FISCAL: Progress Report

Progress Report Treasury Secretary George M. Humphrey totted up the results of his first refunding job for the U.S. last week and concluded that it was a "big success." Of the $8.9 billion worth of short-term securities maturing Feb. 15, only 1½% were cashed in, the rest exchanged for new securities. But the Treasury, which is trying to get more of the national debt on a long-term basis, made little headway in that direction. Less than 7% of the maturing short-term issue was exchanged tor a new bond paying 2½% and maturing in five years and ten months (TIME Feb 9); the remaining 91% went right back into one-year certificates, at 2¼%. It looked as if Secretary Humphrey would have to boost his interest rates on long-term bonds if he meant to sell a sizable amount of them.