While the stock market scrambled to a new 1958 high for the third week in a row, the bond market was still in trouble. Part of it was due to continued speculative selling by free-riders in Government bonds (TIME, June 30). But a bigger cause was the fact that the corporate bond market was swamped with high-grade issues, was trying to peddle them at a time when investors were increasingly queasy over the Federal Reserve's next move on interest rates.
Wall Street glumly estimated a float of $100 million to $150 million worth of...
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