Secretary of the Treasury Morgenthau had no reason to believe that his spring financing operations would be anything except a success (TIME, March 9). But when his offerings were last week oversubscribed nearly seven times, the Secretary was forced to admit that it was "perfectly phenomenal." For $1,250,000,000 worth of bonds and notes the Treasury received subscriptions footing up to no less than $8,459,000,000.
When Treasury issues are oversubscribed, the individual subscriptions are merely scaled down proportionately. Banks, corporations, bond dealers, private investors therefore generally ask for more securities than they really...
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