Word: rediscount
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...Passed a bill to authorize Intermediate Credit Banks to rediscount paper of cooperative marketing associations, one of the few farm measures which it is believed may be passed this session. (Went to Senate...
...money market. Recent statements show a distinct change in Reserve policy. Holdings by Reserve Banks of Government paper are allowed to run out, while their Treasury Bills are similarly declining. On the other hand, member banks are discounting trade bills and paper; and in this way the official rediscount rate is again becoming "effective." This move may or may not presage higher interest rates generally, but it puts the Reserve in a stronger position to check undue speculation if such a step becomes necessary. Thus far the demand for credit comes from metropolitan rather than rural sections...
Apparently one of the chief ambitions of the New York Reserve Bank is to surprise Wall Street. The character of its actions is usually forecasted in the financial centre correctly enough, 'but no one can ever tell ahead of time when they will occur. Usually changes in the rediscount rate are made Wednesday, yet Aug. 6 came and went without developments. Then the next day the Bank quite unexpectedly cut its rediscount rate from...
...present New York's rediscount rate at 3%, is the lowest in any of the world's money markets. This will serve, in the long run, not only to repel foreign capital from this country, but to send our own capital to the more profitable foreign money markets. America's career as a genuine international centre of finance has begun...
...Walter Leaf, famed Greek-scholar and chairman of the Westminster Bank, dropped something of a bombshell into the discussion. In order to attract capital to London-a necessary preliminary to removing the British restrictions on the export of gold-Mr. Leaf advocates an increase in the Bank of England rediscount rate from...