FISCAL: Rather Grand News

"I have some rather grand news for you," was President Roosevelt's greeting to newshawks one day last week as they flocked into his Hyde Park study. He proceeded to tell them that Secretary of the Treasury Woodin had just telephoned him that the Government's $500,000,000 issue of 3¼% bonds had been oversubscribed six times.* It was the new Administration's first excursion into the bond market, in fact the first long-term Treasury issue since September 1931. The rush of investors for the new bonds was generally interpreted as one more manifestation of the...

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