Word: retrench
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Dates: during 1930-1939
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Fortnight ago, labor-loving readers of the Citizen-News were shocked when labor-loving Publisher Palmer's entire editorial staff went on strike. With a Guild contract about to be signed, Publisher Palmer had decided to retrench by firing three active Guild members: Political Editor Roger Johnson, a past president of the Los Angeles Newspaper Guild, Drama Critic Elizabeth Yeaman and Editorial Writer Mel. G. Scott Jr. To the Guild, this was discriminatory discharge in violation of the Labor Act and cause for a strike. Sorrowfully, Publisher Palmer hired a staff of scabs, insisting that, as a liberal...
...Last week the Pennsylvania Railroad, busiest in the world, announced that it was obliged to retrench on expenditures for maintenance during September and October because fall business was not up to expectations...
...constitutional provision of delegation of powers, the Administration will have a perplexing and irksome problem to deal with. Undoubtedly the Supreme Court will rule correctly in deciding against the Government on any of the foregoing reasons. A way out of the dilemma would be for the Administration to retrench to a conservative position by raising the dollar back to par on the old gold standard...
...years of law practice, he accepted the presidency of Atlanta Trust Co., later became Governor of the Atlanta Federal Reserve Bank. A conservative with a pungent turn of tongue, he predicted the Crash, gained national note in 1930 when he scolded the Investment Bankers Association for refusing to retrench in the face of Depression. In May 1933 President Roosevelt picked him to succeed Eugene Meyer as head of the Federal Reserve. He resigned last August, continued as liaison man between White House & bankers until his death...
...Citroën's bankers used to be the famed house of Lazard Freres. Early in Depression, which to France came late. Lazard Freres tried to curb its client's exuberance, urged him to retrench. M. Citroën's reply was to buy up what little stock he needed for absolute control, preparatory to riding out Depression in solitary splendor. Lazard made haste to dispose of its minority interest...