Word: rediscount
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...last season against and for installment purchase of merchandise, Lawyer Morgan Joseph O'Brien of Manhattan, 74, father of smart Kenneth O'Brien* and eight other children, studied the selling credits of 34 industries and found them good risk. The result is the $31,000,000 American Rediscount Corn., which was to start business in Manhattan last week, after the method of the Federal Reserve banks. Lawyer O'Brien is chairman of the company's advisory committee; Comptroller Lawrence H. Hendricks of the Federal Reserve Bank of New York is the president...
...dominant factor in the financial situation is the recent lowering of the New York Federal Bank's rediscount rate from 4% to 3½%. Although this made money easier for speculation, the stock market kept fairly level during the past week. The fact is, some Manhattan money is passing to the interior states, while considerable is going into foreign investments. The final settlement of the French debt (see NATIONAL AFFAIRS) presages the floating of a large French loan here, the proceeds of which might be used to stabilize the franc and perhaps restore it to a gold basis...
...most noteworthy feature of the week was the New York Federal Reserve Bank's lowering of its rediscount rate from 4% to 3½%. Call money dropped to 3% (the lowest since March 20, 1925) on the Stock Exchange and to 2½% outside. Such easy money was one cause for the rise of stock prices. Another cause must have been the plentiful money available from the conservatism so noticeable in industrial enterprises. Bond prices have been mounting gradually since the recent stock break. One day last week $20,826,000 in domestic bonds were sold, a record, the previous being...
...long-awaited trend toward higher money rates is at length plainly under way, at least so far as the Federal Reserve system is concerned. Until very recently the Reserve Banks of Boston, New York, Philadelphia, Cleveland and San Francisco were holding their rediscount rates at 3½%, while the remaining seven* maintained a 4% rate. Suddenly the Boston institution led off with an advance to 4% (TIME, Nov. 23), and Cleveland almost immediately followed suit. Then the Philadelphia Bank directors met behind closed doors, and afterwards refused to make any announcements about what they had done. New York and San Francisco...
Bankers have for some time been predicting slightly higher money rates for this winter. The first official recognition of this coming trend was supplied by the quite unexpected action of the Boston Reserve Bank in moving its rediscount rate up from 3½% to 4%. It is now expected that the New York Reserve Bank will soon follow suit with a similar rate advance, and that the ten other Reserve Banks will shortly swing into line by a similar action...