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Specifically, Mr. Warburg urged a raising of the Federal Reserve 5% rediscount rate. "When commercial paper commands 3¾% and when bankers acceptances sell at 3?%, rediscount rates of 4??% and 5% seem grotesquely impotent and out of line. . . . Conditions such as these call to mind the painful events of the years...
Coincident with the Reserve Board's statement came the announcement that the Bank of England had raised its rediscount rate from 4??% to 5½%. With the New York rate at 5% the effect of this change will be to decrease the flow of gold from England...
Opened in London, last week, but not yet patronized by the Royal Family, was a "Public Inhalatorium." Poor persons with colds may pay tuppence (4??) to sit in a large chamber inhaling beneficial gases. Individuals of the middle classes will doubtless choose to pay two shillings (48¢) for a booth in which they may sniff privately...
...burden 34 cents per capita per annum. In practice, the annual burden per capita is being 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 4??% 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 4??% Third Liberty Loan will occupy Secretary Mellon's attention. It matures on Sept. 15. Last week, Secretary Mellon offered 3½% Treasury Notes in exchange...
Fordney-McCumber Tariff. Typical of U. S. tariff rates on French exports are works of art (under 100 years old), 20% ad valorem (that is, upon the U. S. valuation), silk wearing apparel, average of 60%; walnuts (France exported $4,861,000 worth to the U. S. last year) 4?? per pound unshelled, 12¢ shelled; precious and semiprecious stones (not including pearls), 10% ad valerem on uncut stones; perfumes containing alcohol 75% ad valorem plus 40¢ a pound; perfumes not containing alcohol 75% ad valorem; soaps and soap preparations from 15% to 30% ad valorem. These are the chief French...