Word: averter
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Though they were asking for a 15% rate increase on all freight as an emergency measure to offset lost revenues and thereby avert wage cuts, defaults and receiverships, the carriers intimated they had no idea of using such wholesale authority, if granted, to an extreme. Many rates, particularly those on short-haul goods for which trucks compete, would not be changed. What the roads were really after was I. C. C. permission to adjust rates of their own choosing within a 15% range, thereby increasing their operating revenue by 10%. To avoid protracted arguments over individual rates, they consolidated their...
...after desperate day last week Dr. Otto Ender, Chancellor of Austria, staved off the fall of his cabinet and strove to avert the grimmest fiscal crisis which his country has faced since her finances were officially stabilized by the League of Nations. There was even talk that Austria might have to place herself under League fiscal tutelage again. Cause of the crisis was the near failure of Osterreichische Kreditanstalt, the great Vienna bank founded 86 years ago by the House of Rothschild. On its board of directors today sit representatives of the Bank of England, Manhattan's Guaranty Trust...
...carriers' move for increased freight rates to offset reduced earnings and avert wage cuts got up more steam last week. Following the Chicago meeting of the Association of Railway Executives for the same purpose (TIME, May 18), 40 members of the Eastern Railroads' Presidents' Conference gathered in Manhattan, named a committee to petition the I. C. C. for a general revision of the rate structure. To the support of the executives came Labor (weekly), official mouthpiece for the 1,800,000 members of the four great railroad brotherhoods. As holders of $1,200,000,000 in rail...
...American Cotton Oil Co., which he reorganized from American Cotton Oil Trust. After resigning from Winslow, Lanier & Co. he was U. S. representative of the Deutsche Bank of Berlin (1893-1914) whose subscription to one-fourth of a $100,000,000 gold loan to the U. S. Treasury helped avert panic in 1896. A backer of Edison Electric Light Co., he organized the International Niagara Commission which was headed by Lord Kelvin, famed British scientist. As president (1890-99) of Cataract Construction Co. he led the development of power at Niagara Falls; for this he was given the John Fritz...
...President Hoover last week discussed Federal finances with the Press. Important figures: a $4,435,029,732 expenditure for the current fiscal year ending June 30; a $4,119,230.649 expenditure for the next fiscal year; $315,799,083 saving to avert a tax increase. The President explained that this year's heavy expenditures were due to emergency outlays for Drought, veterans, Unemployment, Farm Relief. Meanwhile the 1931 deficit passed the $800,000,000 mark...