Word: crediteer
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Dates: during 1930-1939
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...open market program, however, did not get away to a perfect start. Federal Reserve credit, instead of rising in line with the new purchases, showed a net decline for the week of $35,000,000. This was due to a drop in member-bank borrowings and a decrease in bill purchases...
Other provisions in one bill or the other: 1) Federal Reserve banks are to withhold credit from member banks which use it for stockmarket speculation; 2) savings and Morris Plan banks are to be admitted to the Reserve system; 3) national bank directorates are to be limited to 25; 4) interest on demand deposits is to cease; 5) officers may not borrow from their own banks...
...theme of each mayor was the same: municipal credit with local banks was exhausted. Default on municipal securities loomed.∙ Taxpayers were on a silent strike. The cost of unemployment relief continued to soar. Jobs and salaries had been cut and cut again and still the municipal budget would not stay balanced for a week at a time...
...against municipal bonds and tax certificates; 4) a Federal advance of 100% on the cost of public works municipalities are expected to undertake under the National Recovery Act, instead of 30%, as provided in that measure. Ad dressed to Congress, the resolution de clared: "A grave crisis threatens. . . . Municipal credit is about to collapse . . . municipal bonds are held by ... widows and orphans . . . the 65.000.000 people who live under our care. . . . We did not cause the depression. . . . We warn you ... city of the government. rapidly . . ." approaching collapse of Mayor Curley put back on his coat, clapped on his hat and, piling...
...there was any advantage in taking the date of Jan. 2 for the readjustment of the partnership, it was to carry on the tax credit on losses into 1933. But that advantage was eliminated by a new tax bill passed last year...