Word: rediscounted
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...many high-grade bonds from present bank portfolios. 2) National banks of $1,000,000 capital or more could have State-wide branches where State laws permitted such branch banking. 3) National bank shares must have $100 par, to eliminate cheap shares and weak holders. 4) The Federal Reserve rediscount base should be broadened by allowing loans on paper now ineligible where ten or more banks in one district combine to endorse it. 5) The Secretary of the Treasury should be removed from the Federal Reserve Board. 6) The Federal Reserve's open market policy should be determined by domestic...
...however, the public does not respond to this sale, the Treasury is authorized to sell straight government bonds and turn the proceeds over to R. F. C. in return for its unmarketed securities. One issue still in dispute between the House & Sen ate: Shall the Federal Reserve rediscount the collateral accepted by R. F. C. for its loans? The Senate, led by Virginia's Glass, said NO on the ground that such collateral will of necessity be inferior and would therefore weaken the Federal Reserve's strength...
...capital of all twelve limited to $150,000,000. Building & loan associations, savings and deposit banks, farm loan banks and the like would subscribe to H. L. D. B. capital stock. What they failed to contribute the U. S. Treasury would make up. Each H. L. D. B. would rediscount prime first mortgages of $15,000 or less on urban or rural homes. The subscribing members of each H. L. D. B. would turn in real estate paper and get back from the H. L. D. B. 50% of each short-term mortgage, 60% of each long-term one. Such...
...Governments will take to keep francs and dollars unshakably on the gold standard. (Frenchmen are stuffing socks with all kinds of gold coins which they bought in bags on the floor of the Paris Bourse last week. This helped to force the Federal Reserve Bank of New York rediscount rate up to 3½% in an effort to check European withdrawals & hoarding of U. S. gold...
With gold flowing swiftly out of its vaults, last week Federal Reserve Bank of New York raised its rediscount rate to 3½%> a 1%, advance from the rate established last fortnight and 2% higher than the rate which prevailed from May 8 to Oct. 9. Through losses of gold to foreign countries and to U. S. hoarders, the Federal Reserve System showed last week a 61.8%, ratio of gold to deposit and notes outstanding against 67.1% the week before, 78.4%, before England suspended gold payments Sept. 21. Legal minimum is 40%. In four weeks the U. S. lost...