MARKETS: Free Rider

In the American Banker for August 15, 1935 an article on Government bonds took issue with various policies of Secretary of the Treasury Henry Morgenthau Jr., concluded by asking whether they were due to "obstinacy, stupidity, or sheer ill advice." Secretary Morgenthau all but ordered the American Banker to send the unknown columnist, one S. F. Porter, to see him in Washington. The magazine refused in a vague letter from which all pronouns were conspicuously absent.

In Washington as in Wall Street, S. F. Porter has long since ceased to be an...