Secretary Morgenthau last week counted up how many holders of called 4th Liberty Loan 4¼% bonds had accepted his offer to convert them into new 2¼% 10-12-year bonds (TIME, April 16). Delighted, he found that all but $208,000,000 had been converted of the $1,005,000,000 called and due. The Treasury's $4,600,000,000 stock of cash on hand could easily handle the relatively small cash demand. Mr. Morgenthau was in fact so delighted at the success of his conversion that he had an appetite for more: after consulting with his experts and attending a Cabinet...
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