Word: discount
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Dates: during 1920-1929
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...well paid; minimum net salary about $3,000 in most (Episcopal) dioceses. 8. It has permanence of tenure; clergymen (Episcopal) need not fear losing their appointments except for grave cause. 9. 'The clergy are exempt from being drafted for war.' Also they often get ten per cent discount on merchandise and they travel for half-fare on the railroads. 10. 'They are so favored by the kindly attention of wealthy and leading parishioners that their children enter the highest social life.' 11. They are often able to save money, especially when, 'through the kindness...
Without official explanation, the Federal Reserve Banks at New York, San Francisco and Minneapolis last week raised their re-discount rates from 3½% to 4%. The Chicago and Richmond banks had done the same the previous week. One effect of the rate changes forecast by financial commentators was that stock market quotations would fall sharply because market operators would find money too expensive to borrow. That did not happen appreciably last week. Another prognostication was that banks would make greater efforts than in the past few months to loan money to commercial and industrial organizations. Nor did that develop...
...frequently needs cash. He goes to his bank with documents showing that he has shipped the goods and that he will be paid a certain sum on a certain date. If his commercial credit is good and if the credit of the buyer is good, the bank will discount his "paper." Such "paper" is a "trade acceptance." U. S. banks at present have between $800,000,000 and $900,000,000 worth of trade acceptances representing domestic commercial transactions. They have even more-$975,000,000-representing international business, i. e., U.S. imports & exports. If the bank needs ready cash...
...contemplating giving about six subscriptions of TIME for Christmas gifts and I am wondering just what discount you give on this many subscriptions...
Foreign Exchange. The Dutch Central Bank of Amsterdam recently raised its discount rate one point to 4½%. This is an indication of good business in Holland. Their industry is borrowing to finance an expanding trade. Guilders, Dutch money, last week closed at a record price, 40.30 cents each. This is 10 cents above par, a quotation that featured foreign exchange trading last week...