Two weeks after he plumped for a 6% profits limit, Treasury Secretary Henry Morgenthau last week handed U.S. speculators and investors a $50,600,000 profit within an hourand was glad to do it.
This sleek plum came with the successful sale of $1,500,000,000 in 2½% Treasury bonds, biggest new money offering since World War I's Liberty Loan drives. Like all Government issues, the new bonds were offered at 100. But the issue's high yield and the shortage of other gilt-edged offerings pushed the bonds 3⅜ points higher within an hour after formal offering. Even when the free riders (persons buying only for...
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