Word: crediteer
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Dates: during 1930-1939
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...effect of the Securities & Exchange Act upon Wall Street was a notable improvement in demand for margin clerks, that unsentimental class of brokerage house employes whose thankless task it is to keep tabs on customers' accounts. For the guidance of the Federal Reserve Board, which administers the credit end of Federal stockmarket control, Congress suggested a dual formula for fixing margin requirements which has been in effect since 1934. A broker could lend a customer the greater of either: 1) a flat percentage (now 45%) of a security's current market value; or 2) 100% of the lowest...
...bank margin rules solely to speculative borrowing. If his bank will accommodate him, a man can still pledge his stocks for, say, 70% of their value to buy a farm or build a house. Said the Board: "The regulation does not restrict the right of a bank to extend credit, whether on securities or otherwise, for any commercial, agricultural or industrial purpose or for any other purpose except the purchasing or carrying of stocks registered on a national securities exchange...
...Credit for Competence...
...sometimes give credit for some competence! As a nation the U. S. cannot afford to pride itself on colonial enterprises nor on ability to run things much better at home. I shall enjoy your future copies much more if you could drop those superior caustic wisecracks on subjects you can know so little really...
...your March 9 issue in the Miscellany column you credit Tamworth, N. H. with only six inhabitants all over 90. The original article stated that Tamworth had six inhabitants over 90 and all active. We lay claim to having more than six residents, in fact have 40 pupils in our high school and none of these includes the six mentioned...