U.S.A. BORROWS.

Auckland Star, Volume LXV, Issue 22, 26 January 1934, Page 7

U.S.A. BORROWS.

FIRST BIG ISSUE. Billion-Dollar Flotation Quickly Taken Up. HEAVILY OVER-SUBSCRIBED. (United F.A.—Electric Telegraph—Copyright) (Received 12.30 p.m.) . NEW YORK, January 25. Within a few hours after one billion dollars' worth of Treasury notes and certificates (half a billion of each) were placed on sale yesterday, the issue was over-subscribed. Preliminary figures show that a sum of two and a half billion dollars.<-\\ as subscribed for the note issuey or ine times the offer, and the subscriptions for the certificates approximated one billion dollars. The Government will borrow 10 billion dollars before Juno 30. Hiis is thp first piece of Federal financing under Mr. Roosevelt's budgetary proposals. Considerable European buying was noted on the New York Stock Exchange in the bond markets yesterday. This forced prices up sharply for a time, but they receded in late trading on profit taking. The dollar was up about i cent, owing to this flow of capital. Commodities were moderately lower. The markets more or loss marked time to-day, pending the outcome of the legislative consideration of the Roosevelt Monetary Bill. Early losses in the stock prices were almost all regained in late trading. Bonds mixed in narrow range trading, while commodities, particularly wheat, sold sharply off on a lack of speculative interest. Tho dollar was almost stationary throughout the day against foreign currencies.