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...corn duty was moved up from 15¢ to 25¢ per bushel (30¢ was the farm demand). Beef went up from 3?? to 6¢ per pound (farmers wanted an 8¢ rate). Butter was left at 12¢ per lb., whither President Coolidge had temporarily raised it from 8¢. Tariff duties on milk and cream were doubled. Poultry & eggs, lard & swine, vegetables & fruits all moved up proportionately on the new tariff scale...
Specifically, Mr. Warburg urged a raising of the Federal Reserve 5% rediscount rate. "When commercial paper commands 3??% and when bankers acceptances sell at 3???%, rediscount rates of 4½% and 5% seem grotesquely impotent and out of line. . . . Conditions such as these call to mind the painful events of the years...
Well-poised, the Candidate did not rashly claim Pennsylvania but did declare that Massachusetts, Rhode Island and Connecticut are "all right," and that "the tide has turned!" In Manhattan, betting odds dropped from 5 to 1 against the Derby to 3?? to 1. Prudent, the Candidate rested for a day at Claymont, Del., with Mr. and Mrs. John J. Raskob and eleven children. Then, unbedraggled, crisp and confident, the "bronzer"? trooped buoyantly...
...Team No. 3???Anna King, office clerk, $18; Tommy Nolan, office clerk, $18. Prize money...
...reduced more swiftly than that because when an astute Secretary runs the Treasury, he refunds the debt at lower rates as he goes along. Therein lies the banker's art, to buy in 4¼% Second Liberty Loan with $400,000,000 of borrowed money for which you only pay 3???%, as Secretary Mellon did last year. This year, the 4¼% Third Liberty Loan will occupy Secretary Mellon's attention. It matures on Sept. 15. Last week, Secretary Mellon offered 3??% Treasury Notes in exchange for the $2,147,000,000 Third Liberties outstanding...