Word: moratorium
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About Washington the moratorium idea spread so easily and rapidly that over-zealous newsmen were soon depicting
...Determined to use all his official personnel to push his plan through quickly, the President had at first suggested that Statesman Stimson broadcast a radio explanation of the moratorium to the country. Statesman Stimson hustled back to his own office, called in aides with facts and figures, wrote out a speech while radio time was secured over two big broadcasting chains Next day, though, President Hoover read in the public prints that France's contrariness was increasing, decided that a Stimson speech might complicate future negotiations. When the Secretary returned with a draft of his address for White House...
...States Steel again crossed par, a triumphant return from the recent nadir of $831. Twenty-six leading stocks gained $4,159,000,000 in value. Bullish rumors ran wild; there were tales of tremendous pools being formed, huge mergers in the making. Concrete bullish news, in addition to the moratorium, was the favorable decision to Radio Corp. (see p. 12), the raising of the wholesale cigaret price, the declaration of the regular dividends by Westinghouse, Anaconda, Baltimore & Ohio. Stocks with interests in South America soared on a baseless rumor that the President would soon make an important announcement regarding credits...
...cuts at next year's conference, if they want any permanent modification of the U. S. debts. Not alone could President Hoover execute a moratorium, even if the other nations accepted his proposal. War debt settlements are part of U. S. law and only Congress can suspend their operation. It was to win Congressional support well in advance that the President had summoned some Senators and Representatives to the White House, telephoned others. Adroitly he had averted political opposition by pitching his plan on a non-partisan level. In his statement he was able to list 21 Senators (twelve...
...Party's long insistence that no legal or moral connection exists between the Allied Debts and German Reparations, despite the fact that 75% of Germany's $28,000,000,000 Reparation payments are destined to reach the U. S. as Debt payments from the Allies. The Hoover moratorium proposal was the first time a Republican President had ever admitted a connection between these two great items of international finance as a matter of practical economy. Trying to reconcile party policy and practical necessity, he offered this neat but ostrich-like explanation...