Word: eccleses
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If a schoolteacher told an unruly pupil that as long as his conduct did not disturb the rest of the class she would not disturb him, the pupil might not feel complimented but he would certainly feel reassured. Last week U. S. stock-traders felt guilty about high security prices...
"What is meant [by talk of dangerous inflation] is not inflation . . . but a stock market inflation." Thus Governor Eccles dismissed the Market as being unrelated to the actual production of wealth, sniffed at apprehension over "speculative excesses."
True, such excesses might become dangerous if they absorbed too large a portion of the nation's credit and restricted funds available for more basic enterprises. But, said Governor Eccles, "the rise in security prices has not been financed by bank credit. The securities are being bought mostly for...
Thereupon stock traders, freed from fear of the Federal Reserve Board, whooped gladly and put on a brisk weekend rally. Headlined the New York Times: WASHINGTON WILL NOT APPLY BRAKES TO BOOM IN STOCKS; ECCLES CALLS IT HEALTHFUL. Said one smart broker, reading Governor Eccles' statement: "Best market letter...
Cheerfully he signed a resolution naming Sept. 17, 1937 as the 150th anniversary of the adoption of the Constitution and saying: "The importance of the Constitution has grown continually." Into his office trooped Secretary of the Treasury Morgenthau, Governor Eccles of the Federal Reserve, Chairman Crowley of Federal Deposit Insurance...