Aftershocks of a Money Tremor

Surveying the damage from the Drysdale default

To all appearances, it seemed pretty much business as usual in the Government securities trading rooms of Wall Street last week. But behind the scenes there was a mood of uncertainty in the once stodgy business of buying and selling U.S. Treasury bonds, bills and notes. For the brokers and dealers in the $700 billion market, the task at hand was to sort out the implications of the default two weeks ago by Drysdale Government Securities Inc. on more than $189 million worth of obligations to Chase Manhattan Bank and other major banks. Meanwhile...

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