Word: moratorium
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Giannini's latest excursion out of his native California across the Sierras. Last fortnight Transamerica announced that it had purchased Nevada's biggest bank, First National of Reno. Nevada is as short of banks as it is of rain. It was the first state to declare a moratorium during the Depression-Nov. 1, 1932, day after it celebrated the 68th anniversary of its admission to the Union. No banks have failed since but a tottering chain of twelve institutions, owned by George Wingfield, oldtime gambler and mining speculator, never reopened. Transamerica's eastward move brought promise...
Facts & figures on the nation's business made exciting reading last week. Because for the corresponding week a year ago the bank moratorium was about to engulf the U. S. and most trade teetered close to a standstill, the weekly indices showed enormous gains. But even discounting that factor, anyone with half an eye could see that the usual spring rise was accelerating at more than a seasonal pace. Car loadings were 26.6% above last year, 5.4% above the week before and, for the first time, topped the corresponding week of 1932. Electric power output was 16.5% above...
Instead, the road asked its bondholders for a one-year moratorium. All interest due this year would be paid in a lump sum in 1937. The junior creditors have already agreed to a moratorium provided holders of 75% of the first mortgage bonds also waive their claims. In a joint statement Chairman Thomas Milton Schumacher and President Charles Elsey held forth this hope: "The traffic of the railroad has shown progressive improvement for the past six months, and the management believes that if the holders of the funded debt cooperate . . . the company will be able to meet its other obligations...
...same 5-4 lineup in the Supreme Court which supported the government in the Minnesota mortgage moratorium has given its approval to the new statute for price fixing in the milk industry. It is impossible to read Justice Roberts' majority opinion, with its weighty talk of the due process clause, without feeling that the due process clause is only another name for gum elastic; the things which the court says in favor of price fixing are justified by the same clause which once defeated child labor legislation...
...When the situation threatened the whole banking equilibrium, Manhattan bankers, backed by the RFC, made futile credit gestures. By that time, however, most of the large companies were quite insolvent. With a sigh of relief Commissioner Van Schaick clamped down on them during President Roosevelt's March Moratorium...