Word: crediting
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Dates: during 1920-1929
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President Little can lay no claim of merit in anything connected with Michigan's Athletic Plant. One man at Michigan has eaten, breathed, lived and slept Michigan's Athletic Plant for more than a quarter of a century-Fielding H. Yost. To Yost is all credit due. Michigan's Athletic Plant is a living memorial to the athletic and business genius of Fielding H. Yost-long before Little graduated from Harvard College Fielding H. Yost was dreaming, planning and working out Michigan University's present Athletic Plant. It is not finished yet, but every...
...Michigan's Yost, all credit, but let Dr. Little not be belittled...
...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 or maintaining speculative loans." Further, the board threatened to "restrain the use of Federal Reserve credit facilities in aid of the growth of speculative credit." Taken at face value, this statement would mean refusal of loans for speculative purposes, plus a rise in the rediscount rate, which in turn would mean a stockmarket afflicted with scarce money and falling prices...
Federal Reserve Power. Speculators have long since realized that Federal Reserve authorities disapprove of their activities. The important question lies in what steps the Federal Reserve can take to translate disapproval into the actual cutting off of credit. Discussions of the power of the Federal Reserve Board (as distinct from its opinions) is obscured by the popular conception of an all-powerful group of government appointees sitting in Washington and turning credit on and off like firemen playing a hose...
...standing. Says W. Randolph Burgess, assistant Federal Reserve agent in New York writing of the Reserve System in 1927*: "A Reserve bank cannot tell from the nature of its loans what its money will be used for. . . . It is thus impossible for a Reserve bank to dictate how its credit shall be put to employment. . . . The specific use of credit is the business of the individual member and nonmember bank. . . . What the Reserve banks do primarily is to fix the price at which their funds may be purchased...