Word: bonus
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Dates: during 1930-1939
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...Bonus loans...
...Steel Corp. stages stockholders' meetings, last week came echoes of the two wars, one foreign and one civil, which Bethlehem fought last year. The foreign war, the effort to merge Bethlehem with Youngstown Sheet & Tube, was rumored about to begin again. The civil war, over Bethlehem's bonus-plus-salary system, was arbitrated and ended, with victory for the enemies of Bonus...
Cyrus Stephen Eaton of Cleveland, the man who blocked the Youngstown merger, was the man who caused the bonus war. What justification was there, he had asked to know, for paying as high as $1,623,753 in one year (1929) to President Eugene Gifford Grace? Minority shareholders echoed Mr. Eaton in surprise and indignation. Chairman Charles Michael Schwab, who had issued the bonuses in his discretion (but never taken one himself), pleaded with tears in his eyes and a catch in his voice for the shareholders to "drop it, drop it" (TIME, April 27). Last week, having altered...
Under the new 50% loan law, Bonus payments reached $1,090,137,402 and more by Memorial Day. Out of every two soldiers in the Wartime army (1,959,000) one and a fraction had borrowed on their certificates. According to a survey made for President Hoover, 60%, of the loans had been used to pay off overdue bills for rent, groceries and things bought on the instalment plan. Another 15%, had gone into second-hand automobiles. What was described as a "small percentage" had been squandered on fun. President Hoover could not see where the loans had stimulated business...
...April, Bonus loan application slacked off to 12,000 per week. Veterans' Administrator Hines then announced: "The job's about done." He estimated the total outlay at $1,050,000,-ooo. During May, however, there was a new and sudden spurt of loan applications. Last week they were pouring in again, at the rate of 35,000 per week. Best explanation for the new spurt was that, whereas needy veterans constituted the first big rush for loans, those employed and not in need were now coming forward to borrow while the Government's offer still stood. Last...