Financing

Last June the Government omitted the usual quarterly borrowing, as the Treasury was able to retire the securities then maturing out of surplus receipts.

Last week Under Secretary of the Treasury Winston announced the first loan within six months, an offering of $350,000,000, nine months three and one-half percent Treasury Certificates of indebtedness dated and bearing interest from Sept. 15, 1926, maturing June 15, 1927.

The present issue is intended, combined with September tax receipts, and balances now held, to cover the Treasury's financial necessities until the next quarterly tax period in December.