Rush to join the Fed club. (foreign participants in the U.S.Treasury market)

The best financial club in the world is breaking up. The 35 dealers in US Government securities are bracing themselves against a jostling rush of new, often foreign, members into their market. Election to the club is practically a formality even though several of the club's senior members-- Goldman Sachs, First Boston, Donaldson, Lufkin and Jenrette, Salomon Brothers and Citicorp--have already been upset by the exuberance of the Japanese applicants queuing at the door of the New York Fed.