Word: firming
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Dates: during 1930-1939
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...fidgety. "You can't send a sheriff overseas to collect the debt, you know," he snapped at one heckler. Henry Pomeroy Davison, youthful partner of J. P. Morgan & Co., was hastily summoned from New York to deny published reports that debtor nations had on deposit with his firm funds to make their Dec. 15 payments...
...great detail he explained how his house -merchants, not bankers-had issued $1,807,578 worth of foreign securities since 1920, how each loan had been distributed through syndicates, how the profits ("spread") had always been kept reasonable. He denied that the House of Morgan had "coerced" any firm to buy its bonds, that U. S. banks were "loaded up" with these foreign securities...
...strong old man of 91 had a sad announcement to make last week. He was Franklin MacVeagh. Secretary of the Treasury under President Taft, president of Franklin MacVeagh & Co., 66-year-old Chicago wholesale grocery house. The announcement was that the Depression had been too much, the old firm would dissolve. ''My son, Eames, wanted to close the business some time ago," said Grocer MacVeagh. "But I did not resolve to do so until a week ago. . . . We have gone through several panics and one great disaster, the Chicago fire. The present depression will...
Liquidation of the firm will be easy, since inventories are low. Some 400 employees will be jobless. Mr. MacVeagh, prominent in many a charitable and civic affair, hinted he may devote his time to writing...
...first is that we do not care enough about self government. The other is that we care but cannot achieve it. In both cases, the continuance of such policies should indicate that we are better off to let a dean or class faculty adviser rule us with a firm but wise hand. The blessings of a benevolent despotism would be plenty compared with the system in force...