Word: reierson
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Dates: during 1960-1969
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Commercial bankers were strapped for funds. To discourage borrowing by big corporate customers, the bankers are talking more and more about increasing their 71% prime rate. Roy L. Reierson, senior vice president of Manhattan's Bankers Trust Co., went so far as to suggest that the prime rate ought to be lifted to 10%, if only to "shock" businessmen into holding down spending...
...enough-perhaps another three years-to let reserves artificially created by the IMF begin to supplement gold's historic role. British devaluation and two subsequent runs on gold have drastically shrunk the transition time. "The monetary system is now in a continuous and drawnout crisis," says Roy L. Reierson, senior vice president and chief economist of Manhattan's Bankers Trust Co. Last week Reierson added his voice to those demanding that the London gold pool be closed, and that the U.S. limit its $35-an-oz. sales of bullion to the settlement of debts with other countries. That...
...Gainsbrugh: N.Y.U. Professor Solomon Fabricant, Du Pont Economist Ira T. Ellis, Michigan U. Professor Paul W. McCracken, American Airlines Vice President George P. Hitchings, Bank of America Vice President Walter E. Hoadley, U.S. Steel Economist William H. Peterson, N.Y.U. Professor Jules Backman, Bankers Trust Vice President Roy L. Reierson, Ragnar D. Naess of Naess & Thomas, investment counselors, Commerce Department Economist Louis J. Paradiso, and James W. Knowles, research director of the Congressional Joint Economic Committee...
Among the bankers who frankly doubt that the Government can make the seesaw work is Roy Reierson, chief economist of the Bankers Trust Co., who told the Joint Economic Committee of the Congress that "essentially the aims are contradictory." He pointed out that as bond yields decline, the inducement to invest at long term will weaken, and investors may switch to the short-term market, driving rates down there as well. Other critics are also afraid that the abandonment of the "bills preferably" policy will commit the Fed to supporting long-term holdings, upset the market and launch...
...change, were concerned only with the psychological effects it might have at the present time not with the idea's basic soundness. It already has some influential backers. The International Monetary Fund in 1958 recognized the advantages of reducing or eliminating the gold reserve requirement and Roy Reierson, vice president of Manhattan's Bankers Trust Co., proposed abolition of the requirement last year. The reason for questioning the reserve requirement is that it has not proved necessary. It was set up to guard against wildly inflationary printing-press money, a danger that the Government's prudent money...