Word: liquidates
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Dates: during 1930-1939
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...moratorium was officially over, Governor Comstock imposed such drastic restrictions on withdrawals that actually the holiday was extended indefinitely. These were limited to a depositor's pro rata share of a bank's cash and government bonds, thus anticipating the "Michigan Plan" (not yet enacted) of segregating liquid and frozen assets. All out-State institutions opened for what business they could do, but in Detroit, a man could draw out only 5% of his deposits...
...withdrawals. . . . My determination is that first, last and all the time the interests of the depositors must be protected." To that end he worked night & day to draft and get the Legislature to pass what was rapidly becoming a standard bill among the states for the division of liquid and frozen assets, with withdrawals limited to the former. Work & play went on in Maryland about as usual...
Ohio's Governor White, refusing to declare a bank holiday, prepared legislation to hold withdrawals down to the level of the liquid assets. On his own hook the Mayor of Dayton ordered a three-day moratorium. In Cleveland, Akron, Lima, Canton, and many a smaller city, bankers agreed among themselves to limit withdrawals to a mere dribble of cash. The good-natured, holiday-spirited crowd which thronged the great lobby of Cleveland's Union Trust Co. to get what money it could was typical of similar gatherings in hard-hit States...
...Another wrong notion about canned foods is the idea that the liquid in a can of vegetables, like peas or beans, should be drained off and not used. Formerly this liquor was sometimes too salty, but not at present. That juice contains valuable nutrients, and discarding it is a distinct waste...
...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...