FISCAL: Turnabout

For the first time since the Eisenhower Administration took office, the Treasury saw a chance last week to borrow money at cheaper interest rates. The opportunity was provided by a spectacular turnabout in the Government securities market, as investors briskly bid up prices, thus lowering proportionately the interest rate the Treasury will have to pay to finance new debts. For the first time since they were issued, the Government's new 3¼% 30-year bonds soared past 102, and 2½% Victory Loan bonds went up to 93 30/32, their best price since April. The upturn in the short-term money market was...

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