FISCAL: Deficit No. 2

The gold supply of the U. S. last week stood at $4,998,000,000. an all-time record. It represented almost one-half of the entire world's gold stock ($11,262,000,000). Yet the U. S. Treasury, poor amid riches, had to go out into the money market again as a borrower on a scale larger than at any one time since the War. Secretary Mellon called for offers on an $800,000,000 bond issue to mature in 24 years, and $300,000,000 worth of one-year Treasury certificates. The bonds paid 3%. lowest rate since the War. The certificates went...

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