Word: bankes
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Dates: during 1920-1929
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Young's* international bank is surely a wow. The rest of us plowboys and sons of mechanics were trying to figure out just why a private American individual was mixing in foreign national squabbles in perfect busybody fashion when we tumbled to the fact that Young, as a G. E. tai-kun† is just the gerant* *; of his master, J. Pierrepont Morgan,†† of private gangplank fame. The latter is certain to be found hovering where dollars are thickest-like buzzards over carrion-voilà tout...
...American straphangers, of course. Where bond issues reach into thousands of millions, the banking fraternity will whoop it up in glee, of course. What if the wary investor steers clear of such bonds, having in mind fresh cancellations of German bonds 5c per $100? There are plenty of estates held in trust and plenty of innocent widows and orphans on whom the bank's allotment will be palmed off all over the United States...
...I.ast week Mr. Raskob announced his idea for a giant investment trust for small-capital men. Theory: Let a workman take, for example, $200 to the proposed trust. For $200 he would be allowed to buy $500 worth of stock, borrowing the other $300 from a bank or subsidiary company, with his stock as collateral. He would then repay the $300 at the rate of $25 a month. Thus might small-capital men, instead of spending on the installment plan for radios, motors, refrigerators, invest in installments in sound "rich-men's" securities...
...been to reduce loans to brokers. These were last week about $1,500,000,000 than when the drive upon them Thus the drive obviously was fail Furthermore it was from the begin a lost cause. For almost the entire in loans to brokers came not from Manhattan banks, not from out-of-town but from private corporations. And, although the Federal Reserve could partially control the loans from banks, it could not at all control the loans from corporations. For the loans from corporations were not really credit, but capital-''capital saved by individuals and business firms...
Rediscount Collateral. The fourth and final main argument of Mr. Simmons was the somewhat startling suggestion that the Federal Reserve System (the twelve parent banks) be allowed to rediscount stock market loans. Stock market securities are not accepted as collateral at the twelve Reserve Banks, which must make their loans on government or open market paper. But, maintained Mr. Simmons, the supply of restricted securities on which the Federal Reserve System can make loans is rapidly dwindling. The government is paying off its national debt at the rate of a billion dollars a year, and "in 15 years there...