Word: discounted
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Dates: during 1920-1929
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...Federal Reserve Banks of St. Louis, Boston and New York each last week reduced its re-discount rate from 4% to 3 1/2% and by their action proved the angry prediction of the Chicago Journal of Commerce that such would be the sequence of results from the Federal Reserve Bank of Kansas City's similar reduction the week before...
According to the Journal of Commerce those re-discount reductions were the result of the recent visit with Governor Benjamin Strong (the New York Federal Reserve Bank) of Governor Montagu Norman (the Bank of England) Deputy Governor Charles Rist (the Bank of France)' and Dr. Hjalmar Schact (head of the German Reichsbank) (TIME, July 11). Those visitors went with Governor Strong to Washington for a conference with members of the Federal Reserve Board...
After that conference, the Journal of Commerce charged last week, "The little New York group that dominates the Federal Reserve System came to Chicago and tried to induce the directors here [of the Chicago Federal Reserve Bank] to cut the [re-discount] rate and afford pretext to New York. The request was flatly and somewhat indignantly refused. borrowed at a low rate, can be reloaned at a slightly higher rate...
...Federal Reserve Board last week gave permission to the Kansas City Federal Reserve Bank to lower its re-discount rate from 4% to 3½%. This means that banks of the Tenth (Kansas City) Federal Reserve District which belong to the system, can borrow money for 3½% and consequently can afford to loan money to individuals and concerns at a relatively cheap rate. The lowered rate will have one effect of helping the farmers of the Tenth District harvest and ship the season's crops advantageously...
...eleven other Federal Reserve Banks last week maintained their re-discount rate at a uniform...