Word: crediters
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Dates: during 1950-1959
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...there was no clear idea of just what a recession involves, or what it means in terms of the postwar economy. For a reading on where the U.S. stood last week, and what the Federal Reserve Board is doing about it, see BUSINESS, The 1957 Recession and Using the Credit Tools...
During four days of insistent questioning in Washington last week, Texas Congressman Wright Patman, chairman of the House Small Business Committee, tried his hardest to discover what every U.S. businessman would dearly like to know: What will the Federal Reserve Board do next to ease credit and implement its reduction in rediscount rates...
...days later it became apparent what some of those actions are. The Fed, which has kept heavy pressure on member banks, eased the pressure. It did not counteract an increase in the "float," i.e., uncollected checks in transit between commercial banks, for which bankers get an automatic Fed credit. This was used by mem ber banks to cut their debt to the Fed by $158 million and made possible further borrowings from the Fed, thus could give banks more cash to lend...
Markets & Minims. The Federal Reserve's credit-easing last week was only the mildest and most cautious of the many devices at its disposal. Aside from such private lenders as savings banks, insurance companies and pension funds, the vast bulk of the commercial credit in the U.S. is based on commercial bank deposits, 85% of which are controlled by the Fed through its 6,462 member banks...
...reduce credit, i.e., lending ability, as the Fed has been doing under its tight-money policy, it digs into its $23.3 billion portfolio of Government securities and sells them on the open market, to either the general public or anyone else (banks, dealers, insurance companies) that wants to buy. To pay for them, the buyers draw down their bank accounts, cutting the amount of money banks can lend. To increase credit, the Fed merely has to buy securities. Its checks, deposited in banks, increase the banks' reserves and make more money available for loans. Moreover, since banks can lend...