The long-awaited trend toward higher money rates is at length plainly under way, at least so far as the Federal Reserve system is concerned. Until very recently the Reserve Banks of Boston, New York, Philadelphia, Cleveland and San Francisco were holding their rediscount rates at 3½%, while the remaining seven* maintained a 4% rate. Suddenly the Boston institution led off with an advance to 4% (TIME, Nov. 23), and Cleveland almost immediately followed suit. Then the Philadelphia Bank directors met behind closed doors, and afterwards...
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