BANK RATE
NEW YORK RISE
United Press Association—By Electric Telegraph—Copyrignt).
NEW YORK, Feb. 15
The Local Reserve Board yesterday held a meeting lasting over four hours after which it was simply announced (that |th© banking re-discount rate would not be raised to-day.
"Wall Street has been considerably disturbed by the rumour of a sensational fight on that subject having occurred yesterday over the telephone between the Board and the United States Treasury Department as the settlement was accentuated today when the rate frr cnll money rose from six and a half per cent to ten per cent. The market closed weak, and apparently the relief caused by the news of no charge changed by the rediscount rate has been tempered by the length of the Board’s meeting and its reported quarrel with the Treasury Department, which is supposed to have persuaded the New York Board to hold down the rate, against the local wish to raise it.
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Hokitika Guardian, 19 February 1929, Page 3
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157BANK RATE Hokitika Guardian, 19 February 1929, Page 3
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