UNITED STATES FINANCE.
ISSUE OF “BABY BONDS.”
WASHINGTON, March 2
The Treasury has inaugurated a new type of Federal financing, and to-day offered for sale an unlimited quantity of so-called “baby bonds,” ranging from 25 to 1000-dollar denominations, with a 10,000-dollar limit for any one holder. The bonds are sold at a discount and are redeemable in 10 years. For example, an 18.75-dollar investment brings 25 dollars a decade hence.
At a White House ceremony, President Roosevelt made the first purchase, buying from Mr H. M. Morgenthau (Secretary to the Treasury), six 25dollar bonds, “one for each of my grand-children, and one for myself.” It is understood that the Administration is floating “baby bonds” for a twofold purpose—first, to relieve some of the pressure from the banks, which have heretofore absorbed great quantities of Government securities. and, secondly, to make as many citizens as possible “investors.”
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Bibliographic details
Manawatu Standard, Volume LV, Issue 81, 4 March 1935, Page 7
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146UNITED STATES FINANCE. Manawatu Standard, Volume LV, Issue 81, 4 March 1935, Page 7
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