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Show Demo Advisor Council Blasts Treasury Action on U.S. Bonds the longer end of today's offering offer-ing is reached. The clumsy manner of the Treasury's offering raises the question as to whether it was a deliberate effort to lend color to the Administration's thesis that the interest ceiling should be lifted and a further step in a planned campaign toward that end. If so, it was a reckless thing to do. Recent rises in government bond prices and consequent reduction re-duction in yields, should be carefully care-fully nurtured to preserve that improved condition, and not just smothered in order to try to prove at any cost the administration's adminis-tration's thesis that the 4 per cent ceiling must be lifted. The following statement has been authorized for issuance by the Democratic Advisory Council's Coun-cil's Administrative Committee: The terms of the Treasury's offering of long term bonds, which it purported to be a probe "of the market" and the results of which were announced recently, re-cently, was no "probe" at all. It does not prove as Secretary Anderson says it does, that the interest ceiling must be raised in order to make long term bonds salable. The Treasury's offering was for bonds of 25 year maturity at 4Y4 per cent, but the bonds contained con-tained a callable feature in 15 years. If this were a serious "probe" of the market, then why the ex- tra long maturity combined witn a callable feature unusual in its 10 year range, a combination that is not attractive to investors? We are confident that in the judgment of most people versed in public debt management, a reasonable proble of the market under current conditions would be a limited offer of bonds maturing ma-turing somewhere between 5 and 10 years at the 4 per cent rate. With the probable success of such an offering further offerings offer-ings could then be paced to the market and maturities within the 4 V4 per cent rate extended until |