STATE OF BUSINESS: Easier Money?

Is tight money finally beginning to ease? Last week the fact that the Treasury's twelve-year bond issue was oversubscribed nine times was a clear sign to some Wall Streeters that it is. To the surprise of the Treasury, there were $4.6 billion worth of takers for the $500 million in long-term bonds, with the result that large investors had to be rationed to 10% of their requests. Only three months ago former Treasury Secretary George Humphrey told the Senate Finance Committee that he doubted whether the Government could sell a long-term bond. Having done so, and at a...

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