Word: borrowers
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Dates: during 1920-1929
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Seemingly quite oblivious that he was proposing the impossible, Mr. Sun told the Nationalist Congress in Nanking (see p. 28) that China "should" raise $100,000,000 a year in taxes for his public works program, "should" borrow another $100,000,000 annually from the Great Powers, and "should" issue $50,000,000 of "Reconstruction Bonds" every twelvemonth. Thus, said Mr. Sun, China "could" raise the annual $250,000,000 requisite to carry out the following Sun Program: 1) Complete the $3,000,000 tomb of Saint Sun Yat-sen in Nanking, a project already well begun; 2) Rebuild Nanking...
...business brontosauri. Il Magnifico in all his purple pride never had to do with a loan of more than 200 million dollars; but austere, reserved, patrician "Mr. Morgan" quietly arranged the Anglo-French loan of a half-billion dollars in 1915. It is said that the Allies wanted to borrow a round billion at that time; but Mr. Morgan led the British fiscal representative, Lord Reading, into his sanctum, and thoughtfully observed: "Reading, I wouldn't ask a billion if I were you. I think you'd best limit the issue to half a billion...
...week the Federal Reserve Board shook a threatening finger, spoke a warning word. With loans to brokers standing at $5,669,000,000, the Board felt that too much money was being absorbed by the stockmarket, that other interests were being forced to pay too much for money they borrow, that indus-try as a whole was suffering from diversion of funds to brokers and speculators. It therefore expressed the opinion that a member of the Federal Reserve Banking System is "not within its reasonable claims for rediscount facilities" when it borrows Federal Reserve money to be used in "making...
Discount Rate. As for rediscount rates, here again it is the province of the twelve Reserve banks (not of the board) to initiate rate changes?. Here the Reserve banks have a specific and unquestioned method of making it expensive to borrow money. But this method cannot be indiscriminately applied. In the first place, a high discount rate will attract money from foreign countries. More important, however, is the fact that the Reserve bank cannot make it harder for the speculator to borrow money without making it correspondingly harder for the businessman or the farmer to borrow money. A rise...
...Corp. of America. Out on the farm in Van Hornesville, N. Y., where he was born, and where he now raises prize cattle, rustics know Mr. Young as a tall, deliberate, loosely built man of 54 who was once a lazy plowboy.* Gaffers recall how his father had to borrow the $1,000 which helped Owen to an education, world potency, historic fame...