Word: rediscount
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...Washington bureaucracy no man feels the need of touching the ground more than W. (for Warren) Randolph Burgess (no kin to the poet, whose limerick he likes to quote). As the Treasury's top money expert, Burgess dabbles in such weighty and occult fiscal matters as rediscount rates and refundings, deals in sums that would frighten a lesser man. As manager of the biggest peacetime financing in history, he must raise $65 billion this calendar year. Last week Congress promoted Moneyman Burgess from Deputy Secretary to the new post of Under Secretary of the Treasury for Monetary Affairs...
...rediscount rate, i.e., the rate at which banks may borrow from FRB, was cut last February; last week another cut (from 1¾% to 1½%) was initiated in Chicago and okayed in Washington...
Last month, Western officials cautiously started to let some money pour into West Germany's economic pool. The Bank Deutscher Länder relaxed credit restrictions by lowering the rediscount rate for its member banks. West Germany's economic boss, Dr. Ludwig Erhard, announced an 8½-billion-mark investment program for the coming fiscal year...
...used automobiles and 20% on most household goods, payment of the balance in 15 months (if less than $1,000) or 18 months (if above $1,000). Meanwhile the trend toward higher interest rates, which the Treasury and FRB had started by upping their short-term and rediscount rates, continued; the Chase National Bank raised its rates on call money (brokers' loans) from...
...thought that the results of Snyder's action would prove much of a damper on the inflated market. The cost of borrowing would have to be much higher to be effective. As for the rediscount rise, its effect would only be psychological. Borrowings by member banks from the Federal Reserve Banks are relatively insignificant, at less than $300 million. With excess reserves of over $1 billion, member banks were not likely to raise the volume by much, nor feel any actual pinch because of the higher charges...