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Three Financial Fakes Challenged by Bankers Association Executive
F N Shepherd of the American Bankers Association warned in Kansas City that three sweeping misrepresentations mislead the public. He cited claims that Wall Street owns corporations, that the Federal Reserve discriminates against farmers, and that railroad capitalization hides seven billion dollars of water. He presented data showing broad stockholder ownership across major firms and argued railroads are not overcapitalized. He contrasted federal rate policy with facts from rediscounts and emphasized that the Esch Cummins Act sets rate benchmarks, not guaranteed returns for stockholders.
MENTIONED IN THIS ARTICLE
F. N. Shepherd
American Bankers Association
Kansas City
Missouri
Wall Street
Federal Reserve Banks
Interstate Commerce Commission
America
Mr. Shepherd
Federal Reserve
Federal Reserve System
Boston
New York
Philadelphia
Cleveland