An interesting sidelight upon the anticipated movement of interest rates for the current year was afforded by the offering of $400,000,000 of six months and one year U. S. Treasury Certificates bearing interest at 4¼ and 4½ per cent respectively. Throughout the war period, the rates on these certificates by which the nation's floating debt has been financed, have proved a remarkably accurate index to prospective as well as present conditions in the money market. The rates on the present issue of certificates have, like the Reserve rediscount rates, recognized the increasing demand...
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