Undoubtedly the principal events of the past week in the world of business was the raising of the rediscount rate of the N. Y. Federal Reserve Bank from 3 to 3½%. The rate had not been changed since Aug. 8, 1924, when it was lowered from 3½ to 3%. Considerable conjecture arose as to the cause for raising the rate, and whether it indicated a move to halt speculation in the stockmarket. Most editorial writers decided to the contrary −a position which the bank's own statement confirms. The New York Bank rate at 3% was below...
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