Word: moratorium
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...Michigan Moratorium (Cont...
Citizens in the fourth largest U. S. city and in most of the other Michigan cities & towns last week found themselves in much the same predicament. Governor William A. Comstock's banking moratorium, unprecedented in scope (TIME, Feb. 20), had suddenly cut them off with the cash they had in their pockets. People were chary of giving small bills for big ones. By the time the moratorium was modified after two days to permit withdrawals up to 5% of deposits, the scarcity of money was acute. Even Governor-reject Brucker was forced to borrow $10. Newsboys had to sell...
...others to do so, refused. "Jim was trying to make a sucker out of me," he said. Furthermore he refused to subordinate his deposit to the R. F. C. President Hoover was reported to have telephoned Mr. Ford but failed to budge him from his position. A moratorium was the only...
...moratorium was a midriff blow to general business confidence. On the New York Stock Exchange, both shares and bonds were sold down to the lowest prices of the year. A staggering rise of money in circulation to the highest point of the Depression was blamed chiefly on huge cash shipments to the Detroit area. European speculators neatly hitched news of the eight-day moratorium to the attempt on President-elect Roosevelt's life for a quick raid on the dollar. Francs and belgas shot aloft. A brief outflow of U. S. gold followed...
...moratorium (pieced out by Washington's Birthday) approached, a scheme was evolving in Detroit's day & night powwows known as the "Michigan Plan." The suggestion of Chairman George Willets Davison of Central Hanover Bank & Trust Co., attending the conferences with representatives of other Manhattan banks, was to merge the big Guardian and First National groups. At this Detroit balked, seeing a possibility of Eastern dominance. But in the Michigan Plan, calling for segregation of frozen and liquid assets in both State and National banks, bankers believed they had not only a solution for their own troubles but also...