FISCAL: Full Till

The U.S. Treasury was overflowing with ready cash last week when the Government completed its Aug. 15 refinancing operations. On that date it had sold $1,188,901,650 worth of U.S. securities— $835,036,650 in 3¼% bonds and $353,865,000 in 1⅜% Treasury notes. The bond issue was announced for only $500,000,000 (TIME, Aug. 14) but this limit was greatly exceeded to accommodate an army of small investors whose subscriptions were allotted in full. After the Treasury had deducted its exchange of old securities for new, met a batch of maturing obligations and paid a small...

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