Business: Rate Upping

With gold flowing swiftly out of its vaults, last week Federal Reserve Bank of New York raised its rediscount rate to 3½%> a 1%, advance from the rate established last fortnight and 2% higher than the rate which prevailed from May 8 to Oct. 9. Through losses of gold to foreign countries and to U. S. hoarders, the Federal Reserve System showed last week a 61.8%, ratio of gold to deposit and notes outstanding against 67.1% the week before, 78.4%, before England suspended gold payments Sept. 21. Legal minimum is 40%. In four...

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