ANOTHER RUSH FOR TREASURY OFFERINGS

THE oversubscription of the twin Treasury offers for September seems significant to the press as another evidence of the plentifulness of investment funds and of the success of the Government in putting its indebtedness on a lover interest basis with consequent ultimate saving to the taxpayer. Two offerings were made, it will be remembered, both dating from September 15, one of $250,000,000, in 3 per cent. certificates due in six months, and the other an offering of $250,000,000 of three to five-year 3 1/2 per cent. notes for cash, plus enough to cover any second Liberty 4 1/4s offered for exchange. Incidentally, all the Second Liberty Bonds are called for redemption on November 15. The oversubscription of the 3 per cent. certificates, of which the Government could have disposed of twice as many as it did, does not seem so surprizing to the New York Times. True, this was the lowest rate on any government loan since June, 1925. But money rates are now very low, and there is a great demand for these certificates for the temporary employment of surplus funds:

Treasury Fund-raising continued here…

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