Word: rediscounted
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...past six months. For many an analyst believed it was the Strong policy of easy money which led to the stock market's frenzied speculation. And many a bull, in Manhattan and in Chicago, damned bitterly the Federal Reserve Bank's efforts to undo, by raising the rediscount rate, the mischief it had done. Most bullish of all bulls is the Journal. Most hateful, therefore, is the present high rediscount rate...
Money for stock exchange deals bobbed up and down last week. It fell to 6%, one per cent higher than the Federal Rediscount rates. Stock gamblers borrowed heavily. When they wished to renew loans to support their speculations the call rate scooted up to 8%. Nonetheless trading continued heavily, and the rate became...
Week by week the total of brokers' loans mounted. Federal Reserve banks, led by Chicago, raised the rediscount rate to 5%.* Still the member banks reported that corporations and individuals were withdrawing deposits and putting their funds on the call loan market. Last week, U.S. bankers sat down to a serious campaign to end the wholesale diversion of money for speculative purposes...
...Last week, Lawyer Frank G. Raichle of Buffalo adopted the extraordinary course of filing suit in Federal Court to restrain the Federal Reserve Bank of New York, from raising the rediscount rate. Cried Lawyer Raichle: "Artificial stringency! Propaganda! Money despotism! Paternalism!" Charged Lawyer Raichle: "The Federal Reserve Bank has been illegally engaged in the arbitrary reduction of business through the fixing of high rediscount rates...
...Manhattan supporters noted with alarm that Chicago was showing distinct signs of insubordination, was even pretending to take the lead in the intricate business of money-juggling. Boldly, the Chicago Reserve Bank recalled its warnings of last fall, pointed to diminishing credit reserves and wild speculation, jumped its rediscount rate to 5% (TIME, July 23). Manhattan, accustomed to lead, was forced to follow. Chicago's press openly flayed the absent Gov. Strong; screechingly demanded his resignation...