The dominant factor in the financial situation is the recent lowering of the New York Federal Bank's rediscount rate from 4% to 3½%. Although this made money easier for speculation, the stock market kept fairly level during the past week. The fact is, some Manhattan money is passing to the interior states, while considerable is going into foreign investments. The final settlement of the French debt (see NATIONAL AFFAIRS) presages the floating of a large French loan here, the proceeds of which might be used to stabilize the franc and perhaps restore it...
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