Word: rediscount
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...Chicago Federal Reserve Bank last week increased its rediscount rate from 3½ to 4%. At once the Richmond Federal Reserve Bank did likewise. It was the first time since August, 1926 that any of the 12 Federal Reserve Banks had increased their rates. The rate movement had been widely opposite. By last September it had become throughout...
...President Coolidge and Secretary Mellon that his resignation was in no way influenced by the controversy which the Federal Reserve Board had lately with its Chicago member bank, when Mr. Crissinger was charged with domineering because he cast a deciding vote to make the Chicago bank lower its rediscount rate against its will (TIME, Sept. 19, BUSINESS). Mr. Crissinger explained that his wife's poor health and his own opportunity to increase his income as an executive of a District of Columbia investment banking house (the F. H. Smith Co.**) made his act personally imperative...
Something had to be done, and was done last week. The Federal Reserve Board announced that it was fixing 3½% as the Chicago district's rediscount rate. Chicago bank directors growled, refused to "talk for publication." Said Governor Crissinger: "The Federal Reserve Board established the rate of 3½% for sound reasons. That is all there is to it." The Chicago Journal of Commerce warned: ". . . It would be much easier than eastern bankers know to make a political issue of the Federal Reserve System. . . . Difficult would be the defense of it if an issue were made...
That situation the Harding administration tumbled over, with the re-organization of the Federal Reserve Board. President Harding's Comptroller of the Currency, his good friend & neighbor of Marion, Ohio. Daniel Richard Cris-singer, became Governor of the Federal Reserve Board, and the regional banks were required to submit rediscount rates only for approval of changes...
Until last August the rediscount rates of all 12 Federal Reserve Banks had been, for a relatively long time, 4%. Then in July when chiefs of the English, French and German central banks of issue visited with Governor Benjamin Strong of the Federal Reserve Bank of New York, (TIME, July 11), men came from Manhattan, according to the Chicago Journal of Commerce, asking that Governor James B. McDougal of the Chicago Federal Reserve Bank initiate a movement (which the other banks might ostensibly follow), to reduce the general 4% rate to 3½%. If money could be borrowed cheaply...