Word: markets
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Dates: during 1920-1929
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Denunciation of the Federal Reserve system's "conversion . . . into an instrument . . . of stock market speculators...
...Governor Smith was present in cap & gown to see his good friend honored. Said he: "I am a F. F. M. man-Fulton Fish Market...
...Government, like any other business concern, bows to the money market. But the Government, more than any other moneyed concern - especially since the Federal Reserve System began affecting the stock market - helps make the money market. Hence the interest of economists and the perturbation of speculators when Secretary Mellon last week made the Government's usual June bond offering to carry the highest interest rates since 1924. The offering was $400,000,000 worth of certificates at 4% for six months, 3⅞% for nine months...
...effect was most patent of all: with some $5,000,000,000 out bolstering stock market prices and with tension increasing, and with the Federal Reserve rate jacked up to 4½% all over the country to try and decelerate this movement-the money market of the U. S. was momentarily "high" and Secretary Mellon was obliged to offer, tax-exemption and all, the highest rate*he has paid in four years on short-term borrowings. Money men noted, also, that he made no specific reference to the terms that will be offered for financing the remaining...
...Government of Australia was obliged to offer 5 1/3%, last week, in putting on the market a $100,000,000 war debt conversion loan...