Undoubtedly the most spectacular occurrence of the past week has been the precipitate fall in many rates throughout the country, but especially in Wall Street. Call money had already broken 3%, and the New York Reserve had reduced its rate to 4%. A year ago this would have resulted in the withdrawal of out-of-town balances from New York, and a consequent stiffening of the local money rates. This time, however, the country everywhere had an oversupply of funds. Hence, in the last week, all money descended to 2% for the first time...
To continue reading:
or
Log-In
