Word: systemic
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Dates: during 1920-1929
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...Government, like any other business concern, bows to the money market. But the Government, more than any other moneyed concern - especially since the Federal Reserve System began affecting the stock market - helps make the money market. Hence the interest of economists and the perturbation of speculators when Secretary Mellon last week made the Government's usual June bond offering to carry the highest interest rates since 1924. The offering was $400,000,000 worth of certificates at 4% for six months, 3⅞% for nine months...
Mellon was an attack in The United States Banker by Senator Carter Glass, who helped install the Federal Reserve System, upon the recent practice of that System, which Secretary Mellon is popularly (but inaccurately) supposed to manipulate. Senator Glass observed that Federal Reserve loans for speculative purposes had risen from some $800,000,000 in 1921 to some $5,000,000,000 in 1928. This was apparently so, though really the Federal Reserve Banks did not loan that sum directly to speculators, nor all of it. Member banks did the loaning. Much of the money belonged to their depositors...
...inferior mounting, at the former Harvard station in Arequipa, Peru. The 24-inch Bruce has long been the Observatory's most powerful tool for studying southern stars and nebulae, and with its new modern mounting it will continue on two especially significant problems--first, the survey of the super-system of galaxies known as the spiral or extra-galactic nebulae, and second, the motions of stars, and the stellar structure, in the neighborhood of the sun. For this second problem, Dr. W. J. Luyten, of the Observatory staff, will leave. Cambridge within a month for a year's work with...
...statements made by applicant, aid should be given according to financial need. If the above method should be found too costly. I should abolish all financial aid and use the money in raising the salary of professors and instructors: since, from personal experience. I know that the present system of awarding scholarships is to say the least, rank: aid being given men who should not even apply for it, while the deserving are all too often rejected...
...these have a way ofturning will-o'-the wisp when the builders of the report, who are either too safely ensconced in the best clubs to care about action, or are alumni like the Princeton investigator, decide quite humanly to let it go at that. Changes in any club system seem to be a matter of maturaration within the clubs themselves, rather than any yet discovered surgery...