Word: moratorium
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Festooned with trivial amendments from both House and Senate, an important bill went back to President Machado for signature last week. It provided a two-year moratorium (until July 1, 1935) for principal and interest payments on bonds or mortgages of Cuban public services, railroads, sugar mills, farms and other real estate. More important was another bill passed by Parliament empowering President Machado to default any part of Cuba's foreign debt, $15,000,000 of which must be paid by June...
...matter is there have been remarkably few cancellations and that there has been no surplus of baby chicks in this territory during the banking holiday. . . . I know of n > industry which has experienced such a steady flow of incoming orders through the present difficulties, as our hatcheries. Although the moratorium has struck during the height of the baby chick season, I can introduce you to numer>inn hatcherymen in this district who have more orders on their books (accompanied by a substantial deposit) than they had booked at the same date last year...
When the building is razed perhaps 100 year, from now our descendants will read in TIME of the inauguration of President Roosevelt, of the banking moratorium . . . and a score of other happenings that will make history for generations to come...
...White Star. He set it as a condition to government subsidies to help Cunard finish its giant ship No. 534, now an idle skeleton in a Scotch shipyard. Everybody knew White Star was suffering as badly as Cunard from 1933's disastrous ocean traffic, but a two-year moratorium had put its finances in order...
...Manning and Alfred E. Smith. Rabbis throughout the country announced a day of fasting and prayer. Wholesalers cancelled-thousands of dollars worth of orders. The Europa announced that at least 25 steamship cancellations were due to Nazi terrorism. Other German lines admitted as many but claimed that the banking moratorium-had had more than a little to do with it. French & British importers and steamship agents rubbed their hands...