The U. S. Treasury last week felt the pinch of a tight money market. To borrow $400,000,000 for nine months, it prepared to pay a higher interest rate— 5⅛% — than at any time in the last eight years. For the first time in an even longer period the Treasury's quarterly financing interest rate was above the Federal Reserve bank rediscount rate (5%). A year ago a similar loan was put out by the U. S. at 3⅞% whereas in 1924 the Government was able to procure money in the public market at...

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