Word: rediscounted
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...will be in the position of a rediscount agency to which the local mortgage corporations can come for credit. The R. F. C. will examine the collateral--namely, the mortgages--and will make loans based on requirements, anywhere from three months to three years or possibly longer...
...last week made the Glass-Steagall bill law. Its enactment sent a strong new quiver of hope and confidence through the nation's banking nerves. Now the Federal Reserve System could lend money to its members (in groups of five) on assets which before were ineligible for rediscount. Now it could substitute U. S. securities for gold and commercial paper as coverage for its currency. With the gold thus released, it could withstand foreign raids on the dollar or print more paper money...
...string was tied by Congress to this measure for credit and currency expansion: no bank with a capital of more than $5,000,000 (of which there are 62 in the land) could individually, under the "exceptional and exigent" clause of the law, rediscount at the Federal Reserve Bank assets not now eligible for such borrowing. For that limitation in behalf of "small" banks, Senator Glass of Virginia had battled successfully...
Lower Rate. Last week the Federal Reserve Bank of New York lowered its rediscount rate from 3½%, where it had stood since Oct. 16, to 3%,. Immediate results were a rise in Government bond prices, a falling off in several foreign exchanges. The former was taken to mean that the lower rate will aid the Treasury in its financing problems; the latter, that Europe's alarm over the dollar has died out. Swiss francs broke especially sharply, probably because much money sent to Switzerland for safety was now being recalled...
Passed without roll call the Glass-Steagall bill to broaden the Federal Reserve's rediscount base, free gold and increase currency; returned it to a conference with the House to adjust two Senate amendments: 1) an effective time limit of two years instead of one; 2) a limit of $2,000,000 capital for individual borrowing banks instead of $500,000. ¶ Defeated (48-to-35) the Costigan-La Follette $355,000,000 direct unemployment relief bill...