Peruvian Loan

When a weak sister among the nations (as Peru), who has been obliged to pay 7% and more interest on over $50,000,000, borrowed from stronger sisters (as Peru has done), has opportunity to borrow $50,000,000 at only 6% interest, she hastens to make the new loan. This Peru did last week, by selling $50,000,000 of 6% bonds through J. & W. Seligman & Co., National City Company and their syndicate associates. The Peruvian government has determined to devote at least half of the new money to buying back bonds which carry the higher rates...