When the elder J. P. Morgan created the U. S. Steel Corp., he sent blocks of the new stock to his clients with a demand for their checks forthwith. They complied. J. P. Morgan clients do not refuse J. P. Morgan offerings.
Nor do Dillon, Read &Co. customers refuse Clarence Dillon. Like the Morgan house, Dillon, Read & Co. are bond wholesalers, selling large blocks to the retail investment houses and banks; but they also sell directly to the investor.
They began last week selling bonds of the German United Steel Works, the combination...
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