelenos. Said he: "We can't help solve your housing problem because of your real-estate inflation. An insurance company can't invest in blown-up values. Real estate is more inflated in California than anywhere else in the country . . . and...
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