Finance: Money and Exchange

Money rates remain unchanged, even the variable call rate fluctuating closely around 5½%. The advance of the New York Federal Reserve rediscount rate last week to 4½% was reflected in the rise in the ratio of that bank from 79% to 80.6%. Bonds remained unsettled, and, though stable, seem to have reached a high level for their present movement. Public interest is plainly going over to stocks, and to appreciation in price rather than rate of interest return.

Foreign exchange rates, after their recent wild fluctuations, proved steady. In the case of German marks,...

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