Word: bankes
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Dates: during 1930-1939
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...Houston Chronicle, Jesse Jones long ago promised that RFC would make no newspaper investments, lest the New Deal be suspected of trying to control the U. S. Press. Month ago RFC secretly acquired a third of the Tennessean's outstanding bonds from a defunct New Orleans bank which had put them up as collateral for a Federal loan. After denying the transaction for weeks, RFC sold the bonds last week for their purchase price-$200,000-to President Paul Maclin Davis of American National Bank, which already held another $250,000 of the bonds. What made this...
Secrecy of RFC doings is guaranteed by Federal law, but its doings in New Orleans were revealed last week under a Louisiana State law, drafted by Huey Long just before his death, making all RFC transactions with State banks a matter of public record. Confronted with positive evidence, RFC admitted the New Orleans deal, hastily announced sale of the newspaper bonds to Banker Davis. Quick to smell a rat was Delaware's Senator Daniel O. Hastings, who demanded a sweeping investigation of Paul Davis, his bank and RFC's interest in it. Said...
...What I wish to emphasize today is that when the stock exchanges have done all that they can; when the member banks of the Federal Reserve have done all that they can; when SEC has done all it can, there still remains this immense outside factor, an abnormal money market with a gigantic volume of excess reserves, the control of which is not in their hands. Only sound Federal Reserve Bank policy and sound Treasury policy can control that. . . . My earnest wish is that through intelligent use of equipment which we have and by keeping our sense of proportion...
...serving its subsidiaries. In 1928 almost half its income came from service fees, and, though the proportion has dwindled since Depression, the shrinkage came through no will of the parent company. There is nothing shaky about Bond & Share. It owes no money. It has $38,000,000 in the bank. It does not borrow from its subsidiaries; in fact, it has loaned them $90,000,000. And if the Public Utility Act were discretionary, not mandatory, Bond & Share might be allowed to live. But should the Public Utility Act survive the test of constitutionality and the Administration survive the test...
...heads of the twelve Federal Land Banks probably know more about farm real estate conditions than any other dozen men in the U. S. Their institutions, organized during the War to lend farmers money on mortgages, represent the most successful effort in the U. S. to provide cheap, long-term agricultural credit. Last week with all twelve Land Bank presidents in Washington for a conference with the Farm Credit Administration, an alert Wall Street Journal newshawk obtained a comprehensive survey of farm real estate conditions without leaving the city. Since the Land Banks have picked up a goodly...