Word: swaps
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Dates: during 1930-1939
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...Swore in Montana's John E. Erickson who resigned as Governor to be appointed the late Thomas James Walsh's successor by Lieutenant Governor Frank H. Cooney. Federal Judge George M. Bourquin of Helena protested the legality of the swap...
Baltimore & Ohio, whose President Daniel Willard is most famed for his labor dealings, has solved its own great problem: a $63,000,000 bond maturity in March. Backed by R. F. C. funds, it has persuaded nearly all bondholders to swap their bonds for half cash, half new bonds. Testifying last fortnight before a Senate committee, Daniel Willard focused attention on what has happened to railroad labor since the Depression. The B. & 0., he said, had cut its force 50% since 1929 and the process is continuing. Last week B. & O. shut down all shops...
President-elect Roosevelt has indicated that he might swap debt concessions to Britain for British tariff concessions to the U. S. On the contrary Chancellor Chamberlain argued that the U. S., in addition to forgiving Britain much of her debt, should also lower the U. S. tariff wall which he holds in part responsible for Depression. "A system under which it has been possible for the United States to reach its present position cannot be perfect," said Mr. Chamberlain, referring directly to the U. S. protective tariff system. "However, it is not for me to tell the United States what...
...December 1931 the $33,000,000 Stevens Hotel ("World's Greatest") faced the year end with $16,000 in cash-not enough to pay food bills for a month. To window-dress the balance sheet Hotel-&-Insurance-Man James W. Stevens had the hotel company swap a $600,000 unsecured note for $600,000 of Illinois Life's Liberty bonds. Thus the Hotel Stevens was able to report the balance sheet item: "Cash including Liberty bonds...
...difficult thing for a Russian to obtain. Last week the bars went down a little. To increase the State's stock of silver, Torgsin was authorized to accept silver plate and old jewelry as valuta. Next day Torgsin stores were jammed with hungry, ill-clad natives, eager to swap silver for rough clothing and such luxuries, dear to Russians, as smoked salmon, butter, caviar, vodka. Prices were steep. It took a kilogram of silver (2 3/5 lb.), worth about $7.80 in Manhattan, to buy one pair of Torgsin shoes. Two pounds of butter cost 137 grams of silver with...