Word: crediteer
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Dates: during 1930-1939
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...legislative sire of the Federal Reserve System Senator Glass objected first to what he called having that independent credit establishment "degraded into a servile agency of the Treasury Department and used as a doormat." The least objectionable feature of the bill, he found, was the authority for the President to issue $3,000,000,000 in unsecured currency. But it was the proposal to permit the President to devalue the gold dollar that aroused Senator Glass to an eloquent pitch: "With 40% of the entire gold supply of the world, why are we going off the gold standard? Foreign governments...
Like the fever chart of a sick giant, the Federal Budget continued to make news last week about the public credit of the U. S. On April 18 the red line of the deficit broke through the billion-&-a-half-dollar mark for the first time in fiscal 1933. On that day Federal outgo ($3,102,172,570) since July 1, 1932 exceeded Federal income ($1,598,325,881) by $1,503,846,689.* The Public Debt stood at $21,452,266,588, an increase of $1,965,263,144 in the form of borrowings to meet current expenses since...
There was a time when Henry Ford was apparently intent on doing every kind of business incidental to the manufacture of automobiles. He provided himself with his own steel mills, his own glass works, his own credit corporation for financing retail sales, even his own railroad (the Detroit, Toledo and Ironton)-all the elements of a great vertical combination, except that for the most part they were, not combined, but erected. More recently he has apparently reversed his intent. As early as 1929 he disposed of his railroad. Last week he was actively dickering for the sale of his retail...
Universal Credit, which at its peak did a gross business of $200,000,000 in installment sales of Fords, Fordsons. and Lincoins, is now supposed to be doing about half that amount, Ford's price for it supposed to be $20,000,000. Doing similar business are General Motors Acceptance Corp., Commercial Credit Co. and Commercial Investment Trust. The latter two are independents, finance other credit sales besides those of automobiles. Commercial Credit handles Chrysler and Packard sales, C. I. T. has Nash, Hupmobile, Graham-Paige, Hudson, Studebaker. If C. I. T. acquires Universal Credit it will about double...
While Ford was dickering to sell his credit company, rumor last week had it that he was also dickering to sell his steel mills at River Rouge to U. S. Steel Corp. which has no Detroit plant. Formerly U. S. Steel's subsidiary, Carnegie Steel, with a plant at Duquesne, Pa., supplied about three quarters of General Motors requirements. Now National Steel has a plant in Detroit which with the advantage of short hauls on short notice has been able to capture much of the automobile demand. Partly in consequence National Steel has been better off than all other...