MONEY AND STOCKS.
THE note of warning in this column last week with regard to -monetary conditions has been justified by events. Confident expectations of an early reduction in the Bank Rate have given way to a more comprehensive view of the international monetary situation as a whole. Especially has there been a tendency to give consideration to conditions on the other side of the Atlantic. Whether the rise which has taken place in the re-discount rates of the Federal Bank of Chicago -and of Richmond will be followed later by an advance in the New York Bank Rate remains to be seen, but the move- ments in the rates I have referred to, and the weakness of the American exchange on London, have combined to impart It firmer tone to the Money Market.
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