Word: moratorium
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Last week President Hoover was aware of another quiver of economic hysteria running through the nation. The Michigan bank moratorium had jolted the country badly, stripped the R. F. C. of most of its psychological assets. Manhattan bankers had rarely looked more worried. Financiers put unofficial observers at the doors of the Federal Reserve Bank to watch the outflow of gold. There was widespread agreement with Bernard Mannes Baruch's dictum before a Senate committee that the U. S. was confronted with a condition "worse than...
...Lincoln one night last week. Next morning they hitched up their overalls, raised their banners, marched shouting and singing to the Capitol. Half of them got into the legislative chamber, presented to a joint session of the Legislature two sets of demands for relief, including a mortgage moratorium law. Then all went peaceably home. Next day Nebraska's Senate and House Judiciary Committee voted to report out Governor Bryan's bill to halt farm foreclosures for two years...
Thus as had happened in Nevada last autumn, in Louisiana last fortnight, a banking moratorium was proclaimed this week in Michigan. It shut tight for eight days 530 banks with some $1,500,000,000 in deposits, was the biggest moratorium since the Depression...
...largest depositors . . . were General Motors Corp., Chrysler Corp. and Ford Motor Co. Both G. M. C. and Chrysler had agreed to subordinate their deposits to the R. F. C. . . . and smaller depositors. The Ford company refused to make such an agreement and the result was the necessity of a moratorium. . . . Unless it had been declared, the larger depositors who were informed in advance would have withdrawn their money and left the smaller ones 'holding the bag'. ... I understand that the deposit of the Ford company . . . was about...
...Chuck out the professors, declare a general moratorium . . . and forget about Europe. That will lead us somewhere...