Business: Deals & Developments

Lower Rate. Last week the Federal Reserve Bank of New York lowered its rediscount rate from 3½%, where it had stood since Oct. 16, to 3%,. Immediate results were a rise in Government bond prices, a falling off in several foreign exchanges. The former was taken to mean that the lower rate will aid the Treasury in its financing problems; the latter, that Europe's alarm over the dollar has died out. Swiss francs broke especially sharply, probably because much money sent to Switzerland for safety was now being recalled.

Squibb Plan. In 1929...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!