Word: moratoriumed
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Dates: during 1930-1939
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...Mills, 29 years his junior, there was almost a father-and-son relationship which culminated in last week's inheritance of office. Mr. Mills affectionately called his superior "the Old Man." Last year while Mr. Mellon was hopping about Europe, lining up foreign approval for the Hoover Moratorium, Ogden Mills anxiously re marked: "If this thing goes on they'll be bringing the Old Man home...
...selection of Ogden Mills to succeed Mr. Mellon as Secretary will meet general applause. Probably few secretaries in this century have had more years of service in the Treasury before becoming head of it. His share in the arrangement of the Hoover Moratorium is well-known. As Secretary, he will take over officially a position the duties and requirements of which he thoroughly understands...
...situation manifested itself in the Spring of 1929, when fear of the failure of the Young Plan negotiations created a flight from the mark; again, in the Fall of 1930, when the results of the elections caused another flight, and, finally, in the Summer of 1931, when even the moratorium failed to avert an acute financial arises which paralyzed German business. Certainly the inability of Germany to develop a large export surplus must be regarded as a major factor in precipitating the depression in 1929 and in intensifying the depression in the Fall of 1930 and the Summer...
...been expecting for a month: the "Stillstand Agreement" concluded in Basle last August, by which repayment of $1,500,000,000 of German private short-term loans was frozen for six months, will be prolonged for another year. Points: ¶ The agreement will expire automatically should Germany declare a moratorium...
...committee of U. S. bankers, trying to work out an agreement between Hungarian banks and their private creditors, gave up in discouragement last week. Month ago Hungary declared a moratorium on most of its foreign debt, excepted the short term loans of foreign bankers but at the same time begged that a "stillstand" agreement could be reached to freeze these for another six months. U. S. short term credits to Hungary total about $35,000,000. New York bankers agreed to the "stillstand" provided Hungarian bankers would at least pay interest and commissions on the loans falling...