Word: moratoriumed
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Dates: during 1930-1939
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...Clark Howell, John Cohen were some of the names the President-elect juggled about on paper to see how they might fit into the new administration. William Hartman Woodin, the new Secretary of the Treasury, arrived from Manhattan to discuss the banking situation in the light of the Maryland moratorium (see p. 18). And on his heels entered Daniel Calhoun Roper, new Secretary of Commerce, with fresh plans for wringing larger savings out of government reorganization. Mr. & Mrs. Roosevelt attended a farewell party at nearby Staatsburg where old friends were told that Hyde Park would serve as the summer White...
...this resolution, his own State of Michigan was the biggest, blackest blotch on the banking map of the U. S. When S. J. R. 256 reached President Hoover's desk a week later, the banking map was badly pockmarked with many another big black spot. Behind the Michigan moratorium, the effects of which were just beginning to be felt elsewhere, lay three grinding years of Depression and 5,096 bank failures throughout the U. S. Nevada had clapped its bank doors shut in self-protection, Louisiana had taken an extra-legal breathing spell. Instead of being permitted to recover...
...moratorium (pieced out by Washington's Birthday) approached, a scheme was evolving in Detroit's day & night powwows known as the "Michigan Plan." The suggestion of Chairman 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...
...Greatly Enhanced.' President Hoover's moratorium stopped Young Plan payments, apparently for good & all, but oddly enough the Cash Register of the Young Plan continues to function. Between them President McGarrah, Alternate Fraser and their Board have developed profitable B. I. S. sidelines in handling League of Nations loans, and transfers among Europe's central banks. In his 1932 report President McGarrah was able to show a B. I. S. profit for the fiscal year of 15,182,818 Swiss francs ($2,929,524) and proudly declared, "It is a satisfaction to confirm that the usefulness...
...Reich's chief short-term creditors announced themselves satisfied that Germany has done her utmost and done well. During 1932 she has repaid, they estimated, nearly 14% of the short-term credits frozen in Germany under the "standstill agreement" (TIME, Aug. 31. 1931) which followed the Hoover Moratorium...