Word: rates
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Dates: during 1920-1929
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...rate, M. Clemenceau was so excited that he forgot to give the usual pourboire to the female attendant who conducted him to his front seat in the fauteuils. Next morning he remembered this slip and, summoning his chauffeur, bade him take a ten-franc bill to the usher woman...
When the New York Reserve Bank raised its rediscount rate from 3 to 3 1/2 % (TiME, Mar. 9), financial London at once showed something nearly akin to excitement. If the pound sterling is to be put back on a gold basis shortly, gold shipments to the U. S. must be prevented; and the easiest way of doing this is to keep London interest rates higher than those in Manhattan. This, of course, tends to attract capital from the U. S. to the British center, and so support the exchange rate for sterling with U. S. dollars...
Undoubtedly the principal events of the past week in the world of business was the raising of the rediscount rate of the N. Y. Federal Reserve Bank from 3 to 3½%. The rate had not been changed since Aug. 8, 1924, when it was lowered from 3½ to 3%. Considerable conjecture arose as to the cause for raising the rate, and whether it indicated a move to halt speculation in the stockmarket. Most editorial writers decided to the contrary −a position which the bank's own statement confirms. The New York Bank rate...
...change in the N. C. Bank rate was noted all over the world, but particularly in London, where it probably caused more stir than in Manhattan itself. If sterling is going to be restored to and maintained upon a gold basis, it is necessary that Manhattan moneyrates remain well below those at London, in order to attract gold to Britain rather than to repel it. When the news of the change arrived in London, the Bank of England at once began to purchase bills in the open market, with the result that market-money rates rose. London financial writers...
...stockmarket held up well, although the change in the rate came as a complete surprise. This was not, however, at all unusual, since an advance in the rate had been long expected, and since the meetings of Reserve officials wherein rate changes are adopted have never yet disclosed any "leaks." Wall Street can usually gain, in one way or another, advance information concerning action by corporations as to dividends, and even moves of individual banks in ordinary business, but the "Reserve crowd" are noted for being a close-mouthed aggregation; and in this last rate change, they very completely lived...