In Manhattan, the subscription books for the $150,000,000 Japanese loan (TIME, Feb. 18) were formally opened —15 minutes later they were closed; the loan had been oversubscribed.
Prying deeper into the transaction, however, the actual sale of bonds took about three days and 1,000 banks and investment houses were engaged in the distribution. On the day preceding the issuance of the bonds, potential investors were in full possession of all the details; the next day, when the subscription books were opened, the entire issue had actually been...
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