Word: mayers
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Dates: during 1940-1949
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When the U.S. Treasury issued its list of big wage-earners last week, there were a few surprises. MGM's Louis B. Mayer, whose name usually leads all the rest, had slipped to third. At the head of the list was Charles Skouras, president of National Theatres Amusement Corp., with $568,143. The Los Angeles Turf Club's Charles Strub, who runs Santa Anita Park, was second ($541,412), well ahead of Mayer ($502,571). International Business Machines Corp.'s Thomas J. ("Think") Watson was fourth ($425,548). A new name was in fifth place...
There was grumbling over the third devaluation measure of Finance Minister René Mayer-the calling in of all 5,000-franc notes. One farmer burned his, rather than turn them in and invite questioning. Black-marketeers and others, forced for the first time to disclose their holdings, scurried around selling their excess notes for as little as 200 francs. But honest Frenchmen lined up with their 5,000-franc notes and turned them...
Those with small sums were paid off at once in smaller bills. Big accounts were frozen; how or when they will be paid off, Mayer has not decided. At week's end, Mayer estimated that all of the 330 billion worth of 5,000-franc notes, one third of all currency outstanding, had been turned in or destroyed, and much water squeezed out of the currency inflation...
American Help. It was still too early to tell whether Mayer's drastic program would boost exports, stop domestic inflation, and bring hoarded gold and dollars out of hiding to bolster the country's monetary system. Said Mayer: he would need about four months before he could tell whether the program would work...
Meanwhile, René Mayer's economic window-smashing had bewildered and frightened Frenchmen. Prices of oranges, chickens, beans, eggs skittered nervously upward. Many a thrifty soul with a sockful of 5,000-franc notes spent an anxious two days before he learned that the government would redeem his notes in full-if he could prove that he came by them legally. Said a Paris policeman: "This is a bitter pill, but we will have to swallow it. Let's hope it will save France...