Facts & Figures, Jan. 19, 1948

Deflation. As expected, the Federal Reserve Banks took a tiny step to curb credit. With Federal Reserve Board approval, the rediscount rate (the interest which member banks must pay on advances from Federal Reserve Banks) was raised from 1% to 1¼% in nine of the twelve FRB districts.

Inflation. Richard Neison Wishbone Harris, 32, who expanded a $5,000 investment into the multimillion-dollar Toni (home permanent wave) Co. in seven years (TIME, Aug. 18), sold out to Gillette Safety Razor Co. Harris, who will continue as Toni's president, will get $20,000,000, with a first down payment of $11.5 million in cash.


Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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