Word: rate
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Dates: during 1920-1929
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Painful to hear were the protests U. S. manganese producers who charged that the Senate Republicans were favoring great Eastern corporations potent in politics. Connecticut's Senator Hiram Bingham was one of the two Republicans whose vote change caused the manganese rate change. His explanation: "The White House wanted it." Even high-tariff Chairman Reed Smoot, incensed at his committee's inconsistency, ironically observed that the market value of U. S. Steel stock had increased "only a hundred million dollars" after the last fortnight's slump precipitated by an increase of the Federal Reserve's rediscount...
Having disposed of last-minute details, the Senate Finance Committee last week completed its rate revision of the Hawley-Smoot tariff bill, made public its handiwork. Its Republican members then took up the administrative provisions of the measure, which, by the system of valuation determined upon, will point the entire legislation up or down...
Speculators chewed ragged cigars last week, conferred past midnight, lost their sleep. Thursday's stock market had closed strong when the Bank of England did not raise its rediscount rate. Then, late in the afternoon, came announcement that the Federal Reserve Bank of New York had raised its rate from 5% to 6%. Wall Street was caught unprepared. Tycoons rushed to telephones, brokers called up bankers. Ten members of the Stock Exchange were seen leaving a Broad Street building in one nervous, gesticulating group. Long after the dinner hour two Rolls-Royces still waited outside the austere House of Morgan...
Federal Reserve. Last February the Federal Reserve Board harassed the market by convening every Thursday to discuss a raise in the rediscount rate, then reporting "no announcement.'' It formally announced that "when it [the board] finds that conditions . . . obstruct Fed eral Reserve Banks in . . . so managing credit facilities as to accommodate commerce and business, it is its duty . . . to take measures to correct them; which, in the immediate situation means to restrain the use of Federal Reserve credit facilities in aid of the growth of speculative credit." For months no more was heard. Brokers and speculators forgot. Last week when...
...solid, capable, popular. When the announcement was made his words were few and cryptic: ". . . [We] have considered how the resources of the Federal Reserve System might best be conserved and made available to meet autumn requirements. The problem has presented difficulties because of certain peculiar conditions." The increased rate was not adopted however for the Reserve Banks of Chicago or Philadelphia...