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...Hoover had sent greetings to oldtime Funnymen Weber & Fields on their Golden Jubilee, telling them that what the country needed was "a resoundingly good new joke." ¶Roscoe Conkling Simmons. Chicago Negro who seconded the Hoover renomination in June, led to the White House 150 representatives of the "Republican Joint National Planning Committee to Get out the Negro Vote," spread them out on the south lawn. President Hoover appeared on the White House portico. "Oh, Mr. President." declared Roscoe Conkling Simmons, "distress has overtaken us. We come to you in our heaviest hour. Some few have gone...

Author: /time Magazine | Title: THE PRESIDENCY: Opener | 10/10/1932 | See Source »

While Mr. Mills was speaking there was assembling in Chicago, at the President's order, a meeting on farm mortgages attended by Secretary of Agriculture Hyde, two R. F. C. directors and many an insurance man and joint stock land bank official. Upshot of much talk was that all hands would be as lenient as possible on farm foreclosures, that R. F. C. would be a liberal lender to private institutions which refrain from putting the screws on the "honest farmer who tries to pay his debts...

Author: /time Magazine | Title: AGRICULTURE: Krum Elbow & Mortgages | 10/10/1932 | See Source »

Prime-movers for the committee were savings banks, insurance companies and Yale, Harvard, Columbia and Chicago universities. Their joint letter of invitation to the committee members said: "The present financial position of the railroads of the United States is a matter of grave concern. . . . Only wise and timely Federal aid has averted the financial break-down of important systems. This situation touches every citizen. . . . The relief that the present emergency has made it necessary to grant to the railroads is a drain on the Federal Treasury and any ultimate loss will constitute a burden on every taxpayer. The present deplorable...

Author: /time Magazine | Title: Business: The Rail Week | 10/10/1932 | See Source »

Last July FORTUNE reported the personal fortune of Herbert Hoover had declined from $4,000,000 to $700,000 (TIME, Aug. 1). FORTUNE calculates that Governor Roosevelt and his wife have a joint annual income of $42,500 distributed as follows: $25,000 salary from New York State; $12,500 interest on investments acquired by inheritance; $5,000 from a semi-inactive law practice, magazine articles, Mrs. Roosevelt's schoolteaching and her small furniture shop. Excluded from the estimate are Mrs. Roosevelt's prospective earnings as editor of Bernarr Macfadden's Babies Just Babies a sum largely dependent upon whether...

Author: /time Magazine | Title: Nation: $42,500 Family | 10/3/1932 | See Source »

...about 20% of all farm mortgages, government-supervised land banks about 12%. Most of these mortgages were negotiated when farm produce brought prices almost double today's. Compelled to pay interest and principal on old debts out of reduced earnings, many a farmer is close to revolt against foreclosure. Joint-Stock Land Banks are taking $50 per acre for foreclosed farms which the owner mortgaged for $125 per acre. Even at $50 per acre the banks are able to retire their own bonds which have likewise depreciated about two-thirds in value. This process proves profitable for the land banks...

Author: /time Magazine | Title: AGRICULTURE: Borah on Debts | 10/3/1932 | See Source »

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