Controls. The Federal Reserve Board set Sept. 20 as the effective date for Regulation W controls on installment buying, authorized by the special session of Congress. Requirements thereafter: a one-third down payment on new or used automobiles and 20% on most household goods, payment of the balance in 15 months (if less than $1,000) or 18 months (if above $1,000). Meanwhile the trend toward higher interest rates, which the Treasury and FRB had started by upping their short-term and rediscount rates, continued; the Chase National Bank raised its rates on call money (brokers' loans) from 1½% to 1¾%.
Stocks. After...
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