Word: walls
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Dates: during 1930-1939
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...Melchior either did not know or would not say just what assets Germany holds abroad. Moreover, the political situation in Germany was so improved (TIME, Aug. 17) that everyone felt more free to handle the Germans firmly. There was much criticism of German domestic extravagance. From the Wall Street point of view no financial diplomat could better express the hard truth which Germany had yet to be told than Banker Wiggin. As head of the Committee he could say these things privately or call as he did upon other speakers. Sir Walter Layton was loud in demanding German fiscal reform...
...Wall Street's AL. It is part of a Wall Street runner's ABC that Albert Henry Wiggin is the head of the biggest bank in the world and that he is known as Al, "the man with a million friends." Innumerable people ''Al" Mr. Wiggin...
French Maneuvers. All this time Emile Moreau of the Bank of France sat at his end of the table smiling amiably, saying very little. But Wall Street suddenly perceived a curious maneuver which the Bank of France has been executing in New York. Ever since June 20 when the Hoover Moratorium was announced, the Bank of France has been converting its holdings of U. S. commercial bills into cash, holding the cash on deposit in the Federal Reserve Bank. Between June 17 and last week foreign bill holdings dropped from $378,717,000 to $220,174,000; foreign bank deposits...
...Wall Street bankers suggested a more charitable explanation. At the time the French franc was in danger the French Government passed an emergency law putting a tax of 1% on cash balances held outside France. The law is still in effect though the reason for it has passed. Conversion of the bills into cash and the cash into gold (which does not pay the tax) might just possibly be part of a move to have this old law annulled...
Only a fortnight ago Atlas Utilities Corp., investment trust headed by astute Floyd Bostwick Odium, 39, set Wall Street talking by its sudden acquisition of $9,000,000 Ungerleider Financial Corp. and $20,000,000 Sterling Securities Corp. (TIME, Aug. 17). Last week Atlas made its twelfth purchase since June last year, one bigger than any of the others. This buy was control of Chatham Phenix Allied Corp., formed in September 1929, by the securities affiliate of $326,000,000-in- resources Chatham Phenix National Bank & Trust Co., Manhattan...