The Ghosts Arise

When the U.S. entered the war, investors holding Axis dollar bonds became sadly aware that what they were really holding was the bag. In it were the bonds of five enemy nations with a value of $292,900,000. Actually, said the Commissioner of Internal Revenue, these bonds were worthless, could be written off as such in tax reports; and the SEC banned trading in them.

Last week these U.S. investors took

hope. On the London Exchange, where

trading in Axis securities is not banned,

Axis issues were on the climb. Typical examples: Jap bonds (Sterling Loan 53, 1907), which on the eve of war...

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