Word: board
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Dates: during 1920-1929
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Federal Reserve. Last February the Federal Reserve Board harassed the market by convening every Thursday to discuss a raise in the rediscount rate, then reporting "no announcement.'' It formally announced that "when it [the board] finds that conditions . . . obstruct Fed eral Reserve Banks in . . . so managing credit facilities as to accommodate commerce and business, it is its duty . . . to take measures to correct them; which, in the immediate situation means to restrain the use of Federal Reserve credit facilities in aid of the growth of speculative credit." For months no more was heard. Brokers and speculators forgot. Last week when...
Governor of the Federal Reserve Board is Roy Archibald Young, 47, solid, capable, popular. When the announcement was made his words were few and cryptic: ". . . [We] have considered how the resources of the Federal Reserve System might best be conserved and made available to meet autumn requirements. The problem has presented difficulties because of certain peculiar conditions." The increased rate was not adopted however for the Reserve Banks of Chicago or Philadelphia...
...obviously included the English situation, easier credit needed for moving the fall crop. Stock Market excesses, high call money rates. For Governor Young to have been explicit would have been untraditional. Because it is impossible to make a complete statement taking into consideration every factor discussed, the Federal Reserve Board makes no explanations, merely presents the simple fact of its decisions...
...Market. Commuters on their trains last Friday morning discussed and laid grim bets on how far the Market would fall. The Los Angeles and San Francisco markets, still open on the previous afternoon when the Board's announcement was made, had crashed badly. Six hours ahead of New York, Friday's market at Amsterdam had opened with U. S. Steel plunging downward. To add to the threat of another Black Friday*; was the fact that brokers loans reached a new all time high, over six billion dollars. At the New York Stock Exchange, the gallery was packed with spectators...
...wealthiest, most business-like nation, are a majority of the world's outstanding businessmen. Their leader, by implication, is leader among businessmen of the world. Last week at the Harvard Business School more than 200 students, from 27 states and three foreign countries, chose Owen D. Young, board chairman of General Electric Co. and Radio Corp. of America, chairman of the second Reparations Conference, as "the one outstanding American businessman...