Word: borrower
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Dates: during 1930-1939
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...Depression. A year ago when Government's prime concern was not Depression but a runaway boom, the Federal Reserve Board boosted bank reserve requirements. This cut down the total of potential credit in the form of excess bank reserves and made money a little more expensive to borrow. Last week the President told Congress it was now time to lower reserve requirements-which the Reserve Board did forthwith. Net effect of lowering reserve requirements was to increase excess reserves from $1,700,000,000 to $2,400,000,000. That is enough to support a credit expansion of perhaps...
...Year's Eve, 1932, the Delmars drove from Hollywood to Agua Caliente, lost so much gambling at the Casino that they had to borrow money for gas to drive home. When they came to file their joint income tax return for 1933, Eugene remembered to deduct the $1,200 he had lost at chemin de fer, Vina the $300 she lost at roulette. Under the Revenue Act of 1934 this posed the problem as to whether the Delmars had undertaken their gambling for recreation or profit. Called before the Board of Tax Appeals, chunky Eugene insisted he had gambled...
...further suggested that the money from RFC, if it be regarded as a loan, be regarded as an unsecured loan. Few U. S. railroads have anything left to borrow on. The subsidy would put men to work not only on the roads, but in the heavy industries from which the railroads normally buy so heavily...
Meanwhile, the Premier engaged in a personal duel of words with the president of the Senate Finance Committee, Joseph Caillaux. Blum was trying to get authorization to borrow another $270,000.000 from the Bank of France to keep the country going for three and a half months, but the Senate thought that was giving the Premier too much rope, hauled him down to $150,000,000 hoping he would resign in a huff, but instead the Premier took what he could get. "Watch out," angry Blum told irate Caillaux, "lest in manifesting prejudice against our Government and distrust...
...British national defense tax (TIME, June 28), a five-year super tax on business organizations, is expected to yield $100,000,000. The Chancellor will borrow $450,000,000.† Income-tax yield, Sir John Simon hopefully announced, is now running 13% above last year in the United Kingdom, but his White Paper is frank in showing that the Chancellor has not planned as yet where he will get some $275,000,000 of the $1,758,750,000 he is sure Mother Britain is going to spend on Safety First...