Word: moratorium
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...Chairman O'Connor of the Shipping Board proposed to President Hoover a year's moratorium on the $111,000,000 worth of Government loans to the U. S. Merchant Marine...
Such was not the case. The published agreement reached and signed at Lausanne is tentative. Moreover the signatories made a "gentlemen's agreement," the text of which was kept secret for 24 hours. In effect these two agreements: 1) Provide publicly a moratorium on the Reparations which Germany owes the Allies until after the coming U. S. elections and 2) create quietly a European "United Front" to force cancellation by the U. S. of most of what the Allies owe in War Debts, after which they will proportionately cancel Germany's Reparations debt to them...
Minor Achievements of the Lausanne agreement last week were to provide: 1) A total moratorium on Reparations and inter-allied debts until the settlement is ratified by the signatories or until one signatory gives formal notice of intention not to ratify. 2) Final payment by Germany not in cash or in kind but in 5% bonds, to be sold to the world public after July 8, 1935, all bonds remaining unsold in 1947 to be destroyed. 3) Security already given to the Allies by Germany in the form of stock certificates of the German State Railways to be returned...
...effect. But if such a settlement is not obtained, the agreement with Germany will not be ratified and a new situation will arise and the interested governments will confer on what is to be done. In such an event, the legal position is that which existed before the Hoover Moratorium...
Last week the I. C. C. approved an R. F. C. loan of $3,390,000, enough to enable the Frisco to meet its July 1 charges. The essence of Chairman Brown's plan is that some of Frisco's big creditors are to extend it an interest moratorium on the prior lien and consolidated bonds. The difficulty of working out this simple idea lay in making the terms of the moratorium fair to the many different classes of creditors, most of whom must make special sacrifices. For the next five years Frisco's fixed charges will be about...