Word: loan
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Dates: during 1920-1929
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There will be a private view of a loan exhibition of paintings, at the Fogg Art Museum, on Wednesdays afternoon, March 6, from 3 until 6 o'clock. Nineteenth and twentieth century works, of a group of famous French artists, will compose the exhibit...
...simply the biggest, most voracious brontosaurus. In the present years of Titanic Business it is the Morgan hand in a velvet glove which directs a fiscal juggernaut capable of thun dering over mere business brontosauri. Il Magnifico in all his purple pride never had to do with a loan of more than 200 million dollars; but austere, reserved, patrician "Mr. Morgan" quietly arranged the Anglo-French loan of a half-billion dollars in 1915. It is said that the Allies wanted to borrow a round billion at that time; but Mr. Morgan led the British fiscal representative, Lord Reading, into...
What looms ahead? Last week as Mr. Morgan sat on the Second Dawes Committee, he was undoubtedly pondering a fiscal operation beside which the half-billion-dollar loan to France and England would seem picayune. This project is spoken of as "Commercializing" the German reparations debt. By this is meant (TIME, Oct. 29) that long term "reparations bonds" may be issued against the resources of the German State, sold to the public, and the money used to pay off at once Germany's debt to the Powers...
More specific was Senator Smith Wildman Brookhart of Iowa, who was born in a log cabin remote from the money-changers. Why, argued Senator Brookhart, quibble about such a detail as prohibiting merely Federal Reserve Banks from making speculative loans to Federal Reserve Bank members? Let us prohibit any loan by any bank to any borrower who might put the loan to speculative purposes. Radical also was the remedy offered by Utah's Senator William H. King, who has ascertained that 85% of speculation is made on margins, and who believes therefore that marginal trading should be abolished. Senator...
Refusal of Loans. It is therefore very debatable whether any Federal Reserve bank would or could refuse a loan to a member in good standing. Says W. Randolph Burgess, assistant Federal Reserve agent in New York writing of the Reserve System in 1927*: "A Reserve bank cannot tell from the nature of its loans what its money will be used for. . . . It is thus impossible for a Reserve bank to dictate how its credit shall be put to employment. . . . The specific use of credit is the business of the individual member and nonmember bank. . . . What the Reserve banks do primarily...