Business & Finance: Utopia at 2%

"$30-every-Thursday" for every retired Californian over 50 is the golden promise which fortnight ago won Sheridan Downey the Democratic nomination for the U. S. Senate over Senator William G. McAdoo. The scheme would add an estimated $1,315,766,400 to the State budget. How Californian capital cottons to this benign idea of legislating Utopia became apparent last week when California offered for sale for unemployment relief $2,000,000 worth of registered warrants payable in February. Such State borrowings as recently as August 12 were easily sold at .75%. Last week there was but one bid, from Bankamerica Co., at 2%.


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