HIGH FINANCE: Any Bonds Today?

The U.S. Treasury, which likes nothing better than to sell bonds, was disturbed last week for a strange reason: it was selling too many. In towns and cities through the South and East, the demand was so great that banks were running out of savings bonds. Reason for the rush: a new person-to-person chain letter in which bonds change hands instead of money.

"This is a giveaway wealth campaign," said some of the letters. "Give away two $25 U.S. savings bonds and get $38,400 back. Worth $51,200 in ten years." The get-rich-quick scheme, starting in the South last fall, spread into...

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