Abstract

Finance
Harman, S. Palmer | October 21, 1931 issue

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In the chorus of popular approval which has greeted U.S. President Herbert Hoover's proposals for breaking the credit jam and restoring confidence in hard-pressed banks, the voices which express misgiving over the plan to "broaden" the lending powers of the Federal Reserve Banks have been few and faint. Some of the bankers attending the Atlantic City convention of the American Bankers' Association last week were reported to be opposed to this measure, but detailed criticism was lacking. Wall Street has fought for a "liberalized" basis of rediscounting in boom times, on the ground that there was not enough money to finance the country's legitimate business-dealings in stocks and bonds at fantastic prices being included in that category.

See Also:

FINANCE -- United States; FEDERAL Reserve banks; BANKS & banking -- United States; HOOVER, Herbert, 1874-1964; PRESIDENTS -- United States; STOCKS -- Prices; PRIME rate; UNITED States
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