Secretary Mellon rounded off his long program of Liberty Loan refinancings like a golfer who, having made par or better at almost all previous holes, encounters trouble at the final hole and has to accept a large figure to complete an otherwise happy scorecard.
The Secretary's trouble was not serious. It was only that heavy stock market speculation, and increased exporting of gold from the U. S., had stiffened the U. S. money market and kept it stiff. The Third Liberty Loan was to mature on Sept. 15 and a considerable portion of it had been left to be taken...
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