The Public Debt of the U. S. last week stood at its all-time high—$27,160,804,446. Simultaneously nine issues of Federal bonds were selling at their all-time high. Treasury 4%'s, due 1944-54, could not be bought for less than 109 while Treasury 3½%'s due 1940-43, were quoted above 105. Liberty bonds at 3½% were more valuable than they had ever been since they were issued in 1917. No one who wanted to invest in a direct obligation of the U. S. Treasury could buy it cheap enough to net...
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