Word: bankes
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Dates: during 1930-1939
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Farm Loan Interest. Only major veto of the session was placed by Franklin Roosevelt on a bill to extend for two years the "emergency" rate of 3½% on Federal Land Bank loans to farmers. Last week both Houses overrode the President...
...Bank Debits (withdrawals from individual checking accounts in 274 cities). With the advent of Depression II, bank debits slumped at once as people tightened their purse strings. The total touched bottom in February. Subsequent figures, charted with seasonal allowances, show that since early March public buying has held at a fairly even pace. Last week's bank debits were $6,850,000, 18% under a year ago but the same as the previous week. Significance: though production of goods is still dropping, buying has apparently steadied-an optimistic sign...
Ratings was another prime topic oi conversation among last week's frolicking bond men. For many years banks buying bonds have generally relied on the ratings published by the four big statistical services-Standard Statistics, Moody's, Poor's and Fitch's.* In 1936 the Comptroller of the Currency made this custom a requirement in cases when bonds are of doubtful value. Last January a research economist at the University of Chicago with the resounding name of Melchior Palyi took it upon himself to denounce this setup. Said he: "The ruling of the Comptroller...
...rated the recent $100,000,000 issue of U. S. Steel debentures as AAA (highest), Standard as A1 (second rank), Poor's and Moody's as A (third rank). Last week, too, Secretary of the Treasury Morgenthau revealed that the group which has been devising a uniform bank examination was also brewing substantial modifications of bond ratings and eligibility...
...Each has different symbols, but a fair sample is Standard's: Sound bank quality-A1+, A1 and A; borderline bank quality-B1 + ; speculative-B1, B, C1+, C1 and C; defaulted bonds...