Greatest Flop Since Mellon

Last week Secretary of the Treasury Henry Morgenthau turned up in London on an unannounced mission and was introduced to some 300 newspaper correspondents by Minister of Information Brendan Bracken, who jokingly compared his achievements in Government finance with those of Alexander Hamilton.

To many a U.S. banker it seemed that Mr. Bracken would have been smarter to compare Mr. Morgenthau to the late Andrew Mellon, whose astute Government financing was marred by the market flop of the famous Mellon issue of 3% bonds in 1931. For Mr. Morgenthau went to London just...

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