Word: creditors
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Edward Dickinson Duffield (Prudential Life Insurance Co.)-"It's difficult for Congress alone to cure things. . . . Modification of debtor-creditor contracts often are needed and justified but to destroy the obligations attaching to such contracts will weaken the entire basis of our system. A 70? dollar wouldn't be so bad if businessmen were sure that it would be maintained as a 70? dollar...
While Congress continued to mumble & bumble over farm relief plans which cannot pass this session, big life insurance companies of the East last week held out helping hands to the debt-stricken West. From its headquarters at Newark, N. J. the largest single farm land creditor in the U. S., Prudential Insurance Co., announced it was suspending for an indefinite period foreclosures on its $209,000,000 worth of mortgages on 37,000 farms in the U. S. and Canada. Mutual Benefit Life Insurance Co. (Newark) followed suit by declaring it had ordered its Iowa agents to cease trying...
Originated in Iowa, that technique last week was fast spreading to the rest of the country. Throughout the Midwest auction after auction was held at which a debtor's friends bid in his property for a few cents and then returned it to him while the creditor was being restrained, forcibly or otherwise, from participating in the sale. At Deshler, Ohio, a $400 debt was extinguished last week for $2.15. At Malinta, in the same State, a large noose was ominously suspended from Albert Roehl's barn to scare off outside bidders. Illinois' Governor Horner...
...permitted to give a luncheon for Chancellor Chamberlain at which he said: "The British Government is not assuming that the United States is asking any compensation in the forthcoming debt discussions. Our view is that an adjustment of these debts is as much in the interest of the creditor as of the debtor and, therefore, I deprecate the suggestion that the coming negotiations should be regarded as a big swapping deal...
...process of forced liquidation through foreclosure and bankruptcy sale of the assets of individual and corporate debtors who, through no fault of their own, are unable in the present emergency to provide for the payment of their debts is utterly destructive of the interests of debtor and creditor alike and if this process is allowed to take its usual course misery will be suffered by thousands without substantial gain to their creditors...