Word: called
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Dates: during 1920-1929
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...Greater London there are 28 mayors of as many boroughs, but the Lord Mayor reigns over "The City," London's financial district, which Britons still call "the richest square mile on earth," ignoring Wall Street. The King-Emperor himself cannot enter "The City" without the Lord Mayor's permission. Neither can British troops. At any hour of day or night the Lord Mayor may have private audience with George V or access to the Tower of London. His diamond sceptre recalls that London was a sovereign city before England had a Throne. In return for all this glory, to which...
...been meteoric but deliberately, parentally calculated. They have had to work in their school vacations. At 17, William Randolph Jr. worked as a union "fly boy" (pulling papers from the presses) in the press room of the New York Mirror. Then he was a reporter on the San Francisco Call. Last year he left the University of California to go to Manhattan as police reporter for the American, became city hall reporter, then worked across the desk from Editor Stanton Arthur Coblentz until his father thought him ready to learn to be president. Since he has been in charge, coincidence...
...spite of, or rather, because of, his high position, a new and current flock of troubles has risen to plague him. In April, when he pulled the call money market through a tight place, he received general kudos (though it was then that Senator Glass first began to reflect upon "Mitchellism," its nature and evils). But in October Mr. Mitchell arrived home from Europe just in time to anticipate the greatest Market crash in history with a bullish pronouncement. When the banking consortium was formed to halt the panic, it was the House of Morgan that received most...
...Exchange capitalization at a point far above its market value. Therefore National City stockholders refused to ratify the merger, and plop!?back went National City to a size well below London's great Midland Bank. This unfortunate development was followed by many wild rumors, so widespread as to call forth from Mr. Mitchell a denial that he contemplated resignation or that his directors were at odds with him. Rumors had been based partly on the suspicion of a difference of opinion concerning the calling of loans by National City branches...
...That corporations which had loaned money "on call" to speculators had contributed more than any other group to an unsound financial situation because many a corporation promptly called in its loan at the first sign of trouble. Five directors of one corporation threatened to resign last week if their company should call its loan. These directors took the honorable position that having once loaned its money to the stockmarket, the corporation should stand by the market so long as its loan was adequately protected by collateral...