Word: peg
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Dates: during 1930-1939
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...economic royalists," Dr. Moley has frequently in Vincent Astor's Today warned the New Deal to reef its sails. Last week Editor Moley used Dr. George Gallup's latest Institute of Public Opinion poll showing Governor Landon to have an electoral majority (TIME, July 20) as a peg on which to hang still another warning to Roosevelt, Farley & Co. Wrote...
When Banker McCain learned from, the national bank examiner in June 1932 that the Harriman bank was from $4,000,000 to $6,000,000 "under" and that $1,300,000 had been lifted from depositors' accounts to peg Harriman bank stock on the market, he concluded that criminal prosecution of Bankster Harriman just then would endanger other Clearing House banks. To postpone such prosecution until the bank's affairs were in order, Mr. Harriman was eased into the board chairmanship, and Mr. McCain induced Henry Elliott Cooper, onetime Chase National vice president, to take the presidency...
From the Administration standpoint the advantage of the 9? loan & subsidy plan was that it would allow the price of cotton to seek its natural level and thereby encourage cotton exports which have fallen off badly as a result of the pegged price. This long-range advantage did not appeal to Southern Senators. They bellyached mightily to the effect that a 9? loan sounded cheap and shoddy to their constituents who had learned to expect bigger and finer things from the generous New Deal. Unexpressed, but probably more potent, was the fact that Cotton Senators knew that cotton mills...
Secretary Wallace put on a bold front. The U. S. surplus not only keeps the price of cotton down but also endangers a $270,000,000 investment which the U. S. Government has in cotton. To peg cotton's price last year Secretary Wallace offered to lend producers 12? per lb. on cotton. When cotton began selling be, low 12? per lb. the Government had to take everybody's cotton. It has already taken 4,500,000 bales...
...holding this profitless bag, stop making any more 12? loans. But with the price of cotton threatened by a crop that is huge by 1935 standards of consumption, it was last week becoming politically more & more difficult for him to refuse to make another price-pegging loan offer. In effect, he was in that unfortunate position in which Herbert Hoover's Farm Board found itself when that luckless agency tried valiantly but vainly to peg the price of wheat...