Redemption

In accordance with a policy tried out last fall, the Treasury last week sent forth word asking holders of Third Liberty Loan bonds to offer them directly to the Government for cash through Federal Reserve Banks. The owners of the bonds may set the price at which they offer them, and the Government will buy those offered at the lowest prices. In this way it is planned to invest about $100,000,000 of the sinking fund for public debt retirement. Proposals must be made before March 10, and payment will be made on March 23.

In this way both the bondholder and the Treasury will save the commissions which they would have to pay if the bonds were sold on the open market.