Word: moratorium
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...German Foreign Minister Baron Konstantin von Neurath, decorative socialite, was Chief Delegate. But at his side stalked long-necked, domineering Dr. Hjalmar Schacht, Governor of the Reichsbank. To make things more exciting before he left Berlin Dr. Schacht recommended and Chancellor Hitler decreed last week a blanket and indefinite moratorium blocking payment of service charges on practically all German foreign obligations except her already frozen still-haltung credits. This move sent Germany dramatically to London hat in hand, served notice that unless she receives favors of some sort from the Conference her total borrowings are as good as lost. Eagle...
...Raising the discount rale in August 1929, and the Hatry crisis in London, precipitated the debacle which was spurred on in 1930 when the Hawley-Smoot tariff threw a monkey wrench into world commerce, in 1931 by the failure of the Creditanstalt in Austria, the German moratorium and England's abandoning gold. The Glass-Steagall bill produced improvement last summer which was promptly undone by President Hoover's Des Moines speech ("could not hold to gold . . . but two weeks longer"), controversy over War Debts and publication of R. F. C. loans which caused runs on banks...
Last week in Tampa, Fla. Barron Gift Collier,* famed organizer of car card advertising, virtually declared himself bankrupt. He did not use the exact word. What he said was that he could not pay all his debts immediately and wanted a moratorium. He thus became first U. S. tycoon to take advantage of the new bankruptcy law which President Hoover signed the day before he left office...
...Corp, (auto accessories) of which he claims he is one of the largest stockholders. His first publicity: the management lately issued an unqualified statement that employment ''had increased 70% in 30 days." This they did by using for comparison employment figures during the depths of the banking moratorium week. Audited figures showed an 8.7% gain in the last 30 days, a 9% gain from the week preceding the moratorium. To allow Mr. Zerk to flush more proxies, Stewart-Warner's annual meeting was postponed, for the second time, to June...
...admitted a ?32,000,000 deficit. Rather acidly Chancellor Chamberlain pointed out that this deficit would have been a mere ?3,000,000 but for War Debt payments to the U. S. Despite increased taxation, tax returns dropped sharply last year. Most observers felt that only a U. S. moratorium on the debt and a strong revival of world trade will allow the Chamberlain budget figures to become a reality. Lamented the pontifical Times...