STATE OF BUSINESS: Without Benefit of War

The incredible fact of war all but eclipsed the fact that last week had its full quota of peacetime business news:

>Competitive bidding for security issues suffered a setback after the Pennsylvania Public Service Commission had insisted upon it for a $5,200,000 bond issue (and for 46,292 shares of preferred stock) of Pennsylvania Telephone Corp. When the hour of sale arrived, there were no bidders.

>Dow Jones reported that Class I railroads had operated in the black during July for the first time this year (deficit for the first...

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