Word: crashes
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Last week Secretary of Commerce Roper made public his Department's report on the accident. Based on two weeks of hearings in which 59 witnesses filled 907 pages of testimony, the report blamed the crash principally on bad weather and inaccurate weather reporting by government and company meteorologists, found TWA guilty of five "inexcusable violations" of Federal airline regulations for which it may be fined a maximum of $2,500-the first such fine in U. S. airline history...
...laconic announcement came through the loudspeakers: "Clay Weatherly is over the wall. Car No. 45. He is dead. His mechanic has a broken back." The crowd of 155,000 ordered hot dogs and settled down to watch the race. Three minutes later another car, going at 108 m.p.h., crashed into the concrete barrier at almost the same spot as the Weatherly crash. Driver Al Gordon, pinned under the wreck, was pulled out alive with his steel helmet ground paper-thin against the wall. For the first 250 miles, the youngest driver in the field, Rex Mays of Los Angeles...
...Ford upped the minimum to $6 where it stayed until 37 days after the stockmarket crash ten years later. Then in a singlehanded attempt to stay the Depression he raised the rate to $7. But by 1932, when Ford Motor Co. succeeded in losing $74,000,000 in twelve short months, the minimum was down to $4. Last year Mr. Ford restored the pre-War scale. Last week he upped it to $6. More than one-half the 126,000 Ford employes on present payrolls benefited by the raise. The rest, who earn more than the minimum, were rewarded with...
...Parker & Co., founded in the last century, specialized in public utilities controlling the management of more than a dozen small ice, electric and water companies. In 1929 Parker & Co., at the inspiration of Bowen Tufts, founded an investment trust called Seaboard Utilities Shares. After the market crash some $1,500,000 in cash was transferred from Seaboard's treasury to the Parker treasury-a transfer easily effected because the treasurer of both firms was the same man. Bowen Tufts and associates, according to the testimony of one witness, dumped this cash into the market in a vain attempt...
Rediscount rates are economic facts of little significance to the layman. Nonetheless, they are of vital importance. The controversy over the rate manipulations of the Federal Reserve Board in the summer and early fall of 1929 and its relation to the stock-market crash still rages. Thus news that the Bank of France has raised its rate of interest from 2 1-2 to 4 per cent, while apparently merely one more fact for statisticians and graph-makers, may conceivably have drastic repercussions...