Word: 3â
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...Federal Reserve Board in Washington last week established 3??% as the rediscount rate for the Federal Reserve Bank of Chicago, and there was anger in Chicago...
Something had to be done, and was done last week. The Federal Reserve Board announced that it was fixing 3??% as the Chicago district's rediscount rate. Chicago bank directors growled, refused to "talk for publication." Said Governor Crissinger: "The Federal Reserve Board established the rate of 3??% for sound reasons. That is all there is to it." The Chicago Journal of Commerce warned: ". . . It would be much easier than eastern bankers know to make a political issue of the Federal Reserve System. . . . Difficult would be the defense of it if an issue were made...
...Federal Reserve Bank of New York, (TIME, July 11), men came from Manhattan, according to the Chicago Journal of Commerce, asking that Governor James B. McDougal of the Chicago Federal Reserve Bank initiate a movement (which the other banks might ostensibly follow), to reduce the general 4% rate to 3??%. If money could be borrowed cheaply in the U. S., it could be loaned with profit abroad...
...program. It is understood, however, that the President has "recommendations" to make, chiefly that the tax reduction should centre upon cuts in corporation taxes. The President does not contemplate reduction in the taxes paid by earners of small incomes, but believed that automobile taxes should be lowered, possibly from 3??% to 2%. He also anticipated a possible elimination of taxes on theatre tickets and club dues...
...last week Secretary of the Treasury Andrew W. Mellon found a way of lessening expense without changing national customs. He announced that the dollar bills of the future will be considerably reduced in size. The present bill measures 7.7 inches by 3??? inches. The new bill will measure QVs inches by 2? inches, therefore will be about an inch and one-half shorter and half an inch narrower. It will last longer because it will not have to be folded so much and each printing operation will produce 50% more notes. These two advantages of longer life and easier printing...