Interest during the past week was shifted from the security and commodity to the money market, through the rise in the N. Y. Reserve Bank rediscount rate (see below) from 3 to 3½%.
The change, although unexpected, nevertheless failed to elicit selling except to a minor extent in the bond market. It was generally taken to indicate the end of the period of very easy money which has prevailed in Manhattan since last summer; and also the long way that financial and industrial recovery has traveled since that time. Evidently the familiar "business...
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