Word: rate
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Dates: during 1920-1929
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...Reid, counsel for Colonel Mitchell, opened with a modest address of 22,000 words telling what he proposed to prove for his client to back up the sweeping statements for which Colonel Mitchell is being tried. He said he would prove that the lost Shenandoah was not a first rate dirigible and not in the best of condition, that a Navy officer had tried to persuade Mrs. Lansdowne not to testify that her husband had protested against the Shenandoah's fatal trip, that several high officers of the Army and Navy had made false and misleading statements to investigating...
...Stock Exchange remained the liveliest feature of business during the past week. Motor shares, "bulled" for weeks to unaccustomed heights, became at length top-heavy. Thus the "technical condition" of the stock market became very weak; news of the Boston Reserve Bank's rate advance was enough to topple the motor stocks over in a record day of 3,400,000 share sales. Because of this unprecedented volume, many ignorant people concluded that a panic had started. As a matter of fact, nothing of the sort developed. The smash in motors was simply a large-scale reaction...
...reaction was obviously overdue. In such a situation, as has often been proved, the crash in prices can be and usually is attributed to almost any event whether it has any close bearing on the stock market or not. In this particular case it was raising of the rediscount rate of the Federal Reserve Bank of Boston from 3½% to 4%-a step occasioned by purely local conditions. Speculators in stocks, dealing in a market which had grown top-heavy of its own accord, evidently feared a similar rise in the rate of the New York Reserve Bank...
Bankers have for some time been predicting slightly higher money rates for this winter. The first official recognition of this coming trend was supplied by the quite unexpected action of the Boston Reserve Bank in moving its rediscount rate up from 3½% to 4%. It is now expected that the New York Reserve Bank will soon follow suit with a similar rate advance, and that the ten other Reserve Banks will shortly swing into line by a similar action...
...features of the Boston rate-action have puzzled bankers, particularly in New York. They wonder why the Boston rather than the New York Bank should in this case be the first institution to start the upward movement. Formerly almost all general changes in Reserve rates have been initiated by the New York Bank as representative of the money-centre of the country. Also, there is much curiosity over the question as to just what local conditions in Boston, if any, should have made it advisable to start the rate-advance...