Word: bonus
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Dates: during 1930-1939
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...down hard upon Congressman Wright Patman of Texas and his Bonus-seeking colleagues from Illinois, Missouri, South Dakota...
...convention in Chicago this year, the American Legion found itself hemmed between two sharp issues. In his speech at the opening session, President Roosevelt voiced the undoubted sentiment of the country when he firmly discouraged recrudescence of the Legion's twice-rebuked demand for immediate cashing of the Bonus (TIME, Oct. 9). Wisest heads in the Legion-potent (758,000 members) but not so potent as it was in 1931 (1,054,000 members)-realized the danger as well as the futility of pressing the Bonus movement now. Not only would it revive the hostility that the Legion...
...Demanded cancellation of interest on Bonus loans. Lender the law of 1931 veterans have borrowed $1,500,000,000 at interest rates varying from 6% to 3½%. Abolition of interest charges would save them some $50,000,000 a year. This resolution, the only one on which radicals and conservatives were in complete agreement, was adopted by a rousing viva voce vote on the convention floor. A legislative lobby will attempt to put it through the next session of Congress...
...Dillon, Read set up U. S. & Foreign Securities Corp. To the public it sold $25,000,000 of preferred stock. The firm bought $5,000,000 of second preferred. There were 1,000,000 shares of common stock. The public got 250,000 shares as a bonus-one share of common with each share of preferred. Dillon, Read got 250,000 shares as a bonus for handling the deal. The remaining 500,000 shares went to Dillon, Read partners for $100,000 or 20? a share, which was precisely 20? more than it was worth-then. But with...
...Legion accepted this Roosevelt doctrine with good grace. It realized that its demands for prepayment of the Bonus and an over-generous pension policy had caused it to lose caste. Now, in its own words, it was out to "resell itself to the country" as a good citizen...