Business: The Magic Fives

The U.S. Treasury wanted to raise only $2 billion on its new 5% note, aimed to attract the little investor. But the demand was so great that $11 billion in orders poured in last week. "There was such a crowd on the floor," said the vice president of a New York mutual savings bank, "that for a moment I thought there was a run on the bank." All over the U.S., investors pulled their money out of their institutionalized socks to buy the four-year, ten-month issue, which finance officials have gleefully dubbed the "magic fives."* The New York Federal Reserve...

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