Word: bankes
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Dates: during 1920-1929
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Status of Reserve Bank...
Moreover, member banks are now increasing their mercantile loans by selling bonds rather than by rediscounting. In general, there is very little rediscounted paper in the Reserve banks, despite the current trade expansion. Several Reserve banks could not pay their running expenses today simply on interest accruing on their portfolio of bills and paper. Theoretically they should if necessary run at a loss in such cases; but this has been made impossible by the unjustifiable amounts of money taken from them by the government under the terms of the Reserve Act in 1919-21, under the euphemism of "franchise taxes...
Stocks were irregularly weak, and less active than recently. Prices have been obviously subject to a "technical reaction" which, owing to the relatively small public participating in stock speculation, has been gradual rather than violent. Bonds continued to decline-Liberties broke badly on bank selling and rumors of increased Reserve rates, but recovered fairly well subsequently...
...dramatic yet genuinely constructive policies of Mussolini have advanced rates for Italian lire. Belgian and French francs have also continued strong. Fewer Bank of France notes are now outstanding than when the French armies entered the Ruhr. This is in the strongest possible contrast to Germany, whose currency now aggregates nearly five trillion marks through the colossal addition last week of 683 billion. The German $50,000,000 "loan" failed dismally, German industrialists evidently holding completely aloof...
...great significance to the common fear of coming inflation is a table of stocks of basic commodities as of January 1,1923, in the bulletin of the New York Reserve Bank. Compared with January 1, 1922, much smaller stocks were reported of anthracite and bituminous coal, cement, brick, wood pulp, skins, leather, cotton, lamb. Larger stocks were reported in crude petroleum, kerosene, gasoline, beef, pork. Until stocks of commodities generally increase, it may be concluded that consumption is keeping pace with production, and that in consequence inflation is not yet upon...