Word: loan
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Dates: during 1920-1929
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Week by week the total of brokers' loans mounted. Federal Reserve banks, led by Chicago, raised the rediscount rate to 5%.* Still the member banks reported that corporations and individuals were withdrawing deposits and putting their funds on the call loan market. Last week, U.S. bankers sat down to a serious campaign to end the wholesale diversion of money for speculative purposes...
Most promising, however, was the action of the New York Clearing House Association. Said the Clearing House: Banks shall refuse to put the money of the corporations out on call in amounts less than $100,000. Further, they shall increase their service charge on loans made for others from 5% on the interest on the loan, to ½ of 1% of the principal. Banks anticipated protests, prepared to meet them by handing the corporations a partial recompense. Interest rates on commercial accounts were raised from 2 to 2½%, on deposits for 30 days or more from...
...aristocrat, was next informed that he is expected to immortalize his name rounding out a fecund cycle bounded by Six Points: 1) "Immutable maintainance of the present level of stabilization (i lira equals $.0526)." 2) Total curtailment of foreign borrowing by the State, plus drastic censorship of private Italian loan flotations abroad. 3) Stern coercion of Italian tax evaders and delinquents, "who are the vilest leeches sucking the blood of human society." 4) "Resolute avoidance of any increase in taxation." 5) "Introduction of the most crystalline simplicity and clarity in all state accounts, so that each citizen, without...
...commercial deposit. Or it may ask the bank to lend the money out on call, at interest rates ranging from 5 to 10%. As the bank asks only a small commission for this service and generally assumes all the risk, the conversion of surpluses into call loans has become a popular feature of corporation financing. In the last year, the total of such loans has risen from $906,144,000 to $1,808,645,000. To the corporations, this practice seems both obvious and admirable. But to the paternal superbankers, guarding the money market, it appears highly hazardous, deeply disturbing...
...Professor Buell, in effect: "Firestone forced its way into Liberia. The U. S. State Department and Herbert Hoover brought pressure to bear to make the Liberian government accept the refinancing operations and admit Firestone rubber. Eventually, the lands of the natives will be confiscated. Through the terms of the loan, through U. S. financial advisers, a closed door has been established. It will end in peonage." Shocked, the State Department issued vigorous and sweeping denials. The Firestones have used but 20,000 of its 1,000,000 acres. The U. S. will not countenance closed doors, forced labor...