Business: Wilson Municipals

Following the precedent of Mrs. Edith Rockefeller McCormick who borrowed $11,000,000 by issuing notes against stocks held in trust (TIME, July 1), last week Mrs. Matilda R. Wilson, widow of Motor-maker John F. Dodge, offered through her bankers $3,000,000 worth of certificates at 6% interest in a collateral trust of municipal bonds.

Chief difference between the McCormick and Wilson plans is that Heiress McCormick borrowed at 6% against stocks that might rise and offset interest charges, while Heiress Wilson borrowed at 6% against collateral that probably yields no more than 5%. The reason generally...

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