Word: walls
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Dates: during 1920-1929
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...might be "helpful" in securing anti-speculative legislation. It was a mildly-worded resolution, perhaps because it was edited by Senator Carter Glass of Virginia, one of the authors of the Federal Reserve Act (1913). Not mild, however, was the accompanying speech by ponderous Senator Heflin of Alabama. Wall Street, he bellowed, was the hotbed and breeding place of the worst form of gambling that ever cursed the country. The Louisiana State Lottery slew its hundreds but the New York State gambling exchanges were slaying hundreds of thousands. The gambling monster was destroying U. S. homes, was driving...
...into Federal Reserve discounts, brokers' loans, investment trusts and mergers. Representative Loring Black, a smart sensationalist, attacked the Reserve Board for alleged connivance with Great Britain. He argued that if England needed gold it ought not induce the Federal Reserve to interfere with U. S. prosperity by hampering Wall Street but should sell to the U. S. some of its island possessions off the Atlantic Coast, which possessions are naval bases that threaten U. S. security. Representative Garner, ranking Democrat on the Ways & Means Committee, thought that anti-speculative legislation was a "far-reaching" matter that ought...
...Wall Street's Prall. Meanwhile the Representative in whose district Wall Street itself is located said nothing at all. It is from the nonfinancial stretches of Staten Island that this Representative comes. He is Anning S. Prall, a perky, bright-eyed, chest-forward Tammany Democrat. The Manhattan financial section chances to be in Mr. Prall's Eleventh District, but skyscrapers do not vote and Mr. Prall does not "represent" Wall Street any more than he represents the Statue of Liberty which is also within his constituency...
...leading anti-Wall-Streeter in the House is Henry T. Rainey, a tall, white-haired old Illinois farmer who has been in every Congress but the 67th since the 58th. In the Senate are Heflin, Norris, Brookhart, Shipstead and many another hinterlander whose eyes are vigilantly cocked for city-bred iniquities...
Reserve Rate. Meanwhile Wall Street itself stirred uneasily. The early week market recovery proved to be largely whistling in the graveyard. As the week wore on and the tombstones stood out more clearly in the gathering darkness, the speculators stopped whistling and started to run. Directors of the New York Federal Reserve Bank held a lengthy and private meeting, after which, however, no change was announced in the rediscount rate...