Word: debtors
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...rancid Associated Gas & Electric. Today Hopson is self-allegedly feebleminded; his goons are dead, broke and scattered; his insolvent empire has become the largest reorganization in the history of U. S. business (TIME, March 4). A. G. & E. is simultaneously a ward of the Federal courts, a debtor of the U. S. Treasury (for at least $5,000,000 of unpaid taxes), and a regulatee of SEC, which Hopson's 1935 utility lobby tried to keep out of the utility business by methods so crude that the rest of the industry disowned...
...Congress stirred to a bigger issue: Kentucky's leathery Representative Andrew May, chairman, House Military Affairs Committee, called for repeal of the hitherto inviolable Johnson Act, banning all U. S. loans and credits to any defaulting debtor nation which blocks loans to the Allies. The Act's author, old World War I Isolationist Hiram Johnson of California, cried indignantly ". . . road to war." > What stand, if any, should...
Germany became a debtor's paradise, a creditor's hell. Real-estate owners, big landlords, industrialists paid off loans and mortgages for a song; small savers, insurance holders, widows & orphans, whose inheritances had been invested in "safe" State bonds, were wiped out overnight...
...Great Powers started coming to Washington to make refunding agreements, Finland was first to sign up and every year since has punctually sent up to $390,000 to Washington in interest and amortization. Finland in the role of the U. S.'s only non-welshing "war debtor" so impressed the U. S. Congress that in 1935 it voted to spend $300,000 on constructing at Helsinki, the Finnish capital, a splendiferous U. S. Legation of 100% Finnish materials erected by 100% Finnish labor...
Congratulations to TIME on its clear and complete account of the U. S. Visit of the two rulers of a defaulting debtor nation...