This rise in the New York Reserve rates is the first since 1920, when the strained condition of American credit gradually forced the commercial paper rate to 7%. During the ensuing liquidation the rate fell step by step to 4% where it has hung for many months.
Meanwhile American business has again entered a rising cycle, as is plainly attested by such reliable barometers as the stockmarket and the iron and cotton industries. Lately the money market has responded to this new revival of business. Call loans, the barometer of the money market, have...
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