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 1ΒΌ% 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.
Smooth...
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