A Promise Worth 2

Since 1918, when the Soviets repudiated $75 million worth of czarist gold bonds sold to Americans, the Romanov two-headed eagles have theoretically been worthless. Yet hope springs eternal, and several thousand bonds are annually traded on the American Stock Exchange, where they move up and down according to the temperature of U.S.-Soviet relations. The Nazi-Soviet pact in 1939 sent the $1,000 bonds to $1.86, their bottom; the Yalta honeymoon with the U.S. (1945) raised them to a peak $220. They dropped to $20 in the 1950 cold war, rose to $125 on the strength of last summer's Geneva spirit, are currently quoted at $53-75-Periodically, the Soviets talk about honoring the obligation. In 1933, to gain U.S. recognition, Soviet Foreign Minister Maxim Litvinoff even promised, among other things, to negotiate repayment. For good will Litvinoff assigned the U.S. Government the right to take over some Russian funds in the U.S., prorate the proceeds among bondholders and other creditors.

Last week the U.S. Government announced that it would pay out to all czarist creditors the $9.1 million so collected. Bondholders have until March 31 to apply for their share. With U.S. nationals' claims against Russia totaling $425 million, this meant that the bondholders would get about 2-c- on the dollar.

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