Deals & Developments

Two Percent Rate. For the seventh time since the stockmarket crash of October 1929, the Federal Reserve Bank of New York last week lowered its rediscount rate. The new rate, 2%, is the lowest in Federal Reserve history, lower than the rate prevailing in any other government bank. Interpretations of the move were: it would assure Europe that bank failures have not weakened the confidence of the New York money market; it would show U. S. Industry that the Federal Reserve is definitely on the side of easy money, hence may spur a trade revival. Cleveland's reserve bank promptly followed with a reduction from 3% to 3%, and other banks were expected to follow.

Underwood Elliott Fisher Abroad. A bookkeeping machine which will register up to $9,999,999,999,999.99, or 1-c- short of ten trillion dollars, is one of the products of Mercedes Buromaschinen-Werke A. G. of Germany, largest exclusive manufacturer of typewriters, bookkeeping and calculating machines in Europe.

Last week Underwood Elliott Fisher Co., world's largest in the typewriter industry, announced it had acquired a large interest in Mercedes, will exchange rights and technical information. The deal will also strengthen Underwood's position abroad--which already amounts to 40% of its volume. Crown of Thorns. In the securities-filled vaults of Provident Loan Society, Manhattan, last week reposed an emerald & pearl-studded reliquary within which were fragments said to have come from the Crown of Thorns which Jesus wore on the Cross. Not for safe-keeping alone was this relic in the Provident Society's vaults. Its owner, an art dealer, had used it as collateral for a loan. Provident officers refused to divulge how much they had loaned against the relic, said to have been purchased from Maximilian Eugen Ludwig Habsburg, brother of the late Emperor Karl of Austria.

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