Pacific Review November 1929 Pacific Alumni Association
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X-6737 TUB DISCOUNT RATE CONTROVERSY BETWEEN THE FEDERAL RESERVE BOARD and THE FEDERAL RESERVE BANK OF NEW YORK -1- November [1st approx., 1930. The Federal Reserve Bank of New York, in its Annual Report for the year 1929, stated: "For a number of weeks from February to May, 1929, the Directors of the Federal Reserve Bank of New York voted an increase in the discount rate from 5% to 6%. This increase was not approved by the Board." Annual Report, Page 6. ~2~ The above statement makes clear the error of the prevailing view that the discount rate controversy lasted from February 14, 1929, - the date of the first application for increase in discount rates, - to August 9, 1929, the date of the Board's approval of the increase from 5% to 6%. The controversy began on February 14, 1929, but practically ended on May 31, 1929. On May 22, 1929, Governor Harrison and Chairman McGarrah told the Board that while they still desired an increase to 6%, they found that the member banks, under direct pressure, feared to increase their borrowings, and that they wanted to encourage them to borrow to meet the growing demand for commercial loans. 16 Diary 76 (69). Furthermore, on May 31, 1929, Chairman McGarrah wrote to the Federal Reserve Board that the control of credit without increasing discount rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis X-6737 - 2 - (direct pressure) had created uncertainty; that agreement upon a program to remove uncertainty was far more important than the discount rate; that in view of recent changes in the business and credit situation., his directors believed that a rate change now without a mutually satis- factory program, might only aggravate existing tendencies; that it may soon be necessary to establish a less restricted discount policy in order that the member banks may more freely borrow for the proper conduct of their business:; that the Federal reserve bank should be prepared to increase its portfolio if and when any real need of doing so becomes apparent. -
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945
Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945. T939. 311 rolls. (~A complete list of rolls has been added.) Roll Volumes Dates 1 1-3 January-June, 1910 2 4-5 July-October, 1910 3 6-7 November, 1910-February, 1911 4 8-9 March-June, 1911 5 10-11 July-October, 1911 6 12-13 November, 1911-February, 1912 7 14-15 March-June, 1912 8 16-17 July-October, 1912 9 18-19 November, 1912-February, 1913 10 20-21 March-June, 1913 11 22-23 July-October, 1913 12 24-25 November, 1913-February, 1914 13 26 March-April, 1914 14 27 May-June, 1914 15 28-29 July-October, 1914 16 30-31 November, 1914-February, 1915 17 32 March-April, 1915 18 33 May-June, 1915 19 34-35 July-October, 1915 20 36-37 November, 1915-February, 1916 21 38-39 March-June, 1916 22 40-41 July-October, 1916 23 42-43 November, 1916-February, 1917 24 44 March-April, 1917 25 45 May-June, 1917 26 46 July-August, 1917 27 47 September-October, 1917 28 48 November-December, 1917 29 49-50 Jan. 1-Mar. 15, 1918 30 51-53 Mar. 16-Apr. 30, 1918 31 56-59 June 1-Aug. 15, 1918 32 60-64 Aug. 16-0ct. 31, 1918 33 65-69 Nov. 1', 1918-Jan. 15, 1919 34 70-73 Jan. 16-Mar. 31, 1919 35 74-77 April-May, 1919 36 78-79 June-July, 1919 37 80-81 August-September, 1919 38 82-83 October-November, 1919 39 84-85 December, 1919-January, 1920 40 86-87 February-March, 1920 41 88-89 April-May, 1920 42 90 June, 1920 43 91 July, 1920 44 92 August, 1920 45 93 September, 1920 46 94 October, 1920 47 95-96 November, 1920 48 97-98 December, 1920 49 99-100 Jan. -
Dietz, Cyrus E 1928-1929
Cyrus E. Dietz 1928-1929 © Illinois Supreme Court Historic Preservation Commission Image courtesy of the Illinois Supreme Court Cyrus Edgar Dietz was born on a farm near Onarga, Illinois, a town on the Illinois Central Railroad in Iroquois County on March 17, 1875. At the peak of a highly successful career as a prominent attorney, he won a seat on the Supreme Court only to die of injuries sustained in an equestrian accident barely nine months after his swearing-in, making his tenure one of the shortest in the Court’s history. His parents were Charles Christian Dietz and Elizabeth Orth Dietz. He was the youngest of eight children. His father was born in Philadelphia of Alsatian background. His mother came from a Moravian family that settled in Pennsylvania in the early eighteenth century. Elizabeth Orth Dietz’s uncle was Godlove Orth, a friend of Abraham Lincoln’s during the Civil War, a prominent lawyer in Indiana, serving in the state legislature, in the United States House of Representatives, and as minister to the court of Vienna.1 His education began at the Grand Prairie Seminary at Onarga. From there he went to Northwestern University and majored in speech and law, obtaining his Bachelor of Law degree in 1902. His brother Godlove Orth Dietz graduated with him.2 While pursuing his double-major at Northwestern, he also played fullback for the university football team, an effort that earned him All-American status in 1901.3 2 After graduation he stayed near Northwestern to practice law in the Chicago office of William Dever, who would later become mayor of Chicago in the 1920s. -
1929 CONGRESSIONAL RECORD-SENATE· 5895 Will Ascertain Bow Absurd His Fig'ures Were at That' Time; ·And Made Any Estifnates Upon ·Raw Wool
1929 CONGRESSIONAL RECORD-SENATE · 5859 'MAINE The VICE PRESIDENT. Seventy-two Senators have an- Joseph. Otto Fisher, Lewiston. · swered to their names. · A quorum is present. MINNESOTA THE joUJ.iNAL Louis M. Larson, .Alberta. Mr. JONES. Mr. President, _I ask unanimous consent for Arthur J. Schunk, Minneapolis. the approval of the Journal of .Monday, November 18, Tuesday' Tollef P. Anderson, Thief River Falls. November 10, and Wednesday, November 20, 1929. The VICE PRESIDENT. Without objection, it' is so ordered. MONTANA ORDER FOR RECESS Helen P. Gibb, Belton. John M. Evans, jr., Butte. Mr. SMOOT. Mr. President, I ask unanimous consent that at the conclusion of to-day's business the Senate take a recess NEW MEXICO until10 o'clock to-morrow morning. John P. Milner, Anthony. The VICE PRESIDENT. Is there objection? The Chair NEW YORK hears none, and it is so ordered. Fred C. Conrad, Saranac Lake. HON. WALTER E. EDGE, AMBASSADOR TO FRANCE NORTH CAROLINA A message was communicated to the Senate from the Presi Byron J. Luther, Enka. dent of the United States by Mr. H~s. one of his secretaries. NORTH DAKOTA Mr. BORAH. Mr. President, I ask that there be laid before the Senate the nomination of Bon. WALTER E. EDGE, to be am Ellis R. Dennison, Neche. bassador to France. UTAH . .The VICE PRESIDENT. The clerk will announce the nom George A. Murphy,- Spring Canyon. ' ination. VERMONT The legislative clerk read as follows: Burton N. Sisco, Brandon. To be ambassador extraordinary and plenipotentiary to France, WALTER E. EDGE, of New •Jersey. WEST VIRGINIA Mr. -
Nber Working Papers Series
NBER WORKING PAPERS SERIES WAS THERE A BUBBLE IN THE 1929 STOCK MARKET? Peter Rappoport Eugene N. White Working Paper No. 3612 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 1991 We have benefitted from comments made on earlier drafts of this paper by seminar participants at the NEER Summer Institute and Rutgers University. We are particularly indebted to Charles Calomiris, Barry Eicherigreen, Gikas Hardouvelis and Frederic Mishkiri for their suggestions. This paper is part of NBER's research program in Financial Markets and Monetary Economics. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. NBER Working Paper #3612 February 1991 WAS THERE A BUBBLE IN THE 1929 STOCK MARKET? ABSTRACT Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast., historical accounts, focusing on briefer periods, point to the stock market of 1928-1929 as a classic example of a bubble. While previous studies have restricted their attention to the joint behavior of stock prices and dividends over the course of a century, this paper uses the behavior of the premia demanded on loans collateralized by the purchase of stocks to evaluate the claim that the boom and crash of 1929 represented a bubble. We develop a model that permits us to extract an estimate of the path of the bubble and its probability of bursting in any period and demonstrate that the premium behaves as would be expected in the presence of a bubble in stock prices. -
S Ubject L Ist N O. 103
iD,5TRiBUTED TO t h e Official No. : C . 5 6 1 . M . 2 1 2 . 1929- , EM8ERS OF THE LEAGUE] LEAGUE OF NATIONS Ge n e v a , December 4th, 1929. S ubject L ist N o. 103 OF DOCUMENTS distributed to the m em bers of the league DURING NOVEMBER 1929. ( Prepared by the Distribution Branch.) Key to Signs. $ Distributed previously. Key to Abbreviations. Assem bly Jan . J an u ary . and A.P. Allied and Associated Powers L. of N. League of Nations dd. Addendum, Addenda Memo. M em orandum Xddit. A dditional M tg. * M eeting Adv. A dvisory Min. M inutes N ovem ber 'g»- A greem ent Nov. Ml. A nnex Obser\. Observation O ctober PP- A ppendix O ct. Arb. and Sec. Cttee. Arbitration and Security Committee O.J. Official Journal Arrgt. Arrangement Org. Organisation to. Article P- Page A ssem bly P.A. and A.P. Principal Allied and Associated A ugust Pow ers Council Para. P a rag rap h 'hapt. Chapter Perm . P erm an e n t 1. Council Pet. Petition ,.L. * Circular Letter Plen. Mtgs. Plenary Meetings .M. * Council and Members Prelim. Preliminary .omm. Com mission Prep. Preparatory xmf. Conference Pres. P resident .onsult. Consultative Prov. Provisional x m v . C onvention Pt. P a rt '.P.J.I. * Permanent Court of International R ecom m . Recommendation Justice R edist. Redistributed ttee. C om m ittee Rep. R eport ec. D ecem ber R epres. Representative el. Delegation Resol. R esolution isc. Discussion Sec.-Gen. Secretary-General ist. -
Union Power and the Great Crash of 1929
CEP Discussion Paper No 876 June 2008 Real Origins of the Great Depression: Monopoly Power, Unions and the American Business Cycle in the 1920s Monique Ebell and Albrecht Ritschl Abstract We attempt to explain the severe 1920-21 recession, the roaring 1920s boom, and the slide into the Great Depression after 1929 in a unified framework. The model combines monopolistic product market competition with search frictions in the labor market, allowing for both individual and collective wage bargaining. We attribute the extraordinary macroeconomic and financial volatility of this period to two factors: Shifts in the wage bargaining regime and in the degree of monopoly power in the economy. A shift from individual to collective bargaining presents as a recession, involving declines in output and asset values, and increases in unemployment and real wages. The pro-union provisions of the Clayton Act of 1914 facilitated the rise of collective bargaining after World War I, leading to the asset price crash and recession of 1920-21. A series of tough anti-union Supreme Court decisions in late 1921 induced a shift back to individual bargaining, leading the economy out of the recession. This, coupled with the lax anti-trust enforcement of the Coolidge and Hoover administrations enabled a major rise in corporate profits and stock market valuations throughout the 1920s. Landmark pro-union court decisions in the late 1920s, as well as political pressure on firms to adopt the welfare capitalism model of high wages, led to collapsing profit expectations, contributing substantially to the stock market crash. We model the onset of the Great Depression as an equilibrium switch from individual wage bargaining to (actual or mimicked) collective wage bargaining. -
An Outbreak of Fowl Plague in New Jersey in 1929'
AN OUTBREAK OF FOWL PLAGUE IN NEW JERSEY IN 1929' By F. R. BEAUDETTE, poultry pathologist, C. B. HUDSON, assistant poultry pathol- ogist, New Jersey State Agricultural Experiment Station, and A. HOWARD SAXE, county agricultural agent, Morris County, N.J. INTRODUCTION This report records an outbreak of fowl plague in Morris County, N.J., in the summer of 1929. On June 7, a letter was received at the New Jersey Agricultural Experiment Station from M., of Flan- ders, N.J., stating that a disease had killed about 40 of his fowls in the course of 2 weeks, and that neighboring flocks were similarly affected. As the specimen accompanying the letter was somewhat decomposed, no diagnosis could be made. On June 8 a visit was made to the premises. In the infected quarters there remained 2 or 3 Jersey Black Giant females and a male of the same breed which was said to have recovered from the disease. There were also several broods of Barred Plymouth Rock chicks on the premises but none of these had been affected. There was nothing to indicate an outbreak of plague, nor was this suspected until M. stated that two of his fowls showed swelling of the head. The disease was said to have begun on the premises of K., some 375 yards from M.'s premises. K. conducted a feed mill and also bought and sold chickens. The disease was supposed to have been the cause of the death of all but six chickens on K.'s premises, and these had been taken into the house at the beginning of the outbreak. -
What Caused Chicago Bank Failures in the Great Depression? a Look at the 1920S
Working Papers No. 151/11 What Caused Chicago Bank Failures in the Great Depression? A Look at the 1920s Natacha Postel-Vinay © Natacha Postel-Vinay, LSE July 2012 Department of Economic History London School of Economics Houghton Street London, WC2A 2AE Tel: +44 (0) 20 7955 7860 Fax: +44 (0) 20 7955 7730 What Caused Chicago Bank Failures in the Great Depression? A Look at the 1920s Natacha Postel-Vinay∗ ABSTRACT This paper analyses the long-term behaviour of financial ratios from 1923 to 1933, focusing on a total of 131 Chicago state banks, which suffered the highest urban failure rate in the US Great Depression. The banks that failed are divided into three cohorts. The first finding is that banks which failed early started investing in non-liquid assets as early as 1923. The second finding is that the share of real estate loans is the most important predictor of failure, from 1923 for the first failure cohort and after 1927 for the second failure cohort. Such results suggest a reassessment of the indirect role played by real estate in the Great Depression via the banking channel. At the same time, this paper re-asserts the importance of mass, non- discriminating deposit withdrawals as despite having the largest amount of mortgages, banks failing in the first episode did not lose significantly more deposits than others, and their deposit losses were not determined by mortgages. In the second episode, failing banks did lose significantly more deposits than others, but survivors suffered tremendous withdrawals too. The causes of bank failures in the third episode remain largely unexplained. -
Archival Insights Into the Evolution of Economics
Archival Insights into the Evolution of Economics Series Editor Robert Leeson Stanford University Stanford, CA, USA Tis series provides unique insights into economics by providing archival evidence into the evolution of the subject. Each volume provides biograph- ical information about key economists associated with the development of a key school, an overview of key controversies and gives unique insights provided by archival sources. More information about this series at http://www.palgrave.com/gp/series/14777 Robert Leeson Editor Hayek: A Collaborative Biography Part XV: The Chicago School of Economics, Hayek’s ‘luck’ and the 1974 Nobel Prize for Economic Science Editor Robert Leeson Stanford University Stanford, CA, USA Archival Insights into the Evolution of Economics ISBN 978-3-319-95218-5 ISBN 978-3-319-95219-2 (eBook) https://doi.org/10.1007/978-3-319-95219-2 Library of Congress Control Number: 2018946165 © Te Editor(s) (if applicable) and Te Author(s) 2018 Tis work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifcally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microflms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Te use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifc statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. -
Subject L Ist No
[DISTRIBUTED TO THE Official No.: C. 478. 1931. members o f THE COUNCIL.] L e a g u e o f N a t io n s Ge n ev a , August 4th, 1931. S u b j e c t L ist No. 123 OF DOCUMENTS DISTRIBUTED TO THE MEMBERS OF THE COUNCIL DURING JULY 1931. (Prepared by the Distribution Branch.) Note ; Part I contains reference to documents distributed to all Members of the League. Part II contains reference to documents distributed to the Members of the Council only. The Numbers in heavy type in Part I are inserted in order to indicate the existence of Council documents to which reference will be found in Part II. Key to Signs. § Distributed previously. Key to Abbreviations. A. * Assem bly Jan. Janu ary A. & A .P. Allied and Associated Powers L. of N. League of Nations Add. Addendum, Addenda Memo. Memorandum Addit. A dditional Mtg. * Meeting Adv. A dvisory Min. M inute Agrt. A greem ent Nov. November Ann. Annex Observ. Observation App. Appendix Oct. October Arb. & Sec. Cttee. Arbitration and Security Committee O.J. Official Journal Arrgt. Arrangement Org. Organisation Art. Article P- Page Ass. Assembly P. A. & A. P. Principal Allied and Associated Aug. August Powers C. * Council Para. P aragraph Chapt. Chapter Perm. Permanent Cl. Council Pet. Petition C.L.* Circular Letter Plen. Mtgs. Plenary Meetings CM.* Council and Members Prelim. Preliminary Comm. Commission Prep. Preparatory Conf. Conference Pres. President Consult. Consultative Prov. Provisional Conv. Convention Pt. P art CP.J.I. * Permanent Court of Inter Recomm. Recommendation national Justice Redist. -
S Ubject L Ist N O. 103
(DISTRIBUTED TO THE Official No • f 1029 MEMBERS OF THE COUNCIL] ^ v U I . L e a g u e o f N a t io n s Geneva, December 4th, 1929. S ubject L ist N o. 103 OF DOCUMENTS DISTRIBUTED TO THE MEMBERS OF THE COUNCIL DURING NOVEMBER 1929. (Prepared by the Distribution Branch.) Sots: Part I contains reference to documents distributed to all Members of the League. Part II contains reference to documents distributed to the Members of the Council only. The Numbers in heavy type in Part I are inserted in order to indicate the existence of Council documents to which reference will be found in Part II. Key to Sigtis. Distributed previously. Key to Abbreviations. A.* Assembly Intell. Co-op. Institute Intellectual Co-operation A. & A.P. Allied and Associated Powers tu te Add. Addendum, Addenda Jan. January Addit. Additional L. of N. League of Nations Adv. Advisory Memo. Memorandum Agrt. Agreement Mtg.* Meeting Ann. Annex Min. Minutes App. Appendix Nov. November Aib. & Sec. Cttee. Arbitration and Security Com Observ. Observation mittee Oct. October Arrgt. Arrangement O.J. Official Journal Art. Article Org. Organisation Ass. Assembly P- Page Aug. August P. A. & A. P. Principal Allied and Assc C.* Council Powers Chapt. Chapter Para. Paragraph Cl. Council Perm. Permanent C.L. » Circular Letter Pet. Petition C.M. * Council and Members Plen. Mtgs. Plenary Meetings Comm. Commission Prelim. Preliminary Conf. Conference Prep. Preparatory Consult. Consultative Pres. President Conv. Convention Prov. Provisional C.P.J.I. * Permanent Court of Interna Pt. Part tional Justice Recomm. Recommendation Cttee.