Word: rediscount
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Although not a practicing financier, Professor Sprague has served as a Federal Reserve Bank adviser. Last year he bitterly attacked the Federal Reserve system for its failure to make a more substantial raise in the rediscount rate. During the War he advocated direct taxation so that the inflation that follows wartime borrowing might be alleviated. In 1918 he went to Washington with the Council of National Defense to work out reconstruction problems...
With bullish feeling prevalent, selling of stocks slackened, ended abruptly as the significance of Constructive Factors became apparent. Helping to transform selling into buying was a further reduction ($710,000,000) in brokers' loans, reduction of the rediscount rate to 4½% announcement of a proposed $160,000,000 tax reduction...
...bearish factor was a speech by Philip Snowden, British Chancellor of the Exchequer, which attributed the rise in the Bank of England's rediscount rate to the U. S. "Orgy of speculation." Bulls asked, "How much have British capitalists contributed to the 'orgy'? Did not the Hatry collapse indicate a similar orgy...
...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 rate...
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...