Word: bonding
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Dates: during 1930-1939
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There are few critics of another co-operative banking enterprise, American Securities Investing Corp. ("the bond pool"), formed by J. P. Morgan & Co. and other banks to purchase sound but depreciated bonds for profit (TIME. June 13). Its formation marked the turn in the bondmarket. Officered by Morgan Partners Thomas William Lament and George Whitney as president and board chairman, A. S. I. C. has called for only $10,000,000 of its subscribed $100,000,000. Even on that sum Wall Street thinks it must have rolled up a fat profit. A boiling bond- market last week brought...
...ended at the Blumenthal estate in Larchmont last fortnight between sessions of his trial at Albany (see p. 14). Though more at home in a hotel than a courtroom, Fixer Blumenthal made news last week because of his law suits. As owner of $25,000 of Paramount Publix Corp. bonds. Fixer Blumenthal sued that company to set aside an agreement by which Paramount last March had pledged 23 of its films as the chief collateral for a $9,500,000 loan. Because Paramount transferred the films to a subsidiary, strengthened the loan with other promises. Fixer Blumenthal charged violation...
...arguments for collecting the War Debts. I shall assume Challenger Webb will go undefeated. On that assumption I put forth this proposal and challenge Challenger Webb to answer. In the event the U. S. cancels foreign governments' War Debts, then the U. S. shall cancel all its Liberty Bond obligations to holders thereof...
First, such action will relieve the taxation burden, thereby releasing purchasing power, and start the wheels of industry to humming. Second, then Liberty Bond owners, instead of coupon-clipping, will help make the wheels hum faster. Third, the Liberty Bond owners are heavy taxpayers. A cancellation of Government obligations would lighten their tax burdens...
...challenge Challenger Webb to advance three or even one sound argument for collecting what is left of the U.S. Liberty Bond obligations. If he advances three, or even one sound argument, please have him apply it in answer to his own challenge...