Word: borrowers
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Dates: during 1920-1929
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...member banks for rediscount being charged an advancing rate of interest, reaching even nine and ten percent when the total ran exceptionally large. The banks were thus hindered from increasing unduly the regular lines of credit extended to their customers, and the business firms, in their turn, unable to borrow further except at exorbitant rates, were forced when in need of ready money to realize on their merchandise. A late season, tardy deliveries, a generally slow market, and the necessity of selling brought the situation to a crucial point and the inevitable crash came...
Hence, provided that one has something to offer as security, it is not a difficult matter to borrow money, which becomes plentiful and correspondingly cheaper. By this process credit is widely extended and the currency becomes inflated. G. Y. SOSNOW...
...story which is probably known to everyone. There were ten virgins of whom five were wise and five foolish. The wise virgins took oil with them, but the foolish did not. When, at last, the bridegroom came, the foolish virgins found themselves without oil, and as they could borrow none, they were compelled to go out and buy. When they returned they found themselves locked...