Bank Rate Up After Close
The setback was small but nevertheless it was the greatest in three weeks. During that time the market drove ahad setrongly to within scoring distance of the historic; high set Sept. 23.	></br></br>After the close today, the Federal Reserve Board okayed boosts in the discount rate of its banks in New York, Philadelphia, Atlanta and Chicago to 2xrz percent from 2Yi percent. It was the fourth time this year that the rale has been hiked, and i put the banksÛª charges for lending money at the highest level since 1934.</br></br>The rate is that charged member banks for money they borrow from the central bank. When that money is loaned in turn by the commercial banks to business, the higher higher interest charges usually are passed on. That makes money tighter and tends to limit business borrowing for nonessential purposes.</br></br>The stock market this last Monday made an especially strong advance, but on Tuesday and Wednesday it backed and filled in an uncertain manner. Today it started slightly higher but ran into selling difficulties almost immediately. Aircrafts and radio-televisions managed rallies during the day, but the rest of the market refused to go along.</br></br>The Associated Press average of 60 stocks dropped back 50 cents at $179.80. The record high Sept. 23 was $181.50. Both the industrial component of the average and the rails were off 80 cents while utilities remained unchanged