Word: comstocking
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Citizens in the fourth largest U. S. city and in most of the other Michigan cities & towns last week found themselves in much the same predicament. Governor William A. Comstock's banking moratorium, unprecedented in scope (TIME, Feb. 20), had suddenly cut them off with the cash they had in their pockets. People were chary of giving small bills for big ones. By the time the moratorium was modified after two days to permit withdrawals up to 5% of deposits, the scarcity of money was acute. Even Governor-reject Brucker was forced to borrow $10. Newsboys had to sell...
...failures that closed 84 banks last year-third largest number of closings in any State-had washed the situation clean. It was known that big Union Guardian Trust Co. had been weakened by heavy commitments in stricken Detroit real estate, that deposits had been seeping away. And until Governor Comstock retracted his first "unvarnished story" of a disagreement among Union Guardian's three big depositors (of whom two were not depositors) Michigan thought it knew...
...Detroit's $51,000,000 Union Guardian Trust Co., potent unit of the $400,000,000 Guardian Group, brought on by heavy investments in real estate mortgages. On Monday night lights gleamed from the directors' room on the seventh floor of the Guardian Building. Governor William A. Comstock presided over the conference hurriedly assembled. The Guardian clearly could not face another day. From Washington came Secretary of Commerce Roy Dikeman Chapin. a Detroit man. and Under Secretary of the Treasury Arthur Atwood Ballantine. Most of Detroit's industrial and banking tycoons jammed the smoke-blue room...
More immediate modification of another sort took place next day when Governor Comstock retracted his charges against the Ford company. The full story remained to be told...
Though no disturbance was reported last week at Brooklyn's Evergreen Cemetery, by rights Anthony Comstock should have been spinning like a teetotum in his grave. Viking Press issued the kind of book that was like a call of boots & saddles to the old vice crusader. Erskine Caldwell is a newcomer to the Viking list, a young author of the leftwing, hard-boiled school of U. S. fiction. Queer mixtures of Rabelaisian spade-calling, bell laughter and poetic proletarianism, God's Little Acre luridly illustrates two present-day intelligentsiac trends: towards unashamed sensuality, against capitalistic industry. It also...