Anxious to give business a stimulant, last week the directors of Federal Reserve Bank of New York slashed its rediscount rate from 2% (where it had stood since Dec. 24) to 1½% Money eased throughout the land.* The immediate aim and probable result was to aid England which has been losing gold to the U. S. Over a longer period, agreed bankers last week, it should encourage foreign financing in the U. S., likewise issues by domestic companies. Yet last week the state of U. S. business was such that no sudden demand for...
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