Word: rate
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Dates: during 1920-1929
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...prices as a whole registered their first decline for many months, but in the speculative markets the drop has been especially severe. Even the much-heralded intention to advance steel prices has apparently been abandoned. Thus it may be that the recent advance of the New York Reserve rediscount rate will mark a "turn" in business from expansion to contraction. Moreover, some lines of business, such as the textiles, have been poor all along...
...modern division of the committee will have somewhat different work. It will discuss the tale of the cherry tree as the essence of truth. At the end of each year they will publish a supplement to Bartlett's "Familiar Annotations" to set forth the statistics of the birth-rate, past, present, and future, in relation to P. T. Barnum's theory that "there's one born every minute." And it will provide, it is hoped, a directory of originators of Volstead jokes, that such hardened criminals may be stalked down and slaughtered by a too patient public...
...once 'the Bank of England appeared in the London open money market as a borrower, and succeeded in driving up the market rates for funds. On the following Thursday, when the Bank's directors met, the "Old Lady of Threadneedle Street" raised her rediscount rate from 4 to 5%. Obviously the move was occasioned by the earlier action of the New York Reserve Bank, and designed to make London a more profitable centre for lenders than is Manhattan...
Historically, of course, Britain has been the leading creditor nation of the world, and the Bank of England rate has been accustomed to leading rather than following. For the time being, however, this former situation has been exactly reversed; and when the Wall Street money merchants snap the whip, Lombard Street must jump. Britons have the same unquestioning faith in the Bank of England as in the monarchial form of government; and to financiers of the older school this episode of London's setting her money rates by those of the U. S. centre is indeed humiliating. Many indignant...
...action of the Bank of England in raising its rediscount rate from 4% to 5% indicates the financial supremacy of the U. S., and foreshadows vigorous efforts of the British to challenge it in the near future by getting the pound sterling back on a gold basis this year. Probably the decision to take this step, momentous to trade recovery the world over, will be taken before summer...