Profitable Wraith

Like the ghost of a bad debt, the rumor that Soviet Russia might some day pay off the defaulted dollar bonds of the Tsars has haunted Wall Street for years. To speculators it is a highly profitable wraith.

For the past month it has floated about the Street again. As usual, prices of the bonds shot up in a flurry of trading on the New York Curb Exchange.

The 5½% bonds (due in 1921) which sold for $55 per $1,000 less than three weeks ago went up to $197.50 in a week, stayed near...

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