OCR Text |
Show APPROVE INCREASE II DISCOUNT RATES Federal Reserve Board Takes Action to Discourage Discour-age Inflation. WASHINGTON, Dec 5. To discourage inflation and promote sound business . conditions, the federal reserve board has I approved a general increase in discount rates of about one-half per cent for most of the twelve federal reserve banks. On fifteen-day paper, including member, banks' collateral notes, the new ra'tes are 4 per cent for all banks except at New York, where it is 3 per cent. For fifteen to sixty-day paper the new rales are 41! per cent for all banks except New York, which is 4 per cent, and Chicago and Minneapolis, which are 5 per cent. Formerly For-merly rates on this paper ranged between 4 and 4' per cent. For agricultural and livestock paper over ninety days the rates are 5 per cent except for Richmond, which is 4 per cent, and Chicago, St. Louis, Minneapolis and San Francisco, which are 5 Per cent. Ljttle change has been made in fifteen-day fifteen-day paper secured by certificates of in-i in-i debtedness or Liberty bonds, rates remaining re-maining at :i per cent for all banks except New York, where it is 3 per cent. For fifteen to ninety -day paper of the same class the new ra.te is 4 per cent except for New York, which Is 3 per cent. Trade acceptances, one to sixty days, now bear 4 per cent except at New York, Chicago, Dallas and San Francisco, which are Z per cent. The former general rate was per cent. For sixty to ninety-day acceptances: the new rale is 4 per cent except for New York, which is 3 per cent. |