Without official explanation, the Federal Reserve Banks at New York, San Francisco and Minneapolis last week raised their re-discount rates from 3½% to 4%. The Chicago and Richmond banks had done the same the previous week. One effect of the rate changes forecast by financial commentators was that stock market quotations would fall sharply because market operators would find money too expensive to borrow. That did not happen appreciably last week. Another prognostication was that banks would make greater efforts than in the past few months to loan money to commercial and industrial...
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