Word: bankes
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Dates: during 1930-1939
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...statesmen of Europe hurried toward Geneva this week French battalions poured into the $300,000,000 forts and for the first time they were fully manned. At some points French and German troops were only a pistol shot apart. The price of a Bank of France share fell from 8,700 to 8,200 francs. On orders from Australian League Council President Stanley Melbourne Bruce, the League of Nations' French Secretary General, M. Joseph A. Avenol, telephoned Berlin, inviting Realmleader Hitler to send a German representative to Geneva for the crucial session of the Council...
Like the U. S. Constitution, the Federal Reserve System was originally designed with a full set of checks and balances. A check: to have the chairmen of the twelve regional Reserve Banks appointed by the Reserve Board in Washington. A balance: to have the governors (now presidents) named by the local directors of each Reserve Bank. Last year when the New Deal architects remodeled the Federal Reserve System into what for all practical purposes is a central bank of issue under political control, the reconstituted Reserve Board was given the power to veto the choices of the twelve Reserve Banks...
Having thus obtained a potent voice in the naming of the two ranking officers in each Reserve Bank, Marriner Stoddard Eccles, the New Deal's chief banking architect, proposed to abolish the office of Reserve Bank chairman which, so far as the need for centralized control was concerned, was now wholly superfluous. On that point, however, Mr. Eccles had to give in to Congress. Last week Federal Reserve Board Chairman Eccles apparently set out to abolish the office anyhow...
...room in Pittsburgh's Mellon Bank Building last week met Board President Samuel Harden Church and his fellow trustees of the Carnegie Institute of Technology. Among them were five ex-officio members: Pittsburgh's rumpus-raising Mayor William Nissley McNair; Councilman Robert Garland, who is currently under indictment in Manhattan for using the mails to defraud; Councilman Cornelius D. Scully, whose election is challenged by the Mayor; Councilman Walter R. Demmler and Councilman Charles P. Anderson. Their purpose: to elect a president of Carnegie Tech to succeed aging, ailing Dr. Thomas Stockham Baker...
With the Government's financing out of the way, the Federal Reserve Board may be more receptive to suggestions that it do something about the ponderous total of excess bank reserves, which constitute a base for stupendous credit inflation as well as making for cheap money. If the Reserve Board had pulled the control levers by which it can reduce bank reserves, the money market might have stiffened a little, and Secretary Morgenthau would have found it less easy to raise his billions...