Business & Finance: Moneymarket

Manhattan banks raised interest rates on 90-day loans to 7%, threatened even higher rates if the demand were heavy. In only three of the last thirty years, and not since the deflation days of 1921, had time money been so high. Many were the grumblers. Among the loudest, most bitter, was Columnist Arthur Brisbane, who is first a businessman, then a reporter.

Columnist Brisbane did more than grumble. He sneered: "Borrowers should send three large gilt balls to be hung above the Federal Reserve Bank entrance, and similar ornaments to some of the big banks." He threatened: "This is what the law...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!