The squeeze on money, which many experts had hoped would start easing soon, got tighter last week. The Treasury's interest rate on 90-day notes rose to 3.374%, the highest since the 1933 bank holiday. The rate on short-term commercial loans also rose to the highest in nearly a quarter-century: four-to-six-month notes of the nation's leading corporation borrowers carried ah interest rate of 3.75%. Said a Wall Street bond dealer: "Money is so tight it squeaks."
The squeaking in short-term paper was nothing compared to what was happening in bonds. The demand for long-term money by expanding corporations was so great...
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