Debtors' Delight

For months, Treasury Secretary George Humphrey and his top fiscal expert, W. Randolph Burgess, have worked mightily to stretch out the national debt and cut its interest rates. Last week the moneymen were delighted to find that they had accomplished a fair measure of both while refunding $7.5 billion worth of 2 5/8 Treasury certificates. More than half of the expiring one-year securities were exchanged for six-year 2 5/8% bonds, and almost all the rest were turned in for one-year 1 1/8% certificates (fewer than 2% were redeemed in cash). The Treasury hopes to do more stretching and cutting this fall, when it borrows some $6 billion in new money.

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