When securities are offered for sale there is usually a recitation of facts almost as formal as the Litany. The nature of the business, its earnings, the equity of the securities, the purpose to which the proceeds of the offering will be put (whether acquisition of new properties, enlargement of factories, new equipment) are all set forth.
Strange would that customary formula have sounded if recited for a bond issue announced last week. The purpose of the issue of $250,000 of five-year 5% gold bonds was to improve business of the issuing company...
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