Magazine content is available exclusively for TIME subscribers.THE CABINET: Oversubscription
Secretary Mellon announced that preliminary reports on the March 15 issue of Treasury certificates indicate an oversubscription of the $400,000,000 offering. The certificates were of two kinds—six months at 4¼%, and a year at 4½%. This is expected to be the last Treasury financing till May 20, when the Victory Notes fall due.
Following the success of the issue, Secretary Mellon and his daughter, Miss Ailsa Mellon, sailed for Bermuda.
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