Business: Cheap Bonds

Investment bankers know that there is hoarded U. S. money yearning to buy safe securities, and corporations who need to borrow are learning this situation also. Borrowers are willing to pay less interest than heretofore, while investors are willing to accept less. Thus last week Standard Oil of New Jersey through J. P. Morgan & Co. offered $120,000,000 of debenture bonds at 5%. Morgan's merely opened their books and snapped them shut, for $500,000,000 in subscriptions tumbled in. Immediately, Standard Oil of New York offered $50,000,000 debenture bonds at 4½% interest....

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