Word: bond
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Dates: during 1930-1939
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...businessmen. They had hurried anxiously to Washington to protest against any premature cashing of the Soldier Bonus as a form of Depression relief (TIME, Feb. 9). Charles Edwin Mitchell, board chairman of great National City Bank of New York, declared that a $3,500,000,000 U. S. bond issue to pay off the adjusted service certificates would cause "hundreds and hundreds of bank failures" throughout the land. Arthur Reynolds, board chairman of great Continental Illinois Bank & Trust Co. of Chicago, likened bonus cashing to a "hypodermic of strychnine given to a sick man." Clarence Mott Woolley, board chairman...
...chorus of adverse testimony seemed to suffocate all Bonus legislation. Financial circles in Manhattan ceased their nervous buzzing. Bond prices recovered some of their losses. The Bonus idea was apparently dead...
...Ways & Means Chairman Hawley put on the stand Owen D. Young, confident that that tycoon would merely reiterate the business world's objections to any form of certificate payments at this time. But Mr. Young did not perform as expected. Like his banking friends, he did oppose a big bond issue to pay off the Bonus on the grounds that: 1) such an issue probably could not be sold; 2) savings necessary for business recovery would be absorbed otherwise; 3) "we should end worse off than we began." Unlike his associates, however, Democrat Young favored a compromise, favored upping...
...June 1838, the Sovereign State of Mississippi sold $5,000,000 worth of bonds to pay for 50,000 shares in Union Bank of Mississippi. In less than two years the bank was hopelessly insolvent. In 1842 the Mississippi Legislature denied that the State was under legal or moral obligation to pay the bonds in question. Thus occurred the first repudiation of a State debt. Similarly, in 1839 Mississippi defaulted interest on a bond issue sold in 1831-33 to raise funds for another State bank. Although the courts ruled against Mississippi in both cases, in 1875 Mississippi adopted...
...advantage of his $60-a-year service. Soon J. P. Morgan & Co., Kuhn, Loeb & Co., National City Bank were among the customers. Within two years Blake had 300 subscribers and moved from a small room in Laidlaw & Co.'s office into independent offices. In 1913 the Babson Stock & Bond Card System was acquired, and rapid growth followed. The entire statistical industry was expanding at this time, other leaders including Poor Manual Co. (oldest of all) ; John Moody's Service, pioneer in investment ratings and organized investment counsel; Brookmire Service, oldest economic advisory service ; Roger Ward Babson; Arthur Elliott...