Word: averter
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...Henry Alexander Scandrett (Chicago, Milwaukee, St. Paul & Pacific) and Whitefoord R. Cole (Louisville & Nashville) appeared to repeat orally their written arguments for a rate increase. Mr. Pelley, speaking for all eastern roads, contended that the rate increase was sought only to tide the roads over to better times and avert wage cuts. Spokesman for all Western lines, Mr. Scandrett testified that the carriers asked for a rate increase only as "a last resort" to save their credit structure. He felt that the I. C. C. should not interest itself too much in Industry's ability to pay a higher...
...premises. Three times a day, his shepherd dog, Rolf, by his side, he tramped the gardens in back for a constitutional, the rest of the time spent with his ministers, signing decrees that Chancellor Brüning suggested. They closed the stock exchanges and for two days, to avert headlong panic, all the banks. They selected a Federal Commissioner of Finance or "Money Tsar" before reopening the banks partially, to pay salaries, wages and taxes only. (Unemployed persons not on the dole were allowed to withdraw $12 each.) A rousing, purely Hindenburg proclamation called upon the people to be calm...
...Governor Eugene Meyer of the Federal Reserve Board was handy at his home in Mount Kisco if needed. No statement was given out during the Wall Street meeting, but reporters hazarded that the questions being put to Messrs. Young & Gilbert were: Would $300,000,000 really be enough to avert calamity? Would the Reserve Board be throwing this money into a ship already doomed...
State Capitalism. While the world was waiting for the U. S. reply an even more startling rumor came over the wires. In an effort to avert revolution, the Cabinet was seriously considering abandoning the principle of private capitalism, and substituting for it a system of state capitalism in which the Government would take control of all private industries, banks, shipping, trade, to straighten out the nation's finances. This would be arriving at practical Communism by the shortest cut possible. Moscow jubilated, hailed the beginning of the world revolution...
...there. The President had been reading in the newspapers of Chancellor Briining's visit to Prime Minister MacDonald at "Chequers" to seek relief from"Reparations (TIME, June 15). U. S. bankers with five billion dollars invested in Europe had long been prodding the White House to ACT, to avert Germany's economic and perhaps political collapse. Since June i, $250,000,000 in gold reserves had fled from the Reichsbank...