Word: money
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Dates: during 1920-1929
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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...
...Money, Anti-Money. It is difficult to say what Congressmen might speak for the money power, especially in an argument which lists money against money. Ogden Livingston Mills and James Wolcott Wadsworth were moneymen, but they have departed from the House and Senate, respectively. Senator David Aiken Reed of Pennsylvania, Secretary Mellon's haggard, Princeton-educated protege, might stand as the senatorial moneyman. In the House are New York's Snell, a florid, solid cheesemaker; Rhode Island's Richard S. Aldrich, son of the late great Senator Nelson Aldrich; and Pennsylvania's Harry Estep, a young...
...Advisory Council of the Reserve system (a group of private bankers & businessmen appointed by directors of the twelve Federal Reserve Banks) emphatically endorsed the Reserve Board's warning of last fortnight. The Reserve banks themselves began to tighten money by selling government securities and bankers' acceptances. Member banks beckoned for about $60,000,000 of outstanding call money...
...Market. None of these measures was by themselves particularly drastic (was offset, for example, by failure to raise the rediscount rate), but taken altogether they gave nervous speculators chills & fever. On Friday call money went from 6½% to 10% and the whole market went off in a sharp decline that continued through Saturday's closing. There was nothing resembling a panic but the orderly retreat was rapid, sustained, unchecked by short covering...
...market opened the week, however, with a general rally, caused by the fact that many good stocks had been oversold and that call money eased off to 7%. Coppers and utilities headed the rebound...