Word: rate
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Dates: during 1920-1929
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Silent for many a week of the Bank of England's discount rate (TIME, Aug. 19), Governor Montagu Collet Norman last week sent a uniformed messenger scurrying through the bank's corridors, bearing over his head a sign: "BANK RATE...
Quick to criticize this move were English businessmen, struggling to maintain the slow revival of British industry, for a higher rate means higher credit charges. On the other hand London bankers, nervous over the long and steady drain of gold from England, saw in the bank's announcement the only possible way of bolstering the gold reserve, down ?20,000,000 this year and now ?17,000,000 below the irreducible minimum of ?150,000,000, set by the Cunliffe Currency Commission...
Contrary to this belief of the London bankers, many a continental and U. S. financier expressed the opinion that while the high rate of call money persists in New York only another rise in the English rate can halt the drainage of bullion...
What happened last week in Detroit was, as all the world knows, just another vortex in the maelstrom that is gradually concentrating U. S. bank control. Whirling daily at a faster rate, there are two main currents in the maelstrom. One is the expansion of single units through mergers and new branches. Of this last week's Detroit merger was an example, as was the Corn Exchange Bank and Trust Co.-National City Bank consolidation (TIME, Sept. 30). The other current is the grouping of separate units through one controlling corporation. Greatest examples of this are the Transamerica Corp...
...Another increase was in the number of people killed by automobile accidents. The National Safety Congress reported last week a new high rate during August of 91 fatalities a day, or the annual rate...