Although less argument occurs now than in 1920 as to whether New York has supplanted London as the financial centre of the world, nevertheless the rivalry of the two great financial capitals is today even keener than three years ago. Particularly is this seen in the flotation of foreign government loans, a work in which London was formerly supreme, but in which Wall Street is now proving a challenging competitor. Last week, the two centres competed directly for the flotation of the new $20,000,000 Norwegian loan. New York won, just as she did...
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