Word: congress
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Dates: during 1920-1929
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With plans to attend the Fourth Pan-Pacific Scientific Congress at Batavia, Java, and to carry on extensive research work along the northwest coast of Australia, a region never before inspected by a marine zoologist, Professor H. L. Clark of the Harvard Museum of Comparative Zoology yesterday announced the itinerary of a trip on which he departs March 15 and which will keep him away from the University for a period of almost a year...
...Into Congress last week overflowed the financial argument between Federal Reserve Board and Wall Street (TIME, Feb. 18). A mingled outburst of oratory, ethics, provincialism and a little economics was the result. The prevailing sentiment was strongly against the speculator. Since, however, the very Senators and Representatives who were most inclined to view Wall Street as the heart of the money octopus also regarded the Federal Reserve System as at least a tentacle of the same monster, the banker was scolded while the broker was flayed...
...House considered speculation more calmly, though Pennsylvania's Louis T. McFadden, chairman of the Banking & Currency Committee, announced that at the next session of Congress his committee proposed to go into Federal Reserve discounts, brokers' loans, investment trusts and mergers. Representative Loring Black, a smart sensationalist, attacked the Reserve Board for alleged connivance with Great Britain. He argued that if England needed gold it ought not induce the Federal Reserve to interfere with U. S. prosperity by hampering Wall Street but should sell to the U. S. some of its island possessions off the Atlantic Coast, which possessions...
...leading anti-Wall-Streeter in the House is Henry T. Rainey, a tall, white-haired old Illinois farmer who has been in every Congress but the 67th since the 58th. In the Senate are Heflin, Norris, Brookhart, Shipstead and many another hinterlander whose eyes are vigilantly cocked for city-bred iniquities...
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...