Word: rediscounted
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Dates: during 1920-1929
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...traders," sidled back to the corner of Broad and Wall streets, Manhattan, to see if the absorbing Stock Exchange was once more safe for speculation. They watched, guessed, dabbled. The market was quiet, neither bullish nor bearish. Puzzled, the traders waited for more convincing results of the new 5% rediscount rate, wondered if the battle of the bulls and bankers were in progress, already ended, or just beginning...
...full swing. But in Europe the central banks were in trouble. Helpfully, the Federal Reserve sought to ease up still further on credit in the U. S., with the sound idea that higher interest rates abroad would attract much-needed funds. It ordered the Chicago bank to reduce its rediscount rate from 4 to 3½%. Chicago bankers, led by famed Melvin Alvah Traylor, head of the powerful First National Bank, dissented sharply, voiced grave warnings. Unheeding, the Federal Reserve forced its way, helped Europe weather its crisis...
...Rediscount Rate became 4½% in all Federal Reserve Bank districts except San Francisco and Kansas City...
...Rediscount Rates. As expected, the Chicago and Boston Federal Reserve banks, by lifting their rediscount rates above the country's 4% level to 4½% a fortnight ago, excited other district banks last week to do the same. So doing were St. Louis, Richmond, Minneapolis. Bankers, brokers, borrowers expected that all twelve banks would have the same 4½% rates within a few weeks...
...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...