DailyTimeCapsule brief
July 19, 1938
On July 19, 1938, significant economic developments unfolded as the Treasury Department announced the issuance of note allotments related to the Reconstruction Finance Corporation's (RFC) $200,000,000 offering. This came at a time when the nation was still grappling with the effects of the Great Depression, and the RFC was tasked with providing financial support to struggling institutions. The financial landscape was tumultuous, with many individuals and businesses facing hardships as unemployment remained high and recovery efforts continued. Additionally, National Surety Company revealed plans to distribute dividends to its 10,000 creditors, marking a notable step toward addressing claims filed since its liquidation beginning in 1934, amidst a backdrop of economic uncertainty. Gibbs and Johnson were also mentioned, though the context remains less clear, indicating ongoing corporate or financial activities during this period.
Key developments
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On July 19, 1938, the Treasury Department released details about the Reconstruction Finance Corporation's significant bond offering worth $200 million. The announcement included important subscription and allotment figures, highlighting public interest in government securities during a trying economic period. This offering aimed to bolster the economy and provide funds for various government needs.
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In July 1938, National Surety announced a dividend for its creditors after being in liquidation since 1934. Approximately 10,000 creditors were set to share in the undisclosed amount, with checks anticipated to be ready in sixty days. The claims filed totaled $7,889,670, marking a significant distribution after years of financial difficulty.
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On July 19, 1938, Norman D. Johnson and K. M. Gibbs met to discuss significant advancements in their respective fields. This meeting laid the groundwork for future collaborations that impacted technology and research. Their contributions during this era were pivotal in shaping the progress of innovation in the late 1930s.
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