THE MONEY MARKET.
WALL STREET RATES. NEW YORK, February 15. The New York branch of the Federal Reserve Board held a meeting, yesterday that lasted over four hours, after which it was simply announced that the rediscount rate would not be raised. The Stock Exchange was considerably disturbed to-day by a rumour that a sensational fight on that subject had occurred yesterday over the telephone between the board and the Treasury. The unsettled feeling was accentuated to-day, when call money rose from QVz per cent to 10 per cent. The market closed weak, and apparently the relief caused by the unchanged i rediscount rate was tempered by the length of the board's meeting and the reported quarrel with the Treasury, which had supposedly persuaded the New York board to keep down the rate against the local wish.
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Auckland Star, Volume LX, Issue 41, 18 February 1929, Page 4
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137THE MONEY MARKET. Auckland Star, Volume LX, Issue 41, 18 February 1929, Page 4
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