To employ an Irish bull, the chief event of last week was one that didn't happen. Despite rumors in and out of Wall Street, the meeting of Governors of Federal Reserve Banks in Washington adjourned without proposing an advance in rediscount rates.
The confident but mistaken predictions that rediscount rates would be increased have proceeded partly from advocates of the classical theory that rediscount rates should stand above open market rates, and partly from apprehensive speculators in a temporarily bear stock market. The opinion of the latter group can be disregarded. But...
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