Word: midlands
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Dates: during 1930-1939
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Reginald McKenna is the bald, brainy chairman of the Midland, largest bank in the world. Three years ago he induced Britain's leading bankers, traditionally free traders, to reverse themselves sensationally and come out for the building of tariff walls around the Empire (TIME, July 14, 1930), which have since been built. Five weeks before President Roosevelt's inauguration Mr. McKenna asked: "Is it possible to raise our internal price level? Particularly can we do so by monetary management? ... I confess the thought of inflation, so long as it is controlled inflation, does not alarm...
...advantage of a depreciated pound between 1931 and last April, for Chase resources in the last three years have shrunk steadily from a high of $2,600,000,000 to $1,700,000,000. In Britain, where branch banking is almost the only banking, the "Big Five"- Midland, Lloyds, Barclays, National Provincial, Westminster-control 80% of the business. In May Midland led the London race with resources of $2,200,000,000. Second was Lloyds with $2,000,000,000. But Barclays Bank lays claim to "world's biggest" because its statements do not include the resources...
...were chary of giving small bills for big ones. By the time the moratorium was modified after two days to permit withdrawals up to 5% of deposits, the scarcity of money was acute. Even Governor-reject Brucker was forced to borrow $10. Newsboys had to sell on credit. In Midland, big Dow Chemical Co. coined magnesium into "Dowmetal money" with a specified value of 20?. The City of Detroit went into technical default, its bonds slumped badly. But Michigan stayed cheerful. It was considered funny to sing to your friends "Brother, Can You Spare a Dime...
...from its head office. Example: Bank of America N. T. & S. A., with 410 offices up & down California. 2) Group banking, in which a holding company controls one big bank and a group of smaller banks which draw upon the experience and facilities of the central institution. Example: Marine Midland Corp. with 22 banks built around Buffalo's Marine Trust Co. 3) Chain banking, in which a string of small banks are controlled by a holding company or individual but having no kingpin institution...
...Also lobbied was the notion of an Empire Super-Bank, chief lobbyist for this being Director John Ford Darling of England's mighty Midland Bank. Urging that the London pound sterling be made the Empire currency, Mr. Darling ex pressed his opinion that "the pound now has greater relative strength than at the time it was placed on gold [in 1925] and the American dollar, though backed by gold, is relatively much weaker...