FISCAL: The Bond Boom

Corporations and local governments are in the midst of the biggest bond-selling campaign in U.S. history. Some financial men had worried that the unprecedented non-Government demand for long-term money, added to the Treasury's huge needs, might soon outrun the supply. But by all signs last week, there was no cause to worry. Investors bought more than $400 million worth of private and local debt issues, one of the largest single week's totals on record.

There was just enough pinch in the money supply to keep interest rates high, but there seemed to be no shortage of buyers if the price...

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