Word: bankes
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Dates: during 1920-1929
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Such a step would put a heavy strain on British industry. Legitimate and necessary business borrowing within Great Britain would be regrettably curtailed by so high a rate. When the news flashed from Manhattan that the U. S. Federal Reserve Bank had unexpectedly boosted its rediscount rate a full percent, to 6%, it was clear that something must be said or done...
After lunch Mum Scot MacDonald sat down to an even more closely hushed conference with Governor of the Bank of England Montagu Collet Norman and Wall Street's dynamic, cosmopolitan Thomas William Lamont...
Speculators chewed ragged cigars last week, conferred past midnight, lost their sleep. Thursday's stock market had closed strong when the Bank of England did not raise its rediscount rate. Then, late in the afternoon, came announcement that the Federal Reserve Bank of New York had raised its rate from 5% to 6%. Wall Street was caught unprepared. Tycoons rushed to telephones, brokers called up bankers. Ten members of the Stock Exchange were seen leaving a Broad Street building in one nervous, gesticulating group. Long after the dinner hour two Rolls-Royces still waited outside the austere House of Morgan...
When half the banking resources of the commercial filter of the country's richest, most literate agricultural State become concentrated in one bank, that situation is significant. The State is Iowa-farm products $750,000,000 yearly, industrial products $800,000,000. The filter is Des Moines, population 151,900. The bank will be the lowa-Des Moines National Bank & Trust Co., resources $40,000,000, result of a merger (to be formally voted next week) which has more relative importance to the corn belt than the recent stupendous bank mergers in Manhattan, Chicago or San Francisco have...
...Moines is a city of a few dozen men. They operate its dozen banks (total resources $80,000,000), its 43 life, fire and casualty insurance companies (total assets $209,684,400), its 400 manufacturing establishments,* its newspapers, national magazines (Meredith Better Homes & Gardens [circulation 1,000,000] and Successful Farming [circulation 1,000,000]), its five department stores (Younkers, notable)-all the means which the Des Moines trade area of 1,000,000 people need for their business. Most of the men who control all this business are on the directorate of the new bank...