Word: rates
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Dates: during 1940-1949
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Boomerang! (American). A first-rate piece of journalistic, "locale" (Stamford, Conn.) moviemaking (TIME, March...
...powerful, primitive singing of its huge (203 voices) Echoes of Eden choir had been bringing in new members to Los Angeles' stuccoed St. Paul Baptist Church at the rate of 18 a day. It now takes five cops to control Sunday crowds that jam the street out in front to listen over a loudspeaker (and six nurses inside for worshipers who get too wrought-up). The choir's weekly radio program is broadcast to 17 states. Two months ago Capitol Records began putting the choir...
...chairman of the First National Bank of Chicago, who put a realistic finger on the trouble with Eccles' plan. Eccles, he said, need not go after such sweeping powers until he uses the powers that FRB now has. Why, for example, didn't FRB raise its rediscount rate (the cost of FRB loans to commercial banks) and thus raise the interest rates on all borrowed money...
Modest Steps. Next day, Eccles had a second thought. He announced that FRB would inch up the rediscount rate from 1% to 1¼% "in the not too distant future." Then Allan Sproul, president of the Federal Reserve Bank of New York, prodded Eccles. FRB has the power to make Central Reserve banks (those in Chicago and New York) increase their reserves another 6%. Why didn't it do so? As for Eccles' new plan, Sproul gave it the back of his hand. Said he: "It would expose us to grave monetary disorders. ... A program of modest steps...
...Federal Reserve banks be required to back their currency notes by 40% in gold, the same ratio as prewar (it had been dropped to 25% as a war measure). This would have no immediate effect; reserves are actually at 49% now. Nor would the proposed rise in the rediscount rate; it was too small to be more than psychological in effect...