Word: hooverness
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...Hoover indignantly yelped at this "vicious personal slander and libel in which there is not the remotest possible truth," demanded an apology in the next Round Table broadcast. In Washington, Columnist Pearson stuck by his pea-shooters, remarked: "No intelligent person would construe my remarks to mean that Mr. Hoover personally was buying up Southern delegates . . . they are being rounded up by his political friends in the manner that politicians usually round up Negro and poor white Republicans in the solid South. . . . As to how that is done, I refer to Bascom Slemp and Perry Howard, who did valiant work...
Last Sunday the half-hour Round Table discussion was opened and closed with an apology by the University's vice president Frederic Campbell Woodward (a Hoover aide with the U. S. Food Administration in 1917): "That statement should never have been made. We have ample assurance that it is absolutely untrue. We not only wish to state our regret but our full confidence that Mr. Hoover's public life stands out for high standards of probity, political honesty and abhorrence of political corruption...
This disclaimer may have satisfied Mr. Hoover, but it irked Columnist Pearson considerably to be thus roundly denied. Next day his attorney, Ernest Cuneo, wired Vice President Woodward, curtly labeling the denial "a statement . . . viciously attacking the professional integrity of my client," and winding up: "Unless proper apologies are made to Mr. Pearson, immediate legal proceedings will be instituted...
...Trustee Herbert Hoover of Stanford University testified before a California court that some of the university's $24,000,000 in seasoned bonds and first mortgages should be invested in common stocks. Burden of his testimony was what already worried many another custodian of trust funds: devaluation of the dollar and inflation of bank credit had cut the purchasing power of income from fixed-income investments; currency inflation (if it came) might reduce the real value of such trust funds to a trifle...
Because the late great Leland Stanford had wisely willed his trustees great latitude in investment, Herbert Hoover and friends got permission to revise their portfolio. Meanwhile, many another trustee, bound by strict fiduciary laws and without latitude to switch to common stocks, faced an immediate menace: New Deal fiscal policy has reduced interest rates so low that with every refinancing the dollar yield of securities gets closer to the vanishing point...