The Federal Reserve Banks of St. Louis, Boston and New York each last week reduced its re-discount rate from 4% to 3 1/2% and by their action proved the angry prediction of the Chicago Journal of Commerce that such would be the sequence of results from the Federal Reserve Bank of Kansas City's similar reduction the week before.
According to the Journal of Commerce those re-discount reductions were the result of the recent visit with Governor Benjamin Strong (the New York Federal Reserve Bank) of Governor Montagu Norman (the...
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