Discount Rate Raised By Nine Reserve Banks
The Federal Reserve System and Treasury moved to curb inflation by raising the discount rate from 1% to 1% at nine of the eleven banks, with three more expected to act soon, tightening bank lending to businesses and farmers. Treasury Secretary Snyder announced $571.43 million of government bonds will be redeemed in cash on December 15, and all 1938 50 two percent bonds issued December 3, 1939 are called for redemption, totaling over $1.022 billion in calls this week. The measures, along with higher short-term rate changes effective September and October, aim to reduce securities in the investment market and shrink banks’ lending resources, likely lifting general interest rates and restraining borrowing costs.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve System
Treasury
Aoven
Federal Reserve
Federal Reserve Banks
Snyder
Maryland Conservation Field Day to be held near Jefferson
Special features in connection with the Maryland Conservation Field Day at the Nelie V Thrash er farm near Jefferson on Wednesday, August 16 will be carried by The News next Tuesday evening. The edition will also carry relevant advertising. Due to the time element, advertisers are urged to contact The News-Post Advertising Department as soon as possible.
MENTIONED IN THIS ARTICLE
Nelie V. Thrasher Farm
Jefferson
News
News-Post
Marylanders Burned To Death In Plane Crash
Alliance Ohio August 12 Two Maryland men one a World War II Air Force hero and the other an industrialist died in a Piper Cub plane crash near Alliance. The aircraft developed motor trouble, spun and crashed into a cornfield north of Alliance. Barber of Barber's Airport reported the craft burned after overturning, warning no rescue possible. Cockey known for farm machinery ads.
MENTIONED IN THIS ARTICLE
Barber
Cockey
Red Scheme To Slash Armaments Scorned
A United Nations Commission of 11 nations rejected Russia's plan to reduce world armaments. The vote was 9 to 2, with Russia and the Soviet Ukraine dissenting. The body said such regulation requires a secure atmosphere of international confidence and security before any steps can be taken.
MENTIONED IN THIS ARTICLE
Lake Success
United Nations Commission
Russia
V. M. Molotov
Ukraine
International commission plans postwar disarmament agenda
The commission signaled cautious planning on atomic energy and postwar treaties with Germany and Japan, aiming to restore international confidence. No further deliberations are expected before 1949, and observers see this as delaying arms slashes until East West tensions and major peace issues with Russia and the U.S. are resolved.
MENTIONED IN THIS ARTICLE
Russia
Rakes Secks Review in Supreme Court Appeal
Hugh Namon Rakes, 48, Leesburg, Va., a dairy farmer, filed a Wednesday petition asking the Supreme Court to review his conviction on charges of aiding in a misapplication.
MENTIONED IN THIS ARTICLE
Rakes Secks
Hugh Namon Rakes
Leesburg
Dary Farmer
Supreme Court
Rates Convicted in Richmond Federal Case
Rates was convicted in Federal Court in Richmond, sentenced to three years, fined $10,000, and given five years probation. The Circuit Court in Richmond affirmed the conviction. Bates appealed to the Supreme Court claiming FBI agents seized from his wife checks and documents, arguing suppression of evidence.
MENTIONED IN THIS ARTICLE
Farmers & Mechanics State Bank
Fredericksburg
Rates
Richmond
Circuit
Supreme Court
Bates
FBI
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Dorothy
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James Musselwhite
James Jr
Urbana
Kirs
Samuel
Staub
Evelyn
Rosalee
Ruth Ann
James
Sam Jr
Ray
Margaret Hewes
Clarksburg
Sarah Jane Clagett
Adamstown
Marshall Gearheart
Ronald
Lary
Dewey Gearhart
Elizabeth
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Charles Sweeney
Charles
William
Daniel
Blanche
Hazel
Rebecca
Ennis Melott
Gerald
Earl
Helen
Kathryn Starloper
John Wetzel
Richard and
Carl
Emmett Gearhart
Mercersburg, Pa
Glass & Mirror
Park Avenue
Markell & Ford
Marsden
S20 Cor Ag
Oc Ib
Marsden Center St. Ext'd
Sherman -Ve
David Bradley
the News
Frederick
Henry
Hatters
N. Market ST
Monocacy Motors
North Market St
Tractor Oalve
Steel Hog Waterer
Savel Buy Now
OXLE
Gardner
David Bradley Garden
Briggs and Stratton
Sears
A. C
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Frederick, MD
Sprankle
North End Grocery
Southern Dairies
Sunkist
Yingling
WNPA
PET
Ewspapyn Ll
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