Word: bankes
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Dates: during 1930-1939
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...maturing debt. He will offer his stockholders the right to buy his fashionable bonds in the ratio of $1,200 worth of bonds for each 100 shares of stock. If his stockholders prove apathetic, the RFC has promised him a loan of $20,000,000.† A banking group headed by Central's old friends, J. P. Morgan & Co., has agreed to take up the rest if necessary. A long and involved deal, it will require an increase of authorized Central stock from 7,000,000 shares to 10,000,000, a change from...
Throughout the whole of Canada, from Halifax to Victoria, from North Portal to The Pas, there are only eleven commercial banks. Canadian banking is branch banking in finest flower. But Canada is unique in that it has no central bank of issue, no Federal Reserve, no bankers' bank. Last week Premier Richard Bedford Bennett prepared to give the Dominion a quasi-public institution modeled after the venerable Bank of England...
...Bank of Canada is the legislative offspring of a Royal Commission's report on the Dominion's banking system. Last spring when Canada's Bank Act came up for its regular decennial overhauling, the furious farmers of the Prairie Provinces howled for a new system, for lower interest rates and "nationalization of credit...
Conservative Premier Bennett hastily got the Parliament to extend the eleven banks' charters for one year instead of ten in re turn for his promise to call a commission to study Canada's whole banking, currency and coinage system. Head of this com mission, which shuttled all over the Dominion holding public hearings last summer and autumn, was Hugh Pattison Macmillan, Baron of Aberfeldy (TIME. Aug. 28, Nov. 20). For ten years Lord Macmillan had been heading British com missions including the Royal Commission on Lunacy & Mental Disorder and the Home Office Committee on Street Of fences...
Newspaper headlines like that crackled throughout the land last week as the Senate Banking & Currency Committee let fly a final broadside before starting hearings this week on the securities control bill, Ferdinand Pecora, committee counsel, was quite aware that such a revelation would leave John Citizen convinced that Big Business had outdone itself in helping to blow up the speculative bubble of 1929. ''If the complete story were available, the amount would have been many times 20 billions of dollars," Inquisitor Pecora added. It would, according to Inquisitor Pecora's method of ciphering. "Other...