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...resigned its presidency. It also explained why he talked about the loan being for "current requirements and to pay depositors" and not for '"liquidation." R. F. C. cannot lend money to liquidating banks. Thus smart Banker Dawes & advisers had found a polite formula that allowed the bank the option of buttressing its capital and staying in business or giving depositors the opportunity to withdraw their funds when, as if they saw fit, without undue haste, while other Loop banks remained unaffected by the perturbations of quick liquidation. Meanwhile Central Republic was reported to be making no new loans. The Loop...

Author: /time Magazine | Title: Business: Loop Flurry | 7/4/1932 | See Source »

...voted against: Fordney-McCumber Tariff (1922), Hawley-Smoot Tariff (1930), equalization fee for farm relief (1928), Congressional reapportionment (1929), the Sales Tax (1932), State option on Prohibition...

Author: /time Magazine | Title: Letters, Jun. 20, 1932 | 6/20/1932 | See Source »

...national referendum? Or should it simply fall back on a noncommittal recital of the standard method of altering the Constitution by Congress and the States? Should some tricky system of conventions, such as Secretary Hyde's "Missouri Compromise," be advocated? Or should a specific reform permitting State option be put forward? Out of such knotty lumber the G. O. P. plank had to be jig-sawed...

Author: /time Magazine | Title: REPUBLICANS: Bread, Not Beer | 6/13/1932 | See Source »

...Pure Oil stock in 1925, Pressagent Plummer received a letter from Oscar L. Gubelman, large-scale speculator in oil stocks and director of many a potent U. S. corporation, confirming "the arrangement for payment to you of $2,500 in cash for publicity work for one month ... an option on 500 shares of Pure Oil at 25, and 500 additional shares at 25½, good for 30 days...

Author: /time Magazine | Title: Business: Bear Hunt (Cont'd) | 5/9/1932 | See Source »

Shrewd William Paley knew he had a diamond, but he did not know whether it was as big as the Ritz or just an ordinary diamond. He took three months off from the cigar business to find out. He tightened the contracts so that Columbia had an option on certain hours of its affiliates. In addition to cash, he gave the affiliates Columbia's sustaining programs free (National Broadcasting Co. charges for its unsponsored programs). He gathered 22 more stations into his network. Then he refused an offer of $1,500,000 by Paramount Publix Corp. for his company...

Author: /time Magazine | Title: Business: Jazz-Age Diamond | 3/21/1932 | See Source »

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