Business & Finance: Last of Liberties

By this week, when the last of the Liberty Bonds mature, the New Deal will have paid off or converted into securities bearing lower interest some $8,200,000,000 of Wartime debt—one of the biggest and least spectacular conversion operations in history. The first call for $1,880,000,000 of Fourth Liberties was made just two years ago. Exchange offers were accepted by holders of 90% of the bonds, the balance being paid in cash. Six months later another $1,250,000,000 of Fourth Liberties were called, and 87% of the bonds were exchanged. Still another block of $1,870,000,000...

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