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...released a flood of Grade B patronage. At his command the Senate sat for twelve-hour stretches. Oldsters could recall nothing to match the Roosevelt drive for adjournment. But at the last moment the President made a tactical error which cost him his whole week's work. Submitted to Congress at 8 o'clock Saturday night was an executive order for minor Government reorganizations which the President estimated would save $25,000,000 per year. The Bureaus of Immigration and Naturalization were to be merged. The National Screw Thread Commission was to be abolished. The Shipping Board...

Author: /time Magazine | Title: THE PRESIDENCY: Towards Adjournment | 6/19/1933 | See Source »

Barron Collier's procedure under the law was to submit a list of his liabilities and his assets to a Federal judge and ask for a meeting with his creditors. He owed $9,000,000 to his own companies and $4,500,000 to banks and other creditors. He valued his assets at $37,000,000. When the creditors meet, a majority of them may decide 1) to settle privately with Mr. Collier at so much on the dollar; 2) to try to collect in full by granting an extension of time or 3) to force Mr. Collier into...

Author: /time Magazine | Title: Business & Finance: Extended Tycoon | 6/12/1933 | See Source »

...remained married. To free the divorced wife from those inconveniences and even deprivations which the married wife (and the husband, whether divorced or not.) must meet in times like these is simply to put a premium on divorce. Nearly every other sort of contract has been forced to submit to revision and scaling down. So three cheers for New York and its "new deal'' in alimonies...

Author: /time Magazine | Title: Letters, Jun. 5, 1933 | 6/5/1933 | See Source »

...Federal Reserve member banks, make it optional with nonmember State banks. It was this arbitrary method of forcing big banks to stand sponsor for little banks that outraged Manhattan bankers. Big State banks in New York talked covertly of seceding from the Federal Reserve System rather than submit to such a levy. Even big national banks might exchange their Federal charters for State charters to escape from the Reserve. Such a withdrawal on a large scale might well wreck the whole Federal Reserve System and end an era in central bank history. On the other hand friends of the deposit...

Author: /time Magazine | Title: BANKS: Deposits Guaranteed | 6/5/1933 | See Source »

...German Government and German people will not. however, under any circumstances, submit to being compelled to affix their signature to anything that would be tantamount to perpetuating Germany's disqualification. ... As a nation under perpetual stigma it also would be difficult for us to remain within the League of Nations...

Author: /time Magazine | Title: INTERNATIONAL: Germany Will, the U. S. Too | 5/29/1933 | See Source »

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