Word: moratorium
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...seven powerful railway unions and brotherhoods (Locomotive Firemen & Enginemen, Conductors, Trainmen, Switchmen, Telegraphers, Train Dispatchers, Maintenance-of-Way Men)- marched into President Hoover's office to read him a long petition of their wants. They roundly favored Alfred Emanuel Smith's foreign debt formula (a long moratorium during which each country would have deducted from its debt a percentage of the value of its imports from the U. S.). Most conservative representatives of Labor, they warned: "Unless something is done to provide employment and relieve distress we cannot be responsible for the orderly operation of the railroads...
Depression drove President Hoover to put Reparations back again into politics with his Moratorium (TIME, June 29 et seq.) Thereupon German payments ceased and BIZ would have had to shut up shop had it been only or mainly the cash register of Reparations. Instead BIZ has never been busier than at present and is today the World Bank. In softly burring Scotch last week BIZ President McGarrah announced a BIZ profit of 15,182,819 Swiss francs ($2.930,000) or 4,000,000 Swiss francs ($772,000) more than last year...
...Lausanne Conference in June, M. Herriot holds, must not cancel Reparations and War debts, must assist Germany to get back on her feet by a suitable extension of the moratorium principle, must provide that eventually Germany shall pay if not all then certainly a great part of what Germany agreed to pay by signing the Young Plan...
...Arthur would: 1) extend the Hoover Moratorium into "a Moratorium long enough to cover any probable period of the Depression and a subsequent period of recovery"; 2) preserve the formalities of Germany's obligations to pay the Allies and their obligations to pay the U. S.; 3) slash these obligations by reducing them to the same drastic extent that world prices have fallen; 4) accept Germany's payment of her slashed obligations chiefly in dividends from additionally created common stock of the German State Railways and other basic industries. In years when no dividend is paid, according to Sir Arthur...
...Swedish Treasury and private banks pooled $30,000,000 to tide over a leading Swedish bank hard hit by the suicide of overwrought Ivar Kreuger, president of the Swedish Match Trust (Kreuger & Toll). Next day Swedish stocks upped again as the Diet extended for another month the Kreuger & Toll moratorium...