Word: frozen
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Dates: during 1930-1939
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...Ford's two new banks were called the Peoples National and the Manufacturers National. To be organized and operating this week, they would pay depositors of the two old banks 30? on the dollar, the rest later when frozen assets melted. Thus, where many a banker has found himself in the automobile business, Mr. Ford found himself in the banking business, willy-nilly. He became the dominant banker of Michigan, a leader in a profession he has long despised. He had done, inevitably, the American thing. He entered on his own terms, with the warning that his ideas...
...Chairman George Willets Davison of Central Hanover Bank & Trust Co., attending the conferences with representatives of other Manhattan banks, was to merge the big Guardian and First National groups. At this Detroit balked, seeing a possibility of Eastern dominance. But in the Michigan Plan, calling for segregation of frozen and liquid assets in both State and National banks, bankers believed they had not only a solution for their own troubles but also a modus vivendi for closed banks in other states. Deposits would be divided in approximately the same proportions as assets. The liquid branch would be operated normally, subject...
...paid? In Berlin last week U. S., British, French. Italian, Swiss and Dutch bankers representing the Reich's chief short-term creditors announced themselves satisfied that Germany has done her utmost and done well. During 1932 she has repaid, they estimated, nearly 14% of the short-term credits frozen in Germany under the "standstill agreement" (TIME, Aug. 31. 1931) which followed the Hoover Moratorium...
Subject to restriction by the Reichsbank, foreign creditor banks having mark deposits frozen in German "blocked accounts" were authorized last week to invest or transfer such marks in (but not out of) Germany. As an immediate result, British banks possessing 35,000,000 blocked marks offered to transfer this sum to the Berlin bank account of the Soviet State last week, in return for delivery in Britain of 35,000,000 marks worth of Russian lumber. Other results will be the purchase of German bonds & real estate with previously blocked marks and the payment of such marks to tourists...
Standstill credits in Germany totaled $880,600,000 last week as against $1,025,304,000 a year ago. Of the credits still frozen about 40% were extended by U. S. citizens...