Word: hoards
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Dates: during 1930-1939
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...combination of gold and silver. It is on the gold standard (at 59? to the dollar) and has on the side a hoard of silver, a highly speculative asset against some of its liabilities. Only sensible explanation of the Treasury's continuing to increase that huge speculation is that it is looking forward to making the dollar a gold & silver combination. That would be symmetallism, first cousin to bimetallism and would take the speculative element out of the U. S. silver hoard. But no word did the Treasury breathe last week of symmetallism or bimetallism. Talk of monetary changes...
...apartment into which a Frenchman moves when the State appoints him Governor of the privately-owned Bank of France looks and smells like a miser's snuggery. Last week the Bank of France's fusty servants, aging pensioners of the world's second largest gold hoard, gloomed darkly over their frugal supper. Their beloved master since 1930, M. Clement Moret, the National Tightwad and, as such, a national hero, had just been kicked upstairs from Governor of the Bank of France to Honorary Governor. He was going to receive the Grand Cross of the Legion of Honor...
...rdeler was Leipzig's Mayor. Reviled by Nazi orators for years, he is still emphatically no Nazi. His name inspires confidence among middleclass Germans who. fearful of acute shortages in the Fatherland this winter, have lately been buying up foodstuffs and clothing in a frantic rush to hoard (TIME, Aug. 6). One day last week Herr Hitler abruptly raised non-Nazi Mayor Gördeler once more to the rank of Price Dictator, made him "solely responsible to the Realmleader...
...basic principles" were fear of Soviet Russia and the U. S. (see above). Its chief "proposal" was an impassioned sales talk for the Army's pet system of State Capitalism. "Japan's economic system," it harangued, "creates class differences, enables the few to hoard wealth, causes poverty and unemployment, and . . . seriously restricts the national budget so that even the most vital needs of national defense are not attainable. ... It is desirable for the people to abandon the selfish, individualistic economic sense, to awaken to moral principles and to hasten to establish an economy embodying the Empire...
...independents with cash to spare are Nash and Packard. Old Charles Williams Nash has in the past four years paid out in dividends some $17,000,000 more than he earned, yet even now his Treasury holds better than $25,000,000 in cash & governments. Entrenched behind this hoard, Mr. Nash is not expected to listen to any merger terms other than his own. Alvan Macaulay of Packard has about $14,000,000 in cash & governments. Messrs. Nash & Macaulay can still afford to consider their emotions in any scheme involving the loss of corporate identity...