Word: governors
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Dates: during 1920-1929
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Virginia formally welcomed President Hoover as its guest and neighbor. In a field near Madison gathered 5,000 people white and black. Governor Harry Flood Byrd arrived from Richmond in U. S. Army airship C-41. The President descended from his Shenandoah National Park Camp, made a non-political speech, ate barbecue with his fingers. Declared President Hoover: "Next to prayer, fishing is the most personal relationship of man. . . . Everybody concedes that fish will not bite in the presence of the public and the press...
...Indignantly a question was raised by Prime Minister Aristide Briand: was the whole 45 million marks annual increase demanded by "mon cher M. Snowden" supposed to come out of the share in Reparations alloted to France (amounting to 54% of the total) ? Instantly, an actor taking his cue, the Governor of the Bank of France, potent Emile Moreau, was on his feet. With flashing eyes he cried, "If the whole of this burden is placed on France, I will withdraw my signature as an original signer of the Young Plan...
After lunch Mum Scot MacDonald sat down to an even more closely hushed conference with Governor of the Bank of England Montagu Collet Norman and Wall Street's dynamic, cosmopolitan Thomas William Lamont...
...Governor of the Federal Reserve Board is Roy Archibald Young, 47, solid, capable, popular. When the announcement was made his words were few and cryptic: ". . . [We] have considered how the resources of the Federal Reserve System might best be conserved and made available to meet autumn requirements. The problem has presented difficulties because of certain peculiar conditions." The increased rate was not adopted however for the Reserve Banks of Chicago or Philadelphia...
What the "peculiar conditions" were he did not say. But they obviously included the English situation, easier credit needed for moving the fall crop. Stock Market excesses, high call money rates. For Governor Young to have been explicit would have been untraditional. Because it is impossible to make a complete statement taking into consideration every factor discussed, the Federal Reserve Board makes no explanations, merely presents the simple fact of its decisions...