Since the U. S. has always been a rapidly growing country in constant need of capital, the prevailing interest rates here have practically always been higher than those of the older and more static countries of Europe. Usually London, as the former financial centre of the world, has been able to maintain the lowest money rates, while New York rates have ruled far above.
The last cut of the New York Reserve rates to 3½%, however, as well as the basic tendencies in the U. S. money market of...
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