The low 3 ½% re-discount rate decreed by the Federal Reserve Board has had two effects: 1) to cause U. S. capitalists to send gold out of the country to foreign countries where a higher yield is possible; 2) to cause foreign borrowers to come here and take gold credit out of the U. S. where it is cheap. In either case the gold is going.
Poland, through the Bankers Trust Co., announced a U. S. offering of $47,000,000 in bonds bearing a 1% interest coupon, maturing 1960.
Brazil, through a group headed by Dillon, Read & Co.,...
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