Like a man trying to fill a glass of water to the brim without spilling a drop, Treasury Secretary George Humphrey last week turned in a neat performance with the national debt. The Treasury's recent offering of $2 billion in seven-year 2¾% bonds went so well that Humphrey permitted it to be oversold by $240 million. With the market for Government borrowings beginning to tighten up for the first time in many weeks, Humphrey did not know when he would be able to sell bonds at such a low rate again.
But when the bonds were issued last week, they brought...
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