Easier money was the most significant development of the past week; and the question most often asked was whether this was a seasonal phenomenon merely, or the beginning of a considerable decline in interest rates. On this subject, authorities are as usual divided. But the effect of current money conditions on the securities market is at any rate noteworthy. The utility stocks and bonds, which are always first affected by easier money, here showed distinct strength. In fact the further question regarding inflation through excessive gold imports is again arising....
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