Despite rumors of a further advance in the Reserve rediscount rate, money continued relatively easy. Call money fell below 5 per cent, while open market rates for paper and acceptances were unchanged. The ratio of the New York Reserve Bank rose from 80.6 per cent to 83.2 per cent, which fact, along with other related evidence, reveals a considerable flow to New York of funds from other American centers. Undoubtedly the recent activity on the speculative exchanges for cotton and securities in New York are largely responsible for this drawing of funds to...
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