Word: warburgs
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...fact the ritual of farm relief hear- ings became so stupid that Oklahoma's Senator Thomas proposed a means of enlivening them. He would call tycoons of industry and finance?Henry Ford, John Pierpont Morgan, Charles Michael Schwab, Paul Moritz Warburg, Owen D. Young, John Davison Rockefeller Jr., Andrew William Mellon?and have them say what was wrong with the farmer...
Specifically, Mr. Warburg urged a raising of the Federal Reserve 5% rediscount rate. "When commercial paper commands 3¾% and when bankers acceptances sell at 3?%, rediscount rates of 4½% and 5% seem grotesquely impotent and out of line. . . . Conditions such as these call to mind the painful events of the years...
...Federal Reserve rediscount rate was at the very bottom of the money market, was lagging far behind the general trend toward higher and higher interest rates. Theoretically an index to prevailing conditions, the 5% rediscount rate was actually an exception to them. That is why Mr. Warburg termed the rate "grotesque . . . out of line...
...Board's February warning. The increase in loans was mostly from corporations, not from banks, and as long as corporations can lend out their surpluses at up to 12% call money rates, the banks generally maintain that there is no way of keeping money out of Wall St. Mr. Warburg's statement did not much annoy the speculators, who were inclined to take it as an admission that they controlled the situation, however deplorable such control might be from Mr. Warburg's standpoint...
Mellon. The Federal Reserve Board made no reply to Mr. Warburg. Neither did it increase its rediscount rate. During the entire Federal Reserve-Wall Street controversy there has been a strong undercurrent of rumor concerning dissension among Reserve Board Members. It has been claimed that Andrew Mellon, Secretary of the Treasury, has been opposed to any rise in the rediscount rate, that his influence has kept the Board from taking drastic measures. Neither personal nor political reasons are lacking to make such an attitude logical for Mr. Mellon. Not only is the Bull Market an evidence of Republican Prosperity...