REDISCOUNT RATE
STOCK MARKET HARD HIT.
A RAPID RALLY.
(Received 9 ,a.m.) 1 NEW YORK, February .'.4,
The stock market gave an impressive demonstration of . its Idlierent strength in recovering part oL,-the heavy losses of opening dealings-wKTeli were made as a result of the rise in the re-discount rate to 4 per cent. Some pressure which was apparent 'towards the close was due to nervousness over the report of excessive brokerageloans. . ,
Sterling dropped sharply, .op t -the theory that the higher bank .Irate would attract funds from “but recovered, closing at 4 'dollars 86 5-8 cents. —A. and N.Z.
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Bibliographic details
Northern Advocate, 6 February 1928, Page 5
Word Count
99REDISCOUNT RATE Northern Advocate, 6 February 1928, Page 5
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