Word: moneys
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Dates: during 1920-1929
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...spite of, or rather, because of, his high position, a new and current flock of troubles has risen to plague him. In April, when he pulled the call money market through a tight place, he received general kudos (though it was then that Senator Glass first began to reflect upon "Mitchellism," its nature and evils). But in October Mr. Mitchell arrived home from Europe just in time to anticipate the greatest Market crash in history with a bullish pronouncement. When the banking consortium was formed to halt the panic, it was the House of Morgan that received most...
...really arrived? Professor Fisher may stand a discredited prophet, yet apt appeared his analogy between the break on the market and a run on a bank. The Bank was U. S. Industry. Assets of the bank were the real assets of U. S. Industry. Stocks were the paper money which the bank had issued. Now all banks, even the Federal Reserve System, issue more money in paper than they have gold in their vaults. Every bank would be broken if all its depositors simultaneously attempted to exchange paper for gold. And, unhappily, the Industrial Bank had held itself...
...That corporations which had loaned money "on call" to speculators had contributed more than any other group to an unsound financial situation because many a corporation promptly called in its loan at the first sign of trouble. Five directors of one corporation threatened to resign last week if their company should call its loan. These directors took the honorable position that having once loaned its money to the stockmarket, the corporation should stand by the market so long as its loan was adequately protected by collateral...
...That funds hitherto concentrated in the Stockmarket would go into more legitimate fields (some realtors appeared to think that the public was going to build houses with the money it had lost in the market). Certainly there was much talk of a revival of interest in bonds, which have recently been spurned even by widows and orphans...
...Lewis was one of jazz's first jazzbos. He was playing the clarinet crazily in Earl Fuller's band in Rector's restaurant, Manhattan, when he began to make money. Until then his antics had always got him into trouble. His father made a good living running the ladies bargain store in Circleville, Ohio. Young Lewis went over to Chillicothe in the street car every night to play in the high school band. Of Hebrew descent, he joined the Episcopal church to sing in the choir next to a girl he liked. He was discharged from Henry...