Word: discounted
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Dates: during 1920-1929
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This money will be used for immediate relief. For rehabilitation work later on, Mr. Hoover and the Louisiana State Reconstruction Committee organized a special Louisiana credit corporation. Federal Intermediate Credit Banks will re-discount farm loans made by this corporation at a ratio of four to one-which means that the corporation will be able to borrow four times as much money as it raises. Meanwhile, Lewis E. Pierson, president of the U. S. Chamber of Commerce, and Eugene Meyer, chairman of the Farm Loan Board, began a campaign among Northern businessmen and bankers, asking them to match, dollar...
...Bank, great institution, and onetime (1915-16) Chancellor of the Exchequer of Great Britain, marveled at our device; suggested that a modification of it be applied to British banking. . . ." The twelve Federal Reserve Banks,* whose charters the Congress last week voted to extend indefinitely beyond 1934, are banks of discount. Member banks-and all national banks must be members of the Federal Reserve system, whereas state banks may join if soundly qualified-that need emergency cash can go to their regional Federal Reserve Bank and discount their notes. Each Federal
...applications will be limited to four sets, not including box seats, and those for "personal use" will be preferred. Box seats, at the side of the rink, $2.20. H. A. A. cupon books can be used, and will be good for $.55 discount on one ticket...
...buys an automobile, or a baby carriage, on the installment plan. He gives his note (mortgage), bearing good interest, to the retail dealer. The dealer sells the customer's note to a credit finance organization for less than its full value, that is, at a discount. This organization in turn may want ready money for fresh purchases of mortgages. If such concern has been investigated, approved and licensed by the American Rediscount Corp., it will be able to get the cash readily. This is just what the Federal Reserve banks do for ordinary commercial paper. But the American Rediscount...
...heart disease, while walking with his wife. At 25 he was the youngest cashier in a major U. S. bank (Chase National). It was he who stimulated the trade acceptance, or bill, market in the U. S., whereby a merchant with time paper on his hands could easily discount it at a bank. He was taken into Morgan partnership in 1911, simultaneously with Thomas William Lamont...