MONEY RATES.
LOWEST LEVEL REACHED. NEW YORK, August 31. Money rates on the New York market fell yesterday to tho lowest levels ever recorded. The reason was that the financial community anticipated that to-day's statement of the Federal Reserve Bank will show that open market operations are in line with President Roosevelt's policy of credit inflation as a vital adjunct to tho national recovery programme. Call money was quoted at 3/4 per cent, or 1/4 down. Open market discount rates were down 1/8 per cent. Time money and commercial paper rates remained at the previous sub-normal levels. Financial observers detect.a most unusual situation in which the banks are surfeited with funds, but are reluctant to make loans. Although decreased operations at the low rates of interest are greatly reducing their profits it is said that the bankers are not willing to gamble their funds on the success of the national recovery programme. Critics allege that the banks have money for stock market speculation but none for business.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19330901.2.65
Bibliographic details
Auckland Star, Volume LXIV, Issue 206, 1 September 1933, Page 7
Word Count
167MONEY RATES. Auckland Star, Volume LXIV, Issue 206, 1 September 1933, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.