AUTOS: Chrysler to the Banks

The biggest corporation bank credit in U.S. history—$100,000,000—was arranged by Chrysler Corp. last week. Chrysler can borrow the money any time within five years, must pay the 175 participating banks about 1¾% interest. If no loans are made, Chrysler pays a $500,000 commission anyway for the privilege of the deal.

But Chrysler is pretty sure to borrow. The company is huffing & puffing to boost munitions output to $1,750,000,000 annually, nearly three times average 1937-41 sales. As a starter, it spent at least $60,000,000 of its own cash last year for new plants,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!