Word: gov
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Dates: during 1920-1929
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Brilliant is the spotlight which plays about the comings and goings, the doings and infrequent sayings of Gov. Benjamin Strong of the Federal Reserve Bank of New York. All the world knows when he speeds to Europe. All the world watches for his meeting with the Grand Viziers of international finance...
...compelling was the prestige of cosmopolitan Gov. Strong that it seemed almost presumptuous when Chicago bankers ventured, last fall, to' challenge the wisdom of his international money-juggling. If wise Gov. Strong, fresh from a meeting of master minds, thought Chicago should reduce its rediscount rate from 4 to 3½% to aid his European comrades in finance, only bad manners or sheer contrariness could explain Chicago's dissent. Gov. Strong was cast for the hero's role in the drama of U. S. money. Obviously, all that remained for Chicago was to be the juvenile...
Last week, Gov. Strong was again in Europe. And his Manhattan supporters noted with alarm that Chicago was showing distinct signs of insubordination, was even pretending to take the lead in the intricate business of money-juggling. Boldly, the Chicago Reserve Bank recalled its warnings of last fall, pointed to diminishing credit reserves and wild speculation, jumped its rediscount rate to 5% (TIME, July 23). Manhattan, accustomed to lead, was forced to follow. Chicago's press openly flayed the absent Gov. Strong; screechingly demanded his resignation...
Puzzled, irritated, New York bankers asked questions. Who gave provincial Chicago the right to criticize internationally-minded Manhattan and its Gov. Strong? In New York papers, an anonymous banker charged the regional bankers suffered "delusions of grandeur." And, if it came to that, who were these Chicagoans, anyway...
...matured in a two-fisted town in Texas. Psychologists, pondering heredity and environment, are not surprised to find him, at 50, ready and able to oppose Benjamin Strong, scion of a long line of publicists and bankers. Fighting is in his blood. No Kentuckian was surprised, last week, when Gov. Flem D. Sampson made "Mel" Traylor a Colonel of the National Guard, named him an aide-de-camp on his personal staff. Chicago claims Banker Traylor, but the South hasn't given him up. After 17 years of hearing the mid-western twang, the drawl of Kentucky and Texas...