Word: discounted
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Dates: during 1930-1939
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Some 60% of all U. S. passenger automobiles are sold at retail on deferred payments which are financed by discount companies. In 1925 there were 1,500 of such independent companies. Today there are only 500 because the business has been more & more dominated by General Motors Acceptance Corp., Commercial Credit Co. (Chrysler), Commercial Investment Trust (Nash, Hudson, Auburn, Studebaker), and C. I. T.'s subsidiary, Universal Credit Corp. (Ford). Last year these four handled 75% of all new car financing, 65% of the used car and 80% of the wholesale...
...that the Narragansett race track has been closed, and the Boston discount office that offered credulous customers some $500 for about five invested has been sealed by the police, students and others are perhaps wondering how best to lose their money...
Tokyo papers loudly complained last week that British bankers, responsive to their Government, were putting on pressure to force a Japanese reply by suddenly refusing to discount the sterling bills of Japanese exporters. Whether or not this was being done, Japanese Premier Prince Konoye meanwhile scared the British Admiralty to issue instructions to unescorted British merchantmen, bidding them submit to search by Japanese warships if challenged in Chinese waters. The Admiralty saved as much face as possible by adding that after such a search the Japanese warship concerned "must" report its findings to the Admiralty, as must also the searched...
...open market money rates, and, more important, to persuade banks to borrow from the Federal Reserve rather than sell large holdings of Government bonds as they have been doing lately to meet increased demand for commercial loans. As a device to end bond selling the reduction of the discount rate was not immediately successful. Still under pressure, ''Governments" continued to slump as much as half a point...
...Blum formed his Popular Front Government (TIME, June 15, 1936), scared money was in flight from France last week, rushing to other havens at such alarming pace that the Bank of France, striving to tempt its return, had to jack up the already high Paris central bank discount rate of 4% to the "panic rate" of 6%. The Blum Cabinet for the third time in nine months was desperately short of cash. First time this happened (TIME, Oct. 5), Finance Minister Vincent Auriol devalued the franc by 40%, carried on with the "profits" of this operation. Next time the Treasury...