The markets were on the whole listless and reactionary, waiting for developments from the very uncertain Democratic Convention. Moreover, the seasoned Summer dullness is now at hand.
Money continued easy, call funds ruling at 2%, and paper and time money dropping slightly to new low levels around 3%. Interior Reserve banks followed Manhattan's lead in cutting re-discount rates. The plethora of loanable funds has become apparent even in the West. Bonds continued upward, especially the cheaper high-coupon foreign issues.
The slump in commodity prices halted for the time being at least. Yet...
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