Floating Like a Duck

The Treasury's offering of $400,000,000 of 4 3/4% four-year notes to refund the last of the Government's short-term debt (TIME, May 12) was floated in a few days. It is understood that cash subscriptions alone came to about twice the total offering of notes. The Government offered also to exchange notes of the new series for Victory notes (maturing on May 20), the notes given in exchange to be in addition to the regular offering of $400,000,000. The subscription books for exchanges did not close with the regular cash subscriptions, but are proceeding satisfactorily. The aggregate subscriptions--cash and exchange--are estimated at $1,000,000,000.