GOVERNMENT: Morgenthau's Underwriters

The U.S. Treasury last week announced that in December it is going to have to borrow $9 billions—largest financing in history. At the same time it became clear that Henry Morgenthau Jr. is at long last changing the Treasury's methods of bond distribution to conform to methods used in the Liberty Loan drives of World War I and successfully practised by Canada in this war.

Instead of trying to raise money each month, the Treasury will from here on out have bigger concentrated campaigns at two-month intervals. Securities sold in the $9 billion issue will be tailored to every...

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