Word: governor
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Dates: during 1920-1929
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...Governor Looks at Gary...
...Congress (see THE CONGRESS). He heard Senator Borah of Idaho on the subject of the onion tariff and Representative Dan A. Sutherland of Alaska on the subject of salmon being disturbed by earthquakes. General John H. Russell, High Commissioner to Haiti, paid respects before returning to his post. Governor General M. L. Walker of the Panama Canal Zone conferred for a half-hour. They were but a few of a long procession from Officialdom of which a great part simply wanted to welcome the Chief back to Washington...
Something had to be done, and was done last week. The Federal Reserve Board announced that it was fixing 3½% as the Chicago district's rediscount rate. Chicago bank directors growled, refused to "talk for publication." Said Governor Crissinger: "The Federal Reserve Board established the rate of 3½% for sound reasons. That is all there is to it." The Chicago Journal of Commerce warned: ". . . It would be much easier than eastern bankers know to make a political issue of the Federal Reserve System. . . . Difficult would be the defense of it if an issue were made...
Until last August the rediscount rates of all 12 Federal Reserve Banks had been, for a relatively long time, 4%. Then in July when chiefs of the English, French and German central banks of issue visited with Governor Benjamin Strong of the Federal Reserve Bank of New York, (TIME, July 11), men came from Manhattan, according to the Chicago Journal of Commerce, asking that Governor James B. McDougal of the Chicago Federal Reserve Bank initiate a movement (which the other banks might ostensibly follow), to reduce the general 4% rate to 3½%. If money could be borrowed cheaply...
...Governor McDougal and his directors at Chicago kicked the suggestion into their waste baskets. The suggestion was then made to the Kansas City bank, which put it into effect (TIME, Aug. 8). Other district banks followed, until at the beginning of last week only Chicago, Minneapolis, Philadelphia and San Francisco kept to the 4% rate. All the others offered the 3 1/2% rate. Some money that might have gone to Europe was going to the recalcitrant districts...