Word: boarded
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Dates: during 1920-1929
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Upshot. It was doubtful whether anything would result from all the congressional speeches and resolutions, if only because the Federal Reserve Board itself was believed to be aghast at the thought of its delicate and vital functions being subject to congressional disturbance at such a critical moment...
...Advisory Council of the Reserve system (a group of private bankers & businessmen appointed by directors of the twelve Federal Reserve Banks) emphatically endorsed the Reserve Board's warning of last fortnight. The Reserve banks themselves began to tighten money by selling government securities and bankers' acceptances. Member banks beckoned for about $60,000,000 of outstanding call money...
Nothing further had come from the Federal Reserve Board except publication of the figures on which its "warning" had been based. These figures showed that in the last twelve months loans to member banks had more than doubled and that Federal Reserve outstanding credit had increased...
Significance. The outstanding development of the week was the fact that, without taking any radical measures, the Federal Reserve Board, aided by front-page publicity given to bearish conversations in Congress and in the Reserve advisory council, succeeded in scaring Wall Street into a liquidation movement. A definite obituary on the bull market might, however, be a little premature. Mysterious despatches from Washington stressed an alleged division of opinion on the Federal Reserve Board and the existence of a minority party opposed to anti-speculative measures...
...high official" and an "administration source" were quoted as believing that the Board had gone as far as it was going to go. There were hints and inferences that the official and the source were Secretary Mellon, who is ex officio a member of the Federal Reserve Board...