Business & Finance: Current Situation: Jun. 23, 1924

Undoubtedly the most spectacular occurrence of the past week has been the precipitate fall in many rates throughout the country, but especially in Wall Street. Call money had already broken 3%, and the New York Reserve had reduced its rate to 4%. A year ago this would have resulted in the withdrawal of out-of-town balances from New York, and a consequent stiffening of the local money rates. This time, however, the country everywhere had an oversupply of funds. Hence, in the last week, all money descended to 2% for the first time...

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