Word: journals
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Dates: during 1920-1929
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After that conference, the Journal of Commerce charged last week, "The little New York group that dominates the Federal Reserve System came to Chicago and tried to induce the directors here [of the Chicago Federal Reserve Bank] to cut the [re-discount] rate and afford pretext to New York. The request was flatly and somewhat indignantly refused. borrowed at a low rate, can be reloaned at a slightly higher rate...
Continued the Journal of Commerce: "Europe and particularly England wants, and no doubt needs, a very low money market in this country so that American bank funds in large totals may be' attracted to England; and to that end our re-discount rates are to be reduced, and probably Federal Reserve securities are to be sold, and easy credit is to be manufactured...
Clarence Walker Barren's Wall Street Journal, less brash in such business & financial matters than the Chicago paper, noted last week: "American banks are finding it profitable to place surplus funds in London, owing to higher level of money rates there, and such transfers of dollars into sterling have been a leading cause of firmness in the sterling rate this week. , Some American funds are also being placed in Germany, to take advantage of higher rates prevailing in Berlin...
Concluded the Journal of Commerce: "What Europe wants, and what the present Federal Reserve manipulations are intended to provide, is an artificial expansion in our business, an increase instead of a decline in commodity prices; so that Europe may get more money for the goods she sells to us and so that we may sell so cheaply to our foreign customers in competition with Europe...
With Mr. Sempack looming near, Philip turns socialist, improves his diction and spelling, begins writing adult ("real") letters to Cynthia, reporting the strike and his own evolution from an amiable parasite into a social thinker. Cynthia writes back and in addition keeps a 'journal. The reader is denied, or spared, very little that they think or feel, with the result that the World State, though it must be nearer with potent young Philip on its side, remains vague in outline and seems to belong only to the Rylands', Mr. Sempack and Author Wells...