THE CABINET: Dear Money

The Government, like any other business concern, bows to the money market. But the Government, more than any other moneyed concern — especially since the Federal Reserve System began affecting the stock market — helps make the money market. Hence the interest of economists and the perturbation of speculators when Secretary Mellon last week made the Government's usual June bond offering to carry the highest interest rates since 1924. The offering was $400,000,000 worth of certificates at 4% for six months, 3⅞% for nine months.

Three months ago, in March, the Government offered only 3¼% and was oversubscribed. Since 1924,...

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