Business: Biggest Issue

To bond salesmen, already excited by signs of a real revival of activity in the bond market, there was tossed last week the biggest single bond issue since 1926. It was $100,000,000 of 5% convertible debentures of the famed Texas ("Texaco") Co. Just as the big 1926 issue of $120,000,000 of 5% Standard Oil Co. of N. J. bonds was oversubscribed immediately, so last week's Texas offering was sold between its release in the late afternoon and 10 o'clock the next morning.

In announcing the financing, Texas Co. President Ralph C. Holmes said the...

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