Word: deposited
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Dates: during 1930-1939
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...shares of U. S. Steel short. The broker executes the sale in the normal way and gives the buyer a certificate for 100 shares of Steel. The buyer then disappears from the picture. The broker, being owed 100 shares by his short-selling customer, demands from him a deposit of 30 or 40% of the amount involved as protection. If the stock starts going up and the customer cannot put up more margin, the broker buys TOO shares of Steel himself, charges it to the customer and evens up his books. If it goes down and the customer decides...
...them in his office, he must go out and borrow them from another broker with whom he must put up the stock's full cash value as security. Sometimes, depending upon the available supply of individual stocks, the lending broker pays the borrowing broker interest on his cash deposit. Sometimes the borrowing broker not only foregoes interest on his cash but has to pay the lending broker a premium for the stock itself. This premium is charged to the short-selling customer...
...charge of the President's attempt to lure some $1,300,000,000 in currency out of mattresses, old teapots, chimney corners and safety deposit boxes was Col. William Franklin Knox, publisher of the Chicago Daily News. For a fortnight Col. Knox had been busily creating what he named the Citizens' Reconstruction Organization to combat hoarding. Chairmen were appointed in all twelve Federal Reserve Bank districts. Each State and city was organized for a great educational drive commencing this week...
...throughout the land as a sponge to absorb hoarded currency. They will have an interest rate of less than 3% so as not to compete with savings banks. The Treasury will cash them on 60 days notice. The Government will allow the proceeds of the sale to remain on deposit with banks, thus increasing their cash position. Banks can also buy these Treasury certificates on the credit of their deposits with the Federal Reserve system. This issue of bonds will be separate and distinct from the Treasury's regular periodic financing in the public market...
Last week the Treasury Department let it be known that approximately one and one-half billion dollars, 25%, of all U. S. currency, was in hiding. It was further estimated that a major part of forty-two millions in "circulation" the week before had disappeared into safety deposit boxes and other less formal hiding places. Since hoarded cash immobilizes the gold behind it national credit was being steadily strangled. Therefore President Hoover took action to lure idle dollars back into circulation. As usual, his method involved public education, mass psychology and an-other commission...