Wall Street Notes

Rediscount Rates. As expected, the Chicago and Boston Federal Reserve banks, by lifting their rediscount rates above the country's 4% level to 4 1/2% a fortnight ago, excited other district banks last week to do the same. So doing were St. Louis, Richmond, Minneapolis. Bankers, brokers, borrowers expected that all twelve banks would have the same 4 1/2% rates within a few weeks.

British & Irish War Bonds. The way for trading having been made by the listing of Great Britain & Northern Ireland 4% funding bonds (TIME, April 30), last week the New York Stock Exchange admitted to its list the 5% War loan bonds of that same Kingdom of Great Britain & Northern Ireland. The entire issue is for -L-2,088,173,638 (more than $10,000,000,000). As with the 4% funding bonds, trading will be in pounds sterling.

Multimillion-Share Days. Interrupted finally was the month of full trading days during which members of the New York Stock Exchange traded 3,000,000 or more shares. From March 9 through April 23 (holidays & Saturdays excluded) 18 days were 3,000,000-share days; 13 were 4,000,000-share days. March 30 registered 4.759,300 shares, the record.

Interest Every Day. John J. Pulleyn is president of the Emigrant Industrial Savings Bank in Manhattan, for a quarter of a century the largest U. S. savings bank; and President John J. Pulleyn knows that even small depositors calculate and resent the loss of interest on savings they withdraw before monthly, quarterly or semi-annual interest dates. Therefore President Pulleyn's bank last week began to pay, and claimed it was the first to pay, full interest for every day savings are on deposit. In the cases of some small accounts, the bank's bookkeeping cost will be more than its profits. But in the 77 years of its existence the Emigrant Industrial Savings Bank has found that expensively small deposits become profitably large deposits.