Word: crediteer
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Dates: during 1930-1939
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First attaching a stout string, Manhattan's Chase National Bank last week extended its present $20,000,000 credit to the Cuban Government for another two years. The string: extension is to be by successive 60-day renewals of the principal at 5½%, the bank to collect ¼% commission on each renewal...
...Newspapers blossomed with advertising of stores that offered credit. Nearly everywhere merchants continued giving credit to customers with charge accounts and many "cash" stores broke their rules to give credit to regular customers. R. H. Macy in Manhattan, largest U. S. department store, did an 80% business on Monday, the second business day of the moratorium in New York. Speakeasies everywhere were the most liberal in extending credit...
...With no scrip available to stimulate trade, department store business was estimated at 60% to 70% below normal. For the first week personal checks were accepted, subject to collection. Later, credit was extended to known customers...
...Restaurants filled their cash registers with bales of signed lunch checks. Food dealers, both wholesale and retail, were generous to the end in extending credit. A threat to Detroit's milk supply existed in the inability of farmers to collect enough cash to buy feed for their cattle...
...second necessity for prosperity is not the immediate balance of the budget, but a plan by which it can be balanced before next year. Such a plan would support the credit of the United States at home and abroad: it would induce foreign investors to reinvest their money in United States enterprises...