Word: bankes
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Dates: during 1930-1939
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Many a bitter, cynical attack has been made on the Old Deal and Charles Gates Dawes because of the $90,000,000 loan made by the Reconstruction Finance Corp. to his Chicago bank in 1932, shortly after he resigned as RFC president. In last week's issue of the Saturday Evening Post, the record of that transaction was set straight. It was told how General Dawes announced to other Chicago bankers and officials of the RFC that his bank would not open next morning; how he made it plain that he was asking no help for his bank, merely...
Next day the news overshadowed everything else at Vanderbilt's commencement exercises, even an address by the Bank of England's eminent Economist Sir Josiah Stamp, for not only had James Hampton Kirkland been the "Chance" longer than almost anyone could remember but his 44 years at Vanderbilt had spanned one of the most successful university presidencies...
Even Manhattan's vast R. H. (for cash) Macy & Co. has had to make concessions to the Installment Plan. No one is in debt to Macy's but some of Macy's customers are in debt to a Morris Plan Bank with a representative right in the store. A competitive measure, the Morris Plan tie-up is not advertised by Macy's, but if a customer hesitates for lack of ready cash, he is likely to be steered to the Morris Plan "fellow on the ninth floor...
Whatever the psychological effect of the New Deal's borrowing and spending may have been, the New Deal's easy money policy has certainly given the Installment Plan a big push. With a plethora of bank credit available, the big finance companies have been able to cut carrying charges to more attractive levels. Many commercial banks are now interested in installment paper not only indirectly through loans to merchants and finance companies but also directly in their own installment departments...
...much of a mystery as the scare last April were last week's gold-cut rumors. According to the New York World-Telegram the report originated inadvertently with a big Manhattan bank, which had bought $5,000,000 in gold to resell at a profit to the Treasury. Feeling that the price of sterling was high, the bank borrowed instead of buying the exchange with which to pay for the London gold. Meanwhile sterling went up, not down, and having been caught short, the bank hastily covered by dumping the gold. The fact that a U. S. bank...