Business: New Money for Old

To the microphone one evening last week stepped Secretary of the Treasury Morgenthau to announce that the last $1,250,000,000 of Liberty Bonds remaining in the hands of the public had been called for redemption next October. "And so," said the Secretary, "in this 17th year after the Armistice these famous securities move from the realm of Government finance to the pages of history."

Mr. Morgenthau did not reveal what plans he had for refunding the last old high-coupon Liberties. But he did take time to review the Treasury's vast operations since his...

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