Word: moratorium
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...Trust Co. and $148,000,000 Guardian Trust Co. Ferdinand Pecora's staff blamed: 1) mismanagement; 2) a lax-Ohio Banking Department; 3) evasions of the spirit of the law. The investigators declared that Guardian Trust was "hopelessly insolvent" a year before it was closed by the banking moratorium, never to reopen, that it "has never published a statement of condition which has shown the true facts." Last month Joseph R. Nutt, onetime National Republican treasurer and Union Trust's onetime chairman, was indicted along with the bank's president and Oris Paxton Van Sweringen...
First, most spectacular move was to declare a moratorium for at least two years on amortization payments on $52,000,000 owed U. S. bondholders. This $4,037,000 annual load had been borne faithfully by Tyrant Machado and his successors. It was naturally the most unpopular thing in Cuba and the moratorium instantly fortified Mendieta's government in the hearts of the people. But Mendieta will continue to pay the interest charges of $2,868,000 a year and he will continue to collect all the taxes ordinarily earmarked for amortization payments. The decree affects two loans floated...
With the near approach of the Stillhaltung conference in a few weeks to determine the future of the moratorium on repayment of Germany's short term obligations, the economic prostration of Germany is revealed more and more clearly by a nation disarmingly frank in dealing with its multitudinous creditors, particularly of the Western Hemisphere. Dr. Hjalmar Schacht, Governor of the Reichsbank, is never at a loss to deal with the financial situation, and has seen to it that Germany shall secure her place among debtor nations as a country on the very verge of financial catastrophe, one which must...
Percentage gains over March 1933 were, of course, exaggerated by the abnormally low state of trade during the banking moratorium. Nevertheless, for the first time since the New Deal John Businessman last week found his own affairs more engrossing than the Government's. Chairman Myron Taylor of U. S. Steel, having just averted trouble in his own house (see p. 17), told his stockholders that "in contrast with the uncertainties of a year ago, we have every reason to believe we have passed through the most difficult period of our adversities and we now face the future with confidence...
...Since most banks might wish to furnish statements for the same day twelve months previous, Comptroller O'Connor was probably quite aware of the fact that the comparisons would be the best obtainable. The comparable business day of 1933 was Monday, March 6, first of the national banking moratorium...