The Treasury Department announced its quarterly financing for March 15. It offered 475 millions worth of Treasury certificates to run for nine months at an interest rate of 4¾%. To Mr. Mellon it must have seemed very much as if the people were exacting usurious interest from their Government. In the last five years he has sold Treasury certificates bearing as low .as 2¾%. True, last October he was also obliged to pay 4¾%, but in December, coincident with a break in the stock market he was able to market an issue at 4¼%,...
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