STATE OF BUSINESS: Found: New Money

The U.S. Treasury Department, which has had trouble raising the cash it needs, last week found a way to tap some new money. It issued $2 billion in four-year, ten-month notes at an interest rate of 5%, the highest since the tight-money days of 1929. The rate was so attractive that an avalanche of subscriptions poured in from small investors. Said New York's Manufacturers Trust: "It was fantastic. Everyone in the Government bond department was too busy to even go out for lunch." To help lure in individuals, the Treasury guaranteed that subscriptions up...

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