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.

Smooth Sailing. In its campaign to win customers and influence other railroads, Chesapeake & Ohio announced another innovation: for only a 5¢ phone call, customers all along the line will be connected with the main reservation bureau in Huntington, W.Va., will thus be able to get space without the usual delay.

Any Bonds Today? The Treasury Department reported that purchases of Series E Government savings bonds in 1947 topped cash-ins by $155,298,000, boosting the public’s holdings of such bonds to an alltime peak of $30,996,938,000.

Low Ceiling. The British Overseas Airways Corp., largest of Britain’s three government-owned airlines, reported that it lost about $32,500,000 in its first year of postwar commercial operations (ending in March 1947). BOAC blamed most of the loss on the uneconomic planes it has been forced to fly.

Circulating Millinery. In Paris, Madame la Comtesse Monique de la Moissonière launched a new fashion scheme: a “circulating library” for hats. From her stock of 100, women can rent the latest and zaniest at 500 francs for 24 hours (special offer: twelve hats a month for 3,000 francs). Said the countess: “This is my version of American mass production.”