Last fall Henry Morgenthau got enough whacks from the banking community to fracture a softer skull. Over the dead-body opposition of almost all U.S. bankers, the Treasury Secretary insisted on shoving through a $4 billion bond issue of 1½% notes of 1946 and 2% bonds of 1952. The issue barely squeaked through for a total of $4,100,000,000, whereas most issues theretofore had been oversubscribed 50% or more. Even to achieve this the Federal Reserve begged the banks to increase their subscriptions, offered to take over all the banks didn't want. (Subsequently they...
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